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Window Of Opportunity - Market Snapshot

Posted by Breckenridge Associates Real Estate on Saturday, January 7th, 2012 at 9:00pm.

A quick look at the statistics available for 2011 indicates there were a lot more Buyers taking advantage of low prices and even lower interest rates than in 2010. Sales of Summit County Single Family Homes in 2011 outpaced sales in 2010 by approximately 14%. In Breckenridge, area Home Sales were up for the year a whopping 32%. Sales of Condominiums in Summit County in 2011 were up an impressive 8% in number of transactions for the year. In Breckenridge, 2011 Condo sales increased 7% over sales in 2010.

These are all positive indicators of the demand for property in Summit County. On the supply side we are seeing a decrease in the numbers of Available Inventory in all categories. Listings of Condominiums in Breckenridge are currently about 25% below the number of offerings at this time a year ago. And homes are about even.

Reflecting a trend now seen across the country, there was a large percentage of transactions that were all cash. Investors are opting to park their cash in real estate. And, while loans are available on all properties in Summit County, no loans were utilized for approximately 38% - 40% of all transactions in Summit County in 2011. 30% involved loans with a 50% or lower Loan-To-Value (LTV) ratio. The balance of the transactions involved financing more typical to the primary residents’ metro markets with an 80-90% LTV ratio.

The low number of high-leverage deals adds an even stronger underpinning to the Summit County market. These owners will not be under pressure to sell due to the burden of mortgage payments. With Colorado’s low tax rate and affordable utility bills, these properties can be utilized by the owners, their friends and relatives throughout the year and play a part in the owner’s investment portfolio. For those who opt to rent their properties to visitors to the area, the financial benefits can be even greater.

Now is the time to buy real estate in Breckenridge. Please contact us to learn more about real estate in Breckenridge and Summit County, Colorado. 800.774.7970 or 970.453.2200. Click here for the latest news about Breckenridge Real Estate.

*Written by: Ron Shelton, Broker/Partner. Source: MLS Stats pulled January 5, 2012.

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