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Breckenridge and Summit County Market Watch | November 2017

Posted by Breckenridge Associates Real Estate on Thursday, November 9th, 2017 at 11:26pm.

We talk a lot in this space about the desirability of resort real estate, and how that affects values and investment potential. Plenty of special circumstances make property for sale in Breckenridge and surrounding Summit County more valuable than real estate in other resorts: gondola from town to mountain, high sales tax revenue per capital, community-sanctioned focus on recreation and the arts, the world’s highest deep-water marina, golf balls that fly far with high altitude assistance. One important Summit County local circumstance is that the valley floor — the private land in a county that's more than 80 percent public land — is reaching build-out. While we may be insulated by these amenities and limited supply, we are not immune up here to the greater economic tides — we're going up with the rest of the real estate market in Colorado. It may already be winter in Summit County, but we're in a very hot real estate market.

Annual average days on market 2002 to 2017

Year-to-date sales for all property types in Summit County in 2017 are outpacing 2016 numbers by about 7 percent in a market with the fewest listings we’ve seen in years.  Single-family homes in both Breckenridge and greater Summit County have been the slowest to move, and yet those sales are taking place in 108 and 99 days, respectively. That’s fast, folks.

And at a 96 percent ratio of sold price to asking price, there is not a lot of movement happening on price. In 2017 to date, condos in Breckenridge have been selling in an average of 50 days, at 98 percent of asking price, with an average square foot price of $623.06. This is a more than 16 percent appreciation over 2016 square foot numbers.  Take a look at  the current market statistics for Summit County and Breckenridge.

November YTD sales

Let us just say, no one is enjoying an après ski hot tub in his or her stock portfolio. Real estate investments in Summit County are comparable or better on average than other investments.  But they are definitely more fun. Sales, especially those of great value, are going fast, and the best way to get a good deal is have a Realtor close to the ground. Feel free to contact any one of our Broker/ Partner agents today.

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