If you are currently considering listing your mountain property, you may find yourself thinking, “How does the national real estate market compare to Colorado and more specifically to Breckenridge?”, “Are Buyers truly emerging?” and “When is the best time to list my Breckenridge home?” These are some of the most frequently asked questions by our clients.
We’ve pulled together a few key findings from recent national, regional and local real estate sources to help answers to these valuable questions and provide insight into the current market. When reviewing this real estate summary, pinpointing how these trends can be applied to your property and situation may vary. We would absolutely welcome the opportunity to sit down with you and discuss your specific sales goals for your property to help you determine the best strategy for listing your home.
We’ll start here with the first and possibly most telling question, “How does the national real estate market compare to Colorado and more specifically to Breckenridge?”
Answer: Nationally: As of January, sales had been on the rise for the past three months with a 5% lift in December. Existing home sales reported a 1.7% annual increase. Inventory declined to its lowest level since March 2005; there is sufficient inventory to last for 6.2 months. Lawrence Yun, chief economist for the National Association of REALTORS® has stated the inventory supply suggests prices will stabilize or grow moderately. Historic low mortgage rates and job growth are key in building consumer confidence.
Regionally: Single Family Home Sales increased 3% in 2011. Inventory in Colorado is much lower with four month’s worth according to the Colorado Association of REALTORS.
Regionally: Single Family Home Sales increased 3% in 2011. Inventory in Colorado is much lower with four month’s worth according to the Colorado Association of REALTORS.
Colorado is ranked 11th in the nation for its foreclosure rate, according to the Denver Post. Unemployment is 7.9% - below the national average of 8.3%.
Locally: Breckenridge property sales increased by 20% in 2011. Inventory declined by 11%. Unemployment is 6% and the local economy has slowly ticked upward. Our mountain community continues to show growth as a destination with Breckenridge maintaining its status as one of the most visited ski destinations in the country.
Locally: Breckenridge property sales increased by 20% in 2011. Inventory declined by 11%. Unemployment is 6% and the local economy has slowly ticked upward. Our mountain community continues to show growth as a destination with Breckenridge maintaining its status as one of the most visited ski destinations in the country.
This leads to another important question, “Are Buyers truly emerging?”
Answer: As we mentioned earlier, a 20% spike in 2011 sales shows Buyers are emerging in the Breckenridge market. Likewise, 2011 showings increased significantly at our real
estate office over 2010, as shown on the chart here.
And, the final question, “When is the best time to list my Breckenridge home?”
Answer: This answer will vary depending on where your property is located. While it makes sense and benefits the Seller to be on the market during the popular winter months, in Breckenridge we see most of our Buyers during the peak of summer. Listing in the spring will allow you to fully take advantage of the marketing opportunities available with Breckenridge Associates Real Estate and best position your home for sale in the marketplace heading into peak buying season.
We value our clients, long-term relationships and the proven track record shared by our team of Brokers to best advise you on the sale of your home. Breckenridge Associates Real Estate – World Class Service. Home Town Team.
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.
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.
Source: DSNews.com, “Rise in Home Sales Signifies Strengthening Market: Economists”, January 20, 2012; National Association of REALTORS®, Colorado Association of REALTORS® January 2012 Newsletter, 2011 Summit County MLS Data
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