Summer in Summit and Park Counties are traditionally our busiest season for real estate sales and this summer seems no different. A strong jobs report for July and record low mortgage rates contribute to the strength of the resort real estate market. In fact, as of August 11th, jumbo 30 year fixed rate mortgages moved to a record low for the second consecutive week.
Some important local trends to note include continuing appreciation and quick absorption. There are approximately 30% fewer active residential listings on the market than this time last year, properties are selling faster than ever, values are up, and homes are selling at 95%-98% of listing price. Depending on location and type, we are seeing properties spending only half or fewer days on market as in past years. Condominiums in Breckenridge averaged 85 days from list to close in July 2016, compared to 185 days in July 2015, and for an average of 98% of listing price. With Breckenridge as the exception with almost equal numbers of Single Family Homes and Condominium sales, condos continue to hold the largest share of the Summit County market- a testament to the ease, convenience and value they offer in a resort marketplace.
Local government continues to invest in arts, infrastructure and workforce housing, with a smart long-range view of heading off some of the problems that such hot markets have created in other ski towns. What does this mean to you, the buyer? Its more important than ever to work with an experienced, connected and committed Realtor.
Breckenridge Associates Real Estate continues to dominate the market with the most active listings in both Breckenridge and throughout Summit and Park Counties and with the most sales in all areas. In our specialized market, experience and knowledge is critical. Let us help you find your perfect mountain home.