The Farmer’s Almanac calls for the winter of 2017/2018 to be warmer than normal with above average precipitation. Heck yeah! That’s a weather prediction we can get behind. Who doesn’t love sunny powder days?
In the slightly more scientific world of Labor and Employment statistics, The July Jobs report also held happy surprises- perhaps the economic version of a sunny powder day. Says Fortune Magazine, “Job growth was solid, but not strong enough to spook the Fed. Wage growth picked up, but not enough to threaten inflation. Discouraged workers began making their way back into the job market, indicating that despite an unemployment rate of just 4.3%, there’s still some slack to fuel future growth. An important milestone was passed: the Hamilton Project calculated the U.S. job market has finally fully recovered from the Great Recession. And The Wall Street Journal calculated layoffs are at their lowest level in half a century.” Large additions to the workforce in healthcare and food/beverage are of particular interest in a ski town economy.
Mortgage rates continue to hover below 4%; I believe at one point in my childhood my parents had a mortgage at 13%. I remind myself of this when I’m feeling grumpy that I didn’t lock a 30-year fixed at 3%. Our access to cheap money is still quite strong.
In local real estate trends, the 2017 year-to-date, closed sales, numbers are up over 2016; increases of 13.25% in Breckenridge and 7.36% overall as of August 7th. Local anecdotal knowledge by hobbyist real estate watcher's seems to be summed up as, “Man, that sold fast.”
National press continues to laud Summit County for quality of life considerations. Add our healthy market and it’s tough to find a better, more enjoyable investment.
Summit County continues to follow the multi-year arc of fewer listings overall, but with an increase in the summer, which continues to be our busiest season. Several factors contribute to summer sales beyond the obvious greater number of choices. It’s an easier time to look, without the distractions of all the snow sports beckoning. There are fewer long-term tenants in summer, making showings more accessible. And my personal favorite, the powder hounds are getting ready to commit to a season of fun, using summer as a chance to find their dream mountain home. We’d be happy to help you navigate the waning days of our summer real estate market and get you poised for what’s promised to be warmer days and deeper snow. Call us today!
To view historical real estate statistics, click here.