Hello from Breckenridge, Colorado!
We know it’s a buyer’s market, and that homes and condos are selling well, but which home price range is selling the best? The high end? Mid-range? Affordable homes?
Get the quick answer from our 1-minute video, or see the details below.
The short answer is: the lower-priced homes are selling best; the mid-range is a little slower; and the high end has a huge oversupply of 7-10 years. So, if you’ve been waiting to buy a high-end luxury home, those sellers are highly motivated!
The charts below show the number of month’s supply of homes in the Breckenridge area since July 1, 2011.
- We track five different price ranges; under $500K; three middle ranges; and over $2.5 million
- There are two charts below – one with all five price ranges, and one with the bottom four ranges (under $1M)
- For each price range, we calculate the monthly supply by dividing the number of active home listings by the number that sold in the preceding 12 months
- The most striking thing is the huge supply of homes in the highest price range, over $2.5 million (the top line in the first chart below). That’s a 7 to 10 year supply!
- The darker blue line at the bottom of the chart shows the monthly supply of homes under $500K.
- This shows more clearly in the second chart, where the top line is removed and we zoom in on the mid and lower price ranges.Currently, there is an 8-10 month supply of homes under $500K.
- As the prices get higher than $500K, the number of month’s supply grows, but the three mid-price-ranges have quite a bit of overlap, and there’s no clear trend other than that the supply is dropping.
- Two things are clear: 1. There is a huge supply of homes over $2.5M, and 2. Homes under $500K are selling the best.
If we change the scale, to eliminate the very high end (over $2.5M), we get a clearer idea of what’s happening to the lower and mid price ranges.
So, now you know which home sellers are the most motivated! Believe it or not, we have even more data, so if you like market statistics, you know who to call!