Let’s take a closer look at the national data compared to data specific to the local real estate market in Breckenridge.
Nationwide Vacation- & Investment-Home Sales
The number of total real estate transactions fell in 2010, but the percentage of 2010 vacation- and investment- home transactions remained unchanged from 2009 in terms of market share. Vacation home sales accounted for 10% of market share and investment sales maintained 17%.
Despite the challenging credit conditions for 2010, this market segment remained stable with 59% of investment- and 36% of vacation-buyers paying cash for their home purchase.
Read more about national sales statistics from this NAR article, Vacation- and Investment-Home Shares Hold Even in 2010.
Breckenridge Second Home Sales
Unlike national real estate sales numbers who experienced a decline in total transactions in 2010 when compared to 2009, Breckenridge experienced growth in most areas during this timeframe. Overall, 2010 showed a 57% increase in total sales volume, a 45% increase in vacant land sales, a significant jump in condo sales and a decline in inventory. You can read full details of the 2010 Market Recap here.
Steady sales in second homes at a local level are a good indication that sellers in Breckenridge are pricing their properties to sell. Average sales prices dropped from 2009 to 2010 in Single Family Residences and Duplexes from $1,042,664 to $954,576. And although Condos and Townhomes showed a year-over-year increase in average sales prices (from $503,096 in 2009 to $590,676), this number was significantly boosted by One Ski Hill Place closings, a large condo development at the base area of Peak 8 of the Breckenridge Ski Resort.
Now is the perfect time to consider a property in Breckenridge. As what may be “the best ski season of all time” comes to a close, there will be new opportunities to enter into the local second home market. Buy now, take advantage of current prices and mortgage rates and enjoy the summer in Breckenridge.
To learn more about local trends and statistics in the second home market in Breckenridge, contact your Broker today. Posted by Breckenridge Associates Real Estate on