2024 3rd Quarter Market Statistics

Buying Behavior Shifts as Q3 Ends

The real estate market in Summit County is continuing to normalize toward pre-COVID levels, as we see an emerging re-balance between supply and demand. With an increase in available properties and a consistent stream of price reductions, many buyers are more patient than they have been since the 2016-2019 period.

While the number of properties on the market has increased, the number of units sold is trending back toward the record lows Summit County experienced during the post-recession era of 2009-2012. Yet, despite these shifts, property prices—except for vacant land—continue to reach all-time highs.

A Unique Market Trend: Higher Prices, Lower Demand

Economically, the combination of higher supply,…

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2024 2nd Quarter Market Statistics

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…

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2024 1st Quarter Market Statistics

Q1 Brings Positive Growth Across All Property Types

The first quarter of 2024 has seen an upward trend across all property types. The ongoing all-time high valuations in the equity markets, coupled with positive "soft landing" national news and historically low inventory levels have continued to drive growth in our resort market.

Impact by Property Type in Breckenridge:

Single Family Homes Up 15.83% YTD

The average sold price for Single-Family Homes has increased to $2,759,808, representing a 15.83% appreciation over 2023. This property type is selling on average at 95% of the list price, with an average price per square foot of $749, and an average days on market of 102.

Townhomes Up 14.08% YTD

Townhomes have seen a 14.08% increase…

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2023 End of Year Real Estate Market Stats for Breckenridge

Breckenridge’s Market Remained Steady Throughout 2023

Breckenridge's residential market remained stable throughout 2023. Single Family Home Prices in Breckenridge ended the year up 1.15% versus a 7.72% increase in 2022. The relatively stable pricing levels are the result of continued low inventory levels. 2023 ended with Breckenridge’s inventory levels at 124 active listings, down from the 8-year average of 148 active listings. However, inventory is still up from Covid levels which were 85 active listings at the end of 2020 and 54 active listings at the end of 2021. As inventory continues to normalize back to pre-Covid levels, so does the average days on market; now trending back towards the more typical 75-90 days.

Vacant Land and Townhomes…

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Mortgage Interest Rates Begin to Decrease Heading Into 2024

Interest Rates Begin to Decrease Heading Into 2024

2023 Interest Rates Double Over Previous Years

Interest rates for 2023 were the highest the United States has seen since the 1990’s. We entered 2023 with interest rates above 6% only to see rates soar to above 7% in late October – more than double their historic lows seen in 2020 and 2021.

As mortgage interest rates climbed this past year, the Breckenridge home buying market adjusted to current market conditions with a historically low inventory. Demand to own in Breckenridge and the surrounding areas of Summit County, however, remained strong leading to an uptick in the number of cash deals.

Interest Rates Begin to Drop as 2023 Comes to an End

We’re finally seeing mortgage interest rates…

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2023 3rd Quarter Market Statistics

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…

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2023 2nd Quarter Statistics

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…

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2023 1st Quarter Market Statistics

2023 Quarter 1: A Recalibrating Market

So far, 2023 has seen a record low number of sales across Summit County with 229 sales in Q1. 2009 was the last time when the number of sales county-wide for the year was below 1,000. However, average sold prices for all property types are approximately double those of 2009. Once again affirming that the Summit County market remains a haven for investable assets while most markets around the country experience turbulence.

Low Inventory, High Demand

While the number of sales across the county has decreased, the average sold price for all property types in Breckenridge has continued to appreciate throughout Q1 at 6.72%. The average sold price for Breckenridge condos is up 13.94% versus 2022, while the…

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2022 Year End Market Stats | Breckenridge Associates Real Estate

Summit County End of Year Market Stats for 2022

2021 will go down as one of the strongest real estate years ever recorded, with average sold prices county wide appreciating 25.15%. 2022 will go down as the year that the Summit County real estate market began to normalize back towards more balanced, pre-Covid conditions.

2022 recorded a 13.63% appreciation in average sold prices for all of Summit County compared to 2021. The bulk of that appreciation occurred within the first two quarters of 2022. Average single family sold prices set all-time records at $2,829,617 in Q1 of 2022 for Breckenridge. The average single family sold prices peaked at $2,994,000 in Q2 for Keystone.

Since Q2 of 2022, average sold prices have been under pressure in most…

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Real Estate Market Report for Summit County | Breckenridge Associates Real Estate

Historical Breckenridge Single Family Market Appreciation Report

The real estate market is “normalizing”… What exactly does that mean for our unique Summit County market?

Year to date, the number of real estate sales for 2022 are down 42.31 % in Breckenridge and 32.64% for all of Summit County as compared to the record-breaking sales of 2021. However, bubbles have not burst, as the saying goes, but rather shifted back to a steady yet measurable level similar to what was recorded prior to the COVID 19 Pandemic.

Despite this shift to “normalization,” inventory is still low. The number of active listings in Summit County is 488 versus the mean average of 922 for the third quarters of 2013-2019.

The average price for a single-family home remains…

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