June is here, and with it begins the dream of high country summer. Its effects are so profound, with the perfect blue skies, white-capped peaks, low humidity, cultural offerings and incredible trails, that we see many people unable to resist the lure of finding their own mountain property. It’s a siren song we understand and a spell under which most of us here at Breckenridge Associates Real Estate have personally fallen. We understand the local market and the larger economic forces at play, but also understand the emotional pull of high country real estate.
Some might say that a mountain home is a bargain at any price, considering the amenities and benefits of a high country lifestyle. Benefits aside, Summit and Park County real estate continue to show signs of healthy market with sales volume holding even from 2015 to 2016 and appreciation in almost all segments of the market.
Long-term mortgage rates fell this week to an average of 3.60 percent for a 30-year loan, following the jobs reports. This is down from the 4.04 percent of a year ago, and 3.66 percent last week. 15-year fixed rates fell to 2.87 percent from 2.92 percent.
There is doubt the Federal Reserve will raise short tern interest rates at next week’s meeting, and perhaps even at the following meetings in July. This defies long held expectations that 2016 would be the summer of interest rate growth from the Fed. This creates a perfect storm of low rates and a healthy local market.
June is a great month to consider purchasing real estate. We are gearing up for the historically busy sales of the summer months, with new properties being listed, but the pressure remains lower. For sellers', it’s a great time to list as the market is gearing up; days on the market are low, and list to sale prices are holding between 95% and 98%.
While the number of available listings across Summit and Park Counties are lower than this period in 2015, demand remains high and the number of closings shows a slight increase in sales volume. There is year over year appreciation in almost all segments.
We continue to be the leader in sales by listing and buying sides in Breckenridge and on the larger Summit and Park County areas and have the most active residential listings. When you want a partner who can understand your emotional connection to the place, but has a deep understanding of local and larger market forces, please call us. Each of our 17 broker/owners would be happy to help guide you towards smart, satisfying choices.