Breckenridge & Summit County Real Estate Statistics | Breckenridge Associates Real Estate | Page #4

With a roaring jobs report, and the economy growing in the third quarter at an annualized rate of 3.5%, wages up, an unemployment rate well below 4%, and amidst high consumer confidence levels, the Fed is almost sure to raise the interest rate to 2.5% at their December meeting. This will be the fourth interest rate boost this year, deployed as a measure against unsustainable growth.    As mortgage rates often move in anticipation of the Fed meeting and possible/probably rate boosts, it no surprise that the week of November 1-8, 2018 saw a jump in mortgage interest rates.  Freddy Mac pegs the average 30 year fixed rate mortgage at 4.94%- a seven year high. It’s notable that we are still below 5%, a number that seemed unattainable not that many years…

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A friend from the Bay Area recently visited Colorado for the first time. He was, of course, taken by the natural beauty and the healthy lifestyle, but was breathless about the real estate. Why didn't anyone tell me real estate was so affordable in Colorado? My brothers house is 1000 square feet larger than mine and cost 30% of what I paid! His perception of our market came down to not just to home sale pricing, but our low taxes and lifestyle. This is of course, coming from one of the most expensive markets in the world, but is a great glimpse into the mindset of our out-of-state buyers.

The average sales price of a single family home in Breckenridge through the end of September 2018 was $1,347,303.00 or $422.04 a square foot. The average sales price…

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The economy has come roaring back from the recession of 2008. We are seeing this strength in all sectors, and housing in Summit County is no exception. While we have yet to hit every peak of the pre-2008 summit County real estate records, we are pushing towards those numbers for the first time in a decade. This is remarkable as inventory remains at a record low and days on market are head-whippingly fast. While most economic forecasters expect the Fed to raise the rates two more time this year, in September and December, there is a rift on predictions for 2019.

A bump in the Fed rate can mean a bump in mortgage costs, making home purchases more expensive. Tracking the cost of borrowed money and staying in front of increases is a good way to help manage…

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It has been often repeated that 2017 was a once-in-a-generation sellers market in Summit County. That said, summer of 2018 continues the trend toward a healthy real estate market here in the high country. While July 2018 showed stronger numbers than July 2017 regarding number of sales, there was a 6.12% softening in sales year-to-date. Considering the record low number of available listings and the slight uptick in mortgage rates, that decline is slight and, on the whole, results indicate a strong market.

Seventy-two percent of all buyers in July of 2018 came from within Colorado, and only 1% of Summit County buyers are internationals. Interestingly, in Breckenridge this July, single family, duplex and condo sales all outpaced the July 2017 numbers,…

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What is hot in Summit County Real Estate?  Everything, but some sectors are burning especially bright. In May, single family homes in both Breckenridge and greater Summit County gently outpaced 2017 numbers. The multi-year trend of fewer listings following a seasonal arc with a building towards high summer peak continues. 

We are seeing about a 20 percent decline in available properties in Breckenridge from this point in 2017 and a 15 percent reduction in available listings for the greater Summit County market. The decline in listings outpaces the decline in closed sales. Despite the smaller inventory, buyers are buying and sales are closing. We expect another record summer as community investments in arts and open space have created an even richer…

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During their March meeting, the Fed raised its economic growth forecast to 2.7%, up from 2.5% in December, and there remains the possibility that the rate hikes for 2018 may happen at a more aggressive pace than originally thought at the start of the year.

Whether it’s the healthy economy, the possibility of higher mortgage rates in the near future, or just the General Awesomeness (that is a technical term for ski country housing, FYI) of Summit County, Colorado, the real estate market continues to hum. Like a jet engine.

So far in 2018, 209 condos have sold in Summit County, at a 13.415 appreciation over 2017 numbers. Those condos are selling at an average price of $484,000 and at a ratio of 98% sales price to list price. In 2018, one needs to be…

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Last year, 2017, saw the greatest number of real estate transactions in Summit County since 2007. And record-low inventories, but those did not deter our thirsty Summit County buyers- no surprise to those of us who drink the high country cool aid (not a marijuana joke, just a self-deprecating nod to our rabid love of life in the mountains).

As we travel through the ski season, the properties that appeal to winter buyers are often condos and townhomes- and this February a statistically significant amount, both in Breckenridge and greater Summit, sold. Condos outpaced all other types of real estate and represented double the amount of single-family home sales in Breckenridge in the same time period. Hold onto your beanie for this next statistic. The…

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Olympic season makes us think of records set and records broken, and here in Summit County we are setting some interesting records. Inventory is as low. Like record settingly low. In the last seven years, the greatest amount of available listings for both Breckenridge and greater Summit County occurred in August of 2011. As of on February 9th, we have just over 17% of those listing numbers available. To be fair, summer is always the busiest season for real estate, but this gap is shockingly wide. If you are thinking about selling, this would be the time to jump.

For the majority of ski town dwellers, references to bulls and bears bring to mind the bull moose and brown bears we are likely to see while out hiking, but perhaps with this particularly…

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Breckenridge Sales by Realtor up to December 2017

2017 shaped up to be a fine year in Summit County real estate all the way around. The number of sales reached the highest point since 2007, and almost reaching 2007 volume, both in greater Summit County and Breckenridge specifically. We continue to follow the seasonal arc of a summer peak with pronounced but steady shoulder seasons, and we are seeing these sales numbers with an ever decreasing amount of available listings. Simple supply and demand tells us that in these circumstances prices will rise. And rise they did.

The impacts of tax reform: housing prices are expected to react negatively in highly taxed areas as the $10,000 mortgage interest deduction comes into play (maximum of $10k is allowable as a income tax deduction in the tax bill…

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The Source Magazine is your go-to real estate information guide for Summit and Park Counties, provided by the expert team at Breckenridge Associates Real Estate. The Source Magazine will provide you with a snapshot of our current real estate listings and the real estate market in the area. Please stop by our Main Street location or call us at 970-453-2200 to meet with one of our real estate experts for up to the minute availability and to get to know our Home Town Team.

We have a demonstrable track record of commitment to our community. Our high percentage of return clients and referrals is a proud hallmark of our service. Each of our 16 Broker/Partners would be happy to help connect you with your next mountain home.

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