2023 2nd Quarter Real Estate Market Statistics
The Breckenridge condominium market continues to show signs of strength with the Average Sold Price up 7.64% YTD versus 2022. Conversely, the Breckenridge single family home market continues to soften with Average Sold Prices down 6.84% YTD versus 2022.
Market Conditions Show Impact of Short-Term Rental Regulations in Breckenridge
With a higher number of condominiums located in the Resort Zone and Zone 1, these properties continue to benefit from a larger buyer pool that wants rental income to help offset ownership costs. There are only a select few neighborhoods left where buyers can still obtain a Short-Term Rental License for single family homes, causing that market segment to moderate.
This shift in market conditions is evident by the rise in the number of Days on Market to 77 and a decrease in the Average Sold Price Per Square Foot to $704 for single family homes compared to 39 Days on Market and $747 per square foot in 2022.
Pricing Plays a Greater Role in Seller Success Than Previous Years
Overall, the number of sales in most price points are down YTD compared to the same period in 2022, except within the $5M to $7.5 M range. That price range has doubled from 2 properties in 2022 to 4 properties in 2023. The most active price point for the past 180 days is the under 1 million range, holding strong with 64 sales compared to 67 sales for the same period in 2022.
Breckenridge Associates Remains Top Performer for 2023
Breckenridge Associates Real Estate continues to be the #1 Top Producing Office in Breckenridge, with the most experienced and knowledgeable Brokers in the area. As the market becomes more volatile, it is even more pertinent to utilize a local broker with the most comprehensive understanding of daily varying market conditions. If you are considering listing your property in 2023, contact Breckenridge Associates Real Estate at 970-453-2200 to discuss how our local Brokers’ expertise can help you navigate the highest and best results for you and your family.
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