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Have Summit County Real Estate Prices Dropped?

Posted by Breckenridge Associates Real Estate on Sunday, November 21st, 2010 at 8:23pm.

This is an excellent question and piquing the interest of the majority of our real estate clients. Year-to-date (YTD) transaction numbers, including all residential (homes, townhomes and condos) in the Breckenridge market, are up slightly over 2009. Average sale price is down 15 percent though price per square foot is down only 6 percent. There have been 275 total transactions YTD over 272 for the same time period in 2009. Average sales price YTD is $695,457 compared to the same time period of 2009 at $819,000. Average sold price per square foot YTD is $356 over 2009’s $378 for the same time period. (YTD is defined as Jan, – Sept. 2010.) The mix of what has sold so far this year has included smaller and less expensive properties, driving down the average sale price artificially. This is why the number cannot accurately be viewed in isolation from the sold prices per square foot, which went down only 6 percent. 

There’s no escaping the fact the overall prices have retreated in the Breckenridge area. However, by no means have they plummeted. There are some fantastic deals to be had, but this is not universally the case across all property types and price points. A stable market consisting of many sellers who are choosing to “wait it out” has helped local real estate to avoid a more considerable slide in price. 

Contact us to learn more about local real estate, including how to price your property to sell or how far your dollar will go in today’s market.

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