Breckenridge Local Updates, Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

April 7, 2021

Latest market news April 2021

Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. Data Source - Land Title Guarantee Company

  • Market Analysis by Area for February 2021: There were a total of 151 transactions and $132,914,988 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $923,287. The average residential price was $1,011,617 and the average residential PSF was $588.
  • Market Analysis by Area YTD 2021 (2 Months): There were a total of 311 transactions totaling $262,873,832 in monetary volume. Average transaction price was $875,684, average residential price was $959,548 and average residential PPF was $591.
  • Market Snapshot for FULL Years 2021 vs 2020:  Average Indicators for $: Single Family +6%, Multi- Family +10% and Vacant Land -13%. Median Indicators for Single Family -2%, Multi- Family +12% and Vacant Land +5%.
  • Market Analysis % Change YTD February 2021: Monetary volume in February 2021 was up 23% from February 2020. Transactions were up 20% from February 2020.  YTD $ volume is pacing 27% up and transactions are up 20% from YTD 2020.
  • Residential Cost Analysis:  Residential volume in February had 118 transactions with $119,370,862 gross volume. There were 34 properties that sold for $1M and above in February  There were 42 Single Family, 76 Multi-Family and 14 Vacant Land transactions. 
  • Average Price History by Type-YTD 2021: Average price for residential Single Family: $1,465,299, Multi- Family: $665,887 and Vacant Land: $322,203.
  • Comparative Historical Cost Analysis Comparison 2021-2020-2019: YTD 2021, there were 245 residential transactions and $235,089,362 gross $ volume with 68 properties selling for over $1M. In 2020, there were 209 transactions with $175,227,700 gross $ volume with 58 properties selling for over $1M. In 2019, there were 211 transactions with $172,639,219 gross $ volume with 48 properties selling for over $1M.
  • Top Lender Analysis February 2021: There were 633 loans in February. Of those 96 loans were related to sales, there were 341 REFI's and 196 loans were timeshare related. Thirty-six percent of the real estate closings were cash transactions. 
  • Purchaser Profile Abstract:  There were 36 upper end sales in February 2021 compared to 37 in January 2021. Buyers for real estate transactions for February 2021 include: local buyers have hit a new low at 17%, the Front Range demographic at 48% and 35% are out of state buyers with 0% International. There is a new graph included showing demographic trends through 2013 on page 17.
  • Land Title New Development Summary: Page 18 shows all the new construction by month. There were 14 in February compared to 7 in January 2021.

Click the link below to access the full report. Please don't hesitate to contact me with any additional questions.

CLICK HERE

March 13, 2021

Market Statistics Feb 2021

Breckenridge Marker Snapshot March 2021 single family homes

 

Breckenridge Market Snapshot March 2021 condos and townhomes

March 11, 2021

Low inventory, prices rising, the tale of Denver and Mountain Towns

The last couple of months have definitely been interesting in the real estate market. Capital is flowing to markets where perceived value can be gained and desirability is high. The reality of finite resources is playing out daily in the Summit County region. As always, long term plans afford us insulation to the shorter term variables that many of us are trying to interpret. 

 

Interesting post by Glen Weinberg. Read below. 

What a year Covid has brought to Colorado real estate.  From Denver to the resort communities, inventory has plummeted while prices have soared.  What caused this huge jump in prices?  Will the inventory increase in Denver and other markets?  Where do we go from here on prices?  What will cause demand to ultimately drop in Colorado real estate?  Are prices poised for a fall?

What was in the recent Colorado Sales data?

2020 was one for the record books with prices soaring throughout Colorado.  Prices soared throughout the front range, the resort communities, and everywhere in between.

I was floored to see the changes from January 2020 to 2021 in the Denver metro area:

  • Average sales price now 689k, up 28%
  • Percent of list price received: 101%
  • Months Supply of inventory: .3, down 73%
  • More stats from the Colorado Association of Realtors

The same trends are happening in the mountain communities.  Here are some statistics from Summit County, home to Breckenridge, Keystone, Frisco, Silverthorne, and Copper Mountain

  • Average sales price now 1.3m, up 51%
  • Percent of list price received: 100%
  • Months Supply of inventory 1.3, down 68%
  • More Summit County Statistics

What caused the huge jump in prices?

  • Inventory: There is limited inventory in the desirable markets
  • Desirable areas: People have migrated from large coastal cities to Denver for quality of life and considerably less density than many other cities
  • Build Costs: Lumber alone is up 40% this year due to demand and there is a shortage of skilled labor both are adding to skyrocketing build costs
  • Limited Available land: In Denver and the resort communities there is basically nowhere left to build which further limits inventory.

Will inventory recover to more normal levels?

Unfortunately,no.  Build costs will continue to rise due to material and labor costs and basically no land availability to make a meaningful dent in the supply of house.  Furthermore, increased energy efficiency requirements that greatly increase build costs are being implemented in many counties from Denver to Summit county.  Look for inventory to remain tight for the foreseeable future.

Where do we go from here on prices?

With no inventory coming online anytime soon and demand staying constant, there is only one way for prices to go, up further.  Look for prices to continue to increase due to the severe industry constraints.  I don’t see any factors that will change the inventory or demand picture anytime soon so prices will continue their upward trajectory.

Summary

Although prices will continue to go up in the near term, over the long term we are reaching a tipping point where the prices themselves are the limiting factor of future demand.  For example, as prices continue in Summit county, at some point you eliminate demand if prices of the average home rises to 1.5m or whatever that number is.

Denver is somewhere near the tipping point as well, with an average sales price of 700k, very soon demand will be curtailed as there are less people that can afford a 700k home.  With prices rising so rapidly in Denver and the resort markets, demand will soon be curtailed as buyers get priced out which should bring these markets back to more normal rates of historical appreciation (less than 5% a year).

Feb. 1, 2021

Year end 2020 market real estate statistics

  • Market Analysis by Area for December 2020: There were a total of 283 transactions and $236,644,433 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $848,816, average residential price was $891,305 and average residential PSF was $582.
  • Market Analysis by Area Full year 2020: There was a total of $2,319,029,219 (record high) with 2800 transactions. The average transaction price was $847,756, the average residential price was $903,385 and the average PPSF was $531.
  • Market Snapshot for FULL Years 2020 vs 2019:  Average Indicators for $: Single Family +10%, Multi- Family +8% and Vacant Land 7%. Median Indicators for Single Family +12%, Multi- Family +9% and Vacant Land 9%.
  • Market Analysis % Change  FULL Year 2020: Monetary volume ($236,644,433) in December 2020 was up 30% from December 2019. Transactions (283) were up 23% from December 2019.  Full Year 2020 Monetary Volume ended with a new Summit record high (closing with a total of $2.139B) and 22% ahead of 2019, and transactions (2800) were up 15 % compared to 2019.
  • Residential Cost Analysis:  Residential volume in December had 237 transactions with $211,239,400 gross volume. There were 69 properties that sold for $1M and above in December.  There were 73 Single Family, 164 Multi-Family and 24 Vacant Land transactions. Full Year 2020 ended with 872 Single Family, 1419 Multi- Family and 223 Vacant Land sales.
  • Average Price History by Type- FULL Year 2020: Average price for residential Single Family: $1,386,525 (record high), Multi- Family: $606,487 ( record high) and Vacant Land: $368,859.
  • Comparative Historical Cost Analysis Comparison 2020-2019-2018: In 2020, there were 2291 residential transactions and $2,069,655,256 gross $ volume with 658 properties selling for over $1M. In 2019, there were 1933 transactions with $1,586,910,706 gross $ volume with 454 properties selling for over $1M. In 2018, there were 1994 transactions with $1,499,765,478 gross $ volume with 381 properties selling for over $1M.
  • Top Lender Analysis December 2020: There were 745 loans in December. 187 loans were related to sales, there were 398 REFI's and 160 loans were timeshare related. 34% of the real estate closings were cash transactions. In 2020, there were a total of 7102 loans including refi's and timeshares, 31% of all transactions were cash.
  • Market Highlights:  Please see page 11 of the Market Analysis- Note the the higher priced sale in December 2020 in Breckenridge at $5,260,000. The top priced PSF was in Breckenridge at Four O'Clock Condos at $1,250 
  • Foreclosures: There were 16 Foreclosures in December, all timeshares. The year ended with a total of 42 Foreclosure actions with only 9 going to PTD. No Bank sales in December.
  • Purchaser Profile Abstract:  There were 73 upper end sales in December 2020 compared to 108 in November. Our buyers for real estate transactions for December 2020: Front Range demographic at 53% of our market, 16% are "local" and 30% are out of state buyers with 0% International. 2020 buyer demographic's continue to shift from years past with an increase of 47% Front Range ( 42% in 2019), 21%"local" ( 29% in 2019) and 32% out of state ( 29% in 2019) and 0% International. Please note page 17 comparing demographics of our buyers through 2013.
  • Land Title New Development Summary: This (page 18) shows all the new construction each month, there were 19 in December compared to 39 in November.
Jan. 4, 2021

STATE OF THE REAL ESTATE MARKET – 2021

 

Among the predictability of all the COVID guidance and restrictions, there was a smattering of unforeseen events in 2020. If someone on the 13th of March 2020, (when we went into full lockdown), had given me a snapshot of what the remainder of the year would have looked like for Summit County, I would have thought that they were crazy. Who would have foreseen that we would have a relatively successful summer for business? Indeed, the reality was very different from our normal way of life, but it does have to be said that the new normal that we encountered this summer was generally better than anticipated.

 

The fall did bring with it the much anticipated and predicted uptick in COVID cases and around Thanksgiving, the tough decision was made to impose some stringent restrictions on most types of business and in particular the restaurant industry, that was closed to all indoor dining. It was testament to the resilience of local business owners and also our loyal visitors that you could see people having meals outdoors, either in temporary yurts and tents, or simply alfresco - even with dropping temperatures!

 

Fortunately, the county as a whole came together and our cases are currently falling and as I type the decision is being finalized to move us from red to orange on the State COVID dial, which will allow two households in rental properties, 25% occupancy in restaurants and 50% occupancy in retail stores.

 

The clear beneficiary in 2020 as a whole, and I use that term carefully as it feels awkward in the current times of a pandemic, was the real estate industry. The graphic below for November 2020 tells the story for June (when lockdown restrictions were eased) through the end of the year.

 

 

Alternate text

 

The reality is that this surge in activity has essentially ‘cleared the shelves’ of inventory and we are looking at low inventory for all of 2021 and beyond. The typical ownership lifecycle of mountain homes is 3-5 years and this means that looking forward, many of the properties that were bought in 2020 will not be hitting the market for a while. This low inventory cycle will offer a lot of support for current pricing and also encourage price increases. In addition to the effect of low inventory, low interest rates are allowing people to afford significantly higher valued homes and the prospect for rates staying low well into 2023 is strong.

 

Whilst the market would appear to favor the seller in 2021, it is interesting to note that buyers have been willing to step up to the plate, hedging that pricing is no doubt continue to increase and also that if inflation reappears in the future, real estate offers excellent insurance against this trend.

 

So, in general terms, my view is that the remainder of this winter will be a little grumpy and lumpy with improvements to the Summit County business climate in early summer, as vaccinations hopefully become more widely administered and the weather improves.

 

Wishing you all the best for 2021 and continued good health.

 

James Shingles

 

Dec. 8, 2020

October real estate in Summit County

October real estate in Summit County tops last months record with $360M in gross volume and 442 transactions!

  • Market Analysis by Area for October 2020: There were a total of 442 transactions and $360,036,310 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions was $836,840, average residential price was $907,528 and average residential PSF was $527.
  • YTD 2020 Market Analysis by Area (10 months): There were a total of 2123 transactions, and $1,726,919,986 in monetary volume. The average transaction price for all 18 reported areas was $834,787, average residential price was $898,740 and average residential PPF was $517.
  • Market Snapshot for FULL Years 2020 vs 2019:  Average Indicators for $: Single Family +7% change, Multi- Family +7% and Vacant Land -2%. Median Indicators for Single Family +11%, Multi- Family +10% and Vacant Land 5%.
  • Market Analysis % Change YTD Year 2020: Monetary volume ($360,036,310) in October 2020 was up 81% from October 2019. Transactions (442) were up 55% from October 2019.  YTD 2020 Monetary Volume is pacing 12% up from YTD 2019. YTD 2020 transactions are pacing 7% up to YTD 2019. 
  • Residential Cost Analysis:  Residential volume in October had 364 transactions with $330,340,010 gross volume. There were 95 properties that sold for $1M and above in October.  There were 128 Single Family, 236 Multi-Family and 36 Vacant Land transactions.
  • Average Price History by Type- YTD Year 2020: Average price for residential Single Family: $1,349,741, Multi-family: $601,687 and Vacant Land: $339,415.
  • Comparative Historical Cost Analysis Comparison YTD 2020-2019-2018: YTD 2020, there were 1725 residential transactions and $1,550,326,356 gross $ volume with 488 properties selling for over $1M. YTD 2019, there were 1554 transactions with $1,279,897,406 gross $ volume with 360 properties selling for over $1M. YTD 2018, there were 1662 transactions with $1,243,846,478 gross $ volume with 309 properties selling for over $1M.
  • Top Lender Analysis October 2020: There were 738 loans in October. 322 loans were related to sales. There were 383 REFI's and 33 loans were timeshare related. 27% of the real estate closings were cash transactions.
  • Market Highlights:  Please see page 11 of the Market Analysis- Note the the higher priced sale in October 2020 in the Timber Trail area -Breckenridge at $4.800,000. The top priced PSF was in the Mountain Thunder condos - Breck at $972.
  • Foreclosures: There was one Foreclosure action in October 2020 compared to 8 in October 2019. There have been a total of 25 Foreclosure actions YTD 2020. There were no Bank sales in October.
  • Purchaser Profile Abstract:  Upper end sales were down in October with 98 compared to 115 in September. Our buyers for real estate transactions for October 2020: Front Range demographic at 45% of our market, 19% are "local" and 36% are out of state buyers with 0% International.
  • Land Title New Development Summary: This (page 18) shows all the new construction each month, there were 28 in October.
Nov. 16, 2020

October 31, 2020 Real Estate Statistics for Breckenridge and Summit County

October 31, 2020 Real Estate Statistics for Breckenridge and Summit County

Posted by Breckenridge Associates Real Estate on Friday, October 23rd, 2020 at 11:10am.

2020 sales through October 31st brought stats none of us saw coming. Like the rest of the world, we have been shocked this year by circumstances never before encountered. Knowing the Breckenridge real estate market fared better than most back in 2008, we could only be cautiously optimistic. When public health allowed real estate showings to resume this past June, we were more than pleased to see buyers returning, but never expected to see the surprising gains reflected in the October stats report. 

Clearly, people want to own property in the mountains. Sales prices are going up and inventory is going down. Our office is following this trend with an increase of 23% in sales dollar volume, while residential listings are down 47%. There are currently 117 residential listings in Breckenridge compared to 223 this time last year. While residential sales are on the rise, vacant land sales have been steadily increasing as well. The number of 2020 land sales are on track to double those of 2019. 

October showings were up 22% over October 2019, and up 16% year to date. The average single family home price is $1.6 million for Breckenridge and $1.46 million for Summit County, both record-breaking highs. 

By far, the statistics we are most proud of are our number 1 positions in dollar volume, properties sold, in-house sales and in-market-share percentage for all Breckenridge real estate offices. 

Oct. 15, 2020

Market Watch September 2020

Check out these real estate trends for Summit County - September 2020. 

September 2020 - Single Family Real Estate Sales

Summit County single family real estate sales

September 2020 - Condo and Townhome Real Estate Sales

September 2020 - Condo and Townhome Real Estate Sales

Oct. 8, 2020

Zoom Town - The popularity of Breckenridge and other mountain towns

Zoom Town

 

There has been a lot of talk in recent months about how the structural shift in the real estate market is playing out geographically. When a trend becomes more engrained in the market it is not unusual for a term to be coined to reference this trend. ‘Zoom Town’ is a term that is being used on a more routine basis for locations that fit the description of  - Somewhere that offers recreational or lifestyle benefits over the more urban locations that people are moving to.

NPR’s Planet Money defines “zoom towns” as housing markets that are booming as remote work takes off—adding another term to our growing pandemic lexicon.

 

The mountain communities have certainly felt the effects of this trend and not only from people looking for a new place to call home, but also prospective second homeowners from Denver, the Front Range and further afield. It is interesting to note that the real estate market in Denver, Boulder etc is also feeling the Zoom Town migration, as is Chaffee County, where I have recently talked to a broker there who said this is the most active summer selling season on record.

 

With the heightened activity in one of our major feeder markets (Denver and the Front Range), my prediction is that we will see continued growth in Summit County for the foreseeable future.

 

Please do call me anytime to talk about the market in general and my thoughts for the future.

 

 

Statistics Snapshot

 

·      Currently there are 150 residential listings in Breck. Last year at this time there were 261. Down 43%.

·      Currently 210 residential listings are under contract, last year 110 at this time.

·      Number of land sales in 2020 set to double that of 2019

 

More Reading

https://www.forbes.com/sites/irenelevine/2020/09/15/zoom-towns-why-your-last-vacation-getaway-may-be-your-next-home/#25aae5ab3ad3

 

https://magazine.realtor/daily-news/2020/09/16/is-your-housing-market-considered-a-zoom-town

Aug. 31, 2020

Vail Resort's plan for the 2020/2021 ski season

Making sure you saw Vail Resort's CEO, Rob Katz, providing details on the Winter Operating Plan for the 2020/21 season. This announcement highlights their commitment to safety, including a new reservation system for pass holders.  You can see the full announcement here and more information on the Season Pass Reservation System can be found here.

 

I will be keeping in touch with you in the coming weeks to discuss this program and share more details around the season ahead. In addition to implementing a reservation system, Vail Resorts have adapted their lift ticket access model in an effort to manage capacity across the 34 owned and operated resorts in North America.

 

If you have any questions, please don’t hesitate to reach out.