Breckenridge Market: Record Valuations Persist As Signs of Balance Develop

The real estate market in Breckenridge continues to show strength, with most property types closing at record valuation levels. Yet indicators are suggesting a shift towards a more balanced market, with increasing inventory and decreasing buyer showings.

A Detailed Breakdown of the Breckenridge Market Performance:

Breckenridge Single Family Homes: Values are up by 16.59% year-to-date (YTD) compared to 2023, with an average sold price of $2,777,979. Properties are selling at 96% of the list price, averaging $791 per square foot (SF), and spending 72 days on the market (DOM).

Breckenridge Townhomes: The market has slightly leveled off, down by 1.82% YTD compared to 2023. The average sold price is $1,603,098, selling at 99% of the list price, $855/SF, with an average of 52 DOM. This slight decrease is attributed to the mix of older townhomes being sold and fewer new townhomes available in 2024.

Breckenridge Condominiums: Values are up by 10.00% YTD compared to 2023, with an average sold price of $988,853. Condos are selling at 97% of the list price, averaging $1,068/SF, and spending 39 DOM.

Summit County Wide: Strong Performance with Emerging Balance

The broader Summit County market also shows robust performance, with significant increases across key metrics. However, the market is showing signs of balancing out with increasing inventory levels and a decrease in buyer showings.

A Detailed Breakdown of the Summit County Market Performance:

All Residential Properties: The average sold price is up by 8.81% compared to 2023, reaching $1,405,138. These properties are selling at 97% of the list price, averaging $823/SF, with 48 DOM.

Summit County Townhomes: The average sold price has surged by 17.45%, reaching $1,401,679. Townhomes are selling at 99% of the list price, $768/SF, with 36 DOM.

Summit County Single Family Homes: Values are up by 17.17%, with an average sold price of $2,478,875. These homes are selling at 96% of the list price, $751/SF, with 60 DOM.

Market Trends and Future Outlook

While average sold prices continue to climb, the countywide dollar volume and the number of transactions are also on the rise. Through June 2024, the total closed sales volume reached $738,554,694, a 14.8% increase year-over-year (YOY) compared to $643,165,335 in 2023.

Even with increasing prices and transactions, some indicators suggest a shifting market landscape towards a more balanced market:

Decreasing Showings: Data shows the number of showings is down by 18.44% YTD compared to the same period last year.

Increasing Inventory: Active listings are showing strong increases across all areas compared to the previous year:

• Breckenridge Inventory is up by 43%.

• Dillon/Summit Cove Inventory is up by 93%.

• Frisco Inventory is up by 45%.

• Keystone Inventory is up by 100%.

• Silverthorne/Wilderness Inventory is up by 80%.

Breckenridge Associates are the Local Experts on Local Living

The buzz among brokers in town is that this summer has seen a "slower start to sales" compared to previous summers. It remains to be seen how the decrease in showings and the increase in available inventory will impact the market as we move forward.

Despite these trends, the Brokers at Breckenridge Associates have the tools, skills, and experience to help you navigate these changes and make well-informed decisions. The great news is that buyers are now enjoying a better selection of available inventory to choose from. The Summit County real estate market remains dynamic, and we are here to guide you every step of the way towards making informed and strategic decisions in this evolving landscape.

For more information on the current market trends and how they may impact your real estate decisions, call Breckenridge Associates at 970-453-2200 or contact your Broker directly.

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