Freddie Mac has delivered news that will potentially boost sales as our Summit country real estate market heads into its busiest selling season. US long-term mortgage rates have fallen for the third straight week, with the 30-year loan at its lowest point in three years at 3.45 percent. The average 15-year mortgage has dropped to 2.975 percent. Experts expect rates to remain in a holding pattern below 4 percent. Mortgage rates at these lows were last seen in 2016, which makes 2020 a profitable time for refinancing or purchasing. Even if rates should rise a bit, they are low by historical standards.
At present, in our local area, there are 176 active residential listings for Breckenridge and 503 in Summit County. These numbers are higher than they have been since 2016, while number of days on the market is extremely low, averaging 60. List-to-selling-price ratio, which indicates whether homes are selling for more or less than the asking price in the local market, is holding steady at 97 percent. The average price per square foot for all property types continues its upward climb, averaging new records at $585.30 during January. Of significant note, the townhome segment of the housing market remains historically low in available inventory, while in January townhome appreciation reached an all-time high with an increase of 39 percent.
Breckenridge Associates Real Estate is proud to remain in its position as the top selling office in Breckenridge, the No. 1 office for all price points, in the top three for active listings, and top five in Summit County overall. You can study the statistics, updated every month, on our website at Market Statistics on the main menu.
This is a great time to make your mountain dreams come true! Visit us at 229 South Main Street today or call us at 970-453-2200. We love to talk about real estate!