2023 3rd Quarter Real Estate Market Statistics
With the stunning fall weather continuing to bring in visitors into our quaint and lively town, it is our pleasure to report that the real estate market here in Breckenridge and across Summit County remains “balanced”.
Low Inventory Levels Impact Supply-Demand Dynamics
Inventory levels remain historically low at 548 county-wide year to date compared to the 10-year average of 746. Correspondingly, the number of Properties Sold county-wide also remains historically low at 1,177 year to date versus a 10-year average of 1,610. Current supply-demand dynamics have led to a slight decrease of 2.58% in the Average Sold Prices for All Property Types across all areas of the county. While Days on Market remains historically low in the 30–45 day range compared to the 10-year average of 90–120 day range, the average Sold Price/Last List Price has returned to pre-pandemic norms at around 95-96%.
Certain Property Types Out-Perform the Market
Interestingly, while the collective All Property Types are down 2.58%, we are observing certain property types outperforming the market:
This past quarter Average Vacant Land Sold Prices set a record at $735,474, up 12.94% compared to the previous year. This increase is likely due to the low supply of developable vacant land as the county reaches maximum buildout density.
Average Sold Prices for Townhomes in Breckenridge set an all-time record at $1,705,084 this past quarter following the introduction of newly built, luxury townhomes to the market. These sales represent a 47% increase from the previous year and are reflective of the trend towards increased buyer demand for luxury, lock and leave, second home ownership in prime locations.
Breckenridge Associates Continues To Be the #1 Brokerage in Breckenridge
Wondering how current marketing conditions could influence the sale of your home? Contact your BARE Broker today at 970-453-2200 for the most informed insights on selling your property!
Find It In The Source
Our annual publication is your go-to guide when buying, selling, and spending time in Breckenridge and Summit County. Stay on top of this year's market trends, listings, important news, what to do in town, and more!
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