In 2016 Breckenridge Associates Real Estate handled almost 40% of all active listings in Breckenridge.The other 60% of active listings were divided between 14 other offices. Feel free to browse more current market statistics. We are proud of the continued support of our clients and community and pledge to continue our service-forward model into 2017 and beyond.
So - we have a new year, a new president, a new House and Congress and new interest rates. All of that should add up to some instability in the market, right? However, we have a special situation here in Breckenridge. We are a real-live town, with a nationally recognized arts district, we happen to be connected to a world-class ski area, are bounded by national forest and just a short drive to at least five other world class ski areas. Does that mean we are completely insulated from the market forces at large? No, certainly not - but we are insulated, (by rental income potential and overall demand) like your favorite down jacket.
Nationally, mortgage applications dropped significantly at the end of 2016, with the biggest hit happening in the refinance market. While rates fell slightly from the post election high of 4.45 percent, they are hovering at the highest point in about two years. That said, in the long cycle, rates are still near all-time lows. 2016 wrapped with Summit County homes closing at a list-to-sales price ratio of 96% to 98%, depending on property type. We read this as a continued strong demand across all segments and regions, and a reaction to low inventory levels. Despite low inventory throughout 2016, the sales volume was still at 93% of 2015 levels.
What does this mean for buyers of Summit County real estate? While the current higher rates may put off some first-time buyers or super price conscious consumers, the overall value rich package of Summit County real estate should continue to thrive. And for sellers? The interest rate jump may take some tire kickers out of the game, concentrating serious buyers towards the current listings.
And it’s been snowing like crazy.
And we wouldn’t want to live anywhere else.