The April Jobs Report showed the lowest unemployment rate in a decade at 4.4 percent, with an estimated 211,000 jobs created. While other economic indicators over the last month have been mixed, the Federal Reserve expects a moderate pace of economic activity expansion. This keeps the Fed on track for an expected second mortgage rate increase in 2017.
Freddie Mac says mortgage rates are currently hovering around 4 percent, up just under half a point from this time last year.
There are about 20 percent fewer active listings in Summit County and 23 percent fewer in Breckenridge compared to this date in 2016; however, the number of closed sales are up - in both greater Summit County and Breckenridge viewed as a stand-alone market.
In Breckenridge, single-family home sales reached an average price of $1,333,466.00, an 18.74 percent appreciation over 2016 numbers. Greater Summit County single-family homes appreciated 26.39 percent since this time last year.
Breckenridge condos, long a darling of the investor market, took a 19.76 percent jump in appreciation from May of 2016, and flew off the market in an average of 48 days on the market, selling for, on average 98 percent of list price. Summit County condos also showed strong appreciation of 12.38 percent.
Reports show that investment home sales, as opposed to pure vacation home sales, lead the market in 2016. Investors looking for both equity and rental income are finding it here. Read more about this in the next blog post.
Breckenridge Associates Real Estate proudly represents the largest portion of Breckenridge listings. As Brokers / Partners / homeowners/ parents / community members / skiers / artists / bike riders / golfers / Summit County & Colorado experts, we are thrilled to share our knowledge of the market and all the area has to offer. Please contact us today. Your mountain home investment is waiting!
For all statistics for Breckenridge and Summit County, click here.