On Friday, September 9, 2016 mortgage rates made their biggest leap in two years, though still holding near record lows. 30 years mortgages are now averaging around 3.5%.
The Fed is scheduled to meet September 20 and 21st. The possibility of a rate hike is unlikely, especially in the face of a somewhat weak August jobs report. However, a hike would not necessarily further boost mortgage rates as these rates tend to rise in anticipation of a hike but tend to level or fall in correction after the actual Fed announcement.
Locally, we are in the fourth year of downward trend in the number of active listings, with ever shortening listing times and sales prices holding strong at 96-98% of listing price across all areas and listing types. Condominiums continue to be a favorite among buyers both in Breckenridge and the wider Summit County market, and are clocking both the shortest days on market and the highest ratio of sales to list price at 98%. In a market this active, having a local expert on your team is crucial.
Summer is traditionally our busiest sales period and 2016 is a close mirror of 2015 in terms of number of transactions completed in Breckenridge, Frisco and Keystone, and Copper, Dillon and Silverthorne posting a jump in the numbers of units sold.
As quality of life becomes a driver for more and more buyers, resort real estate continues to see strong demand, driving appreciation.
Did you know at least one of the Broker/Owners of Breckenridge Associates Real Estate is involved in a full 25% of all real estate transactions in Breckenridge?
Please call any one of our Broker/Owners today to discuss your mountain retreat!
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