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!

Aug. 6, 2020

It has been a hot summer for Real Estate

As we move into the latter part of the summer, the heat in the real estate market shows no sign of abating. And we are not the only area that is experiencing the uptick in activity. The Denver Metro area that makes up a large part of our real estate market is also experiencing a continued inflow of residents. This article offers a good insight into how this migration of people is changing the metro area.

Denver Union Station

Denver a top “gentrifying” city in the US

Denver Colorado is the second fastest “gentrifying” area in the country just behind San Francisco.  Furthermore, Denver beat out Boston, Miami, New Orleans, Austin, and countless others due to the rapid gentrification of the downtown core.  What is Gentrification? How does it occur? Why is Denver gentrifying faster than other markets?  What does this mean for real estate and affordable housing? Read MORE

https://coloradohardmoney.com/denver-top-gentrifying-city/

 

 

July 21, 2020

STATE OF THE REAL ESTATE MARKET – JULY 2020

MY PERSONAL REAL ESTATE INSIGHTS FOR THE NEXT 12+ MONTHS

 

 

The past 4-6 weeks have certainly been a very interesting time in the Summit County real estate market. Signaled by the opening of short-term rentals and the easing of COVID restrictions, activity in real estate has been very significant indeed.

 

Many of us have talked about a structural shift taking place, where the demand for an escape from metro areas would significantly impact our market. What many of us did not fully account for was how quickly this demand would ramp up and the degree to which buyers would be willing to act on the impulse and drive the surge in properties going under contract. As of today, the 20th July 2020, Breckenridge has 262 active residential listings available. There are currently 167 residential properties under contract. Put another way, pending listings represent almost 2/3 of the total number of residential listings that are active.

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July 8, 2020

Market Watch July 2020

Market Update - Breckenridge and Summit County update - July 2020

 

June and July have certainly seen a healthy rebound from the quieter months of April and May. Here is a snapshot of the activity over the last 7 days.

53 properties sold - of these 3 were over $1.5m

107 properties went under contract - of these 12 were over $1.5m / 3 were over $3m

84 new listings

861 active residential listings - right about the same as this time last year

491 active land listings

Jumbo loans are tight at the moment (loans over $510,400) - this means that the majority of higher priced homes are funded by cash or private funding channels. Properties that are selling under $1.5m are taking advantage of the low priced interest rates and cash. 

 

 

July 2020 Market update

 

 

 

 

June 4, 2020

Companies encourage staff to work from home - permanently

Facebook, Twitter and Google workers to stay home

Further to my post from May 5th, there is increasing news being published and articles written about the forecast that workers will be asked to work from home as the office model does not allow for adequate social distancing. Glen Weinberg from Colorado Hard Money sums up the upcoming structural shift in the real estate market here

If you would like to have a chat with me about this forecasted trend, please do not hesitate to call - 970-389-1654

Additional Reading

 

May 21, 2020

April 2020 Market Analysis

April 2020 Market Analysis 

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. Source of data - Land Title Guarantee Company

The COVID-19 Pandemic in Summit County Impact began on March 15, 2020 with the immediate mandate on the ski area closures. In April 2020, a Shelter in Place ordinance in Colorado occurred in order to contain the COVID-19 locally and statewide.

  • Market Analysis by Area for April 2020: There were a total of 92 transactions and $63,531,993 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $704,135, average residential price was $705,777 and average residential PSF was $530.
  • YTD 2020 Market Analysis by Area (4 months): There were a total of 485 transactions, and $370,425,928 in monetary volume. The average transaction price for all 18 reported areas is $779,951, average residential price was $828,203 and average residential PPF was $530.
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May 5, 2020

Latest market news May 2020

With Breckenridge opening up for some business activity this week, there is a noticeable amount of increased traffic on the streets and foot traffic on the sidewalks. Whilst nothing like the normal amount of people it does mark a shift from the previous 6 - 7 weeks. 

The new regulations do allow for us as realtors to show property, although we are not allowed to host open houses for obvious reasons. 

I am sure that many of you are wondering what the market is doing up here in the high country. Below is a graphic of activity in the last 7 days. 

It is worth noting that of the sold and pending (gone under contract properties), the following stats are interesting;

Sold properties in the last 7 days - 34 sold, of which 28 were under 1 million dollars
Pending properties in the last 7 days - 44 went pending, of which 38 were under 1 million dollars

The activity has been primarily in the sub $1m range. 

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May 1, 2020

Wellness in Breckenridge

STAYING WELL IN BRECKENRIDGE
 

Hello, I hope this email reaches you in good health. We have just entered our 7th week of shut down and we as a family have got into a routine that means the days pass surprisingly quickly. We are embracing the family time, making sure we stay connected with our relatives in the United Kingdom and also with friends and clients - thank goodness for all the technology we have that makes this so easy.

Living in an active environment has meant that keeping our mobility levels whilst respecting the order to isolate has led to some real positives. Amanda, my wife, has just completed a 30 day yoga routine with our kids. Whilst some mornings were a struggle to get the children motivated, they did very well and had a real sense of accomplishment when the final and 30th session was completed. 

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May 1, 2020

Interesting Real Estate Articles -COVID

I found these articles that I read over the weekend interesting. Let me know your thoughts as it is always very good to get feedback. 


COVID-19 paused the housing market. What happens next?
Reports suggest home prices are unlikely to move.https://apple.news/Ai-NZQg2AS7GE4Ji2xr7QNg

Americans at all wealth levels down on stocks, say this is best investment
The coronavirus economic shock has left Americans downbeat about stock investing even after the major market rebound off March lows. Americans say real estate is the best investment, according to Gallup.
https://apple.news/ANXCWuUKrRieLUSO0jvxRqw

Stay well, James. 

March 28, 2020

Stunning Drone Footage - 377 Four O'Clock Run Road

 

Stunning Peak 8 Home
$3,395,000
Ski in / Ski out proximity to ski resort
7 Bedrooms | 5 Bathrooms | 5,190 SqFt

DRONE TOUR - CLICK HERE

Stunning location and proximity to the ski trails set this 7 bedroom and 5 bathroom Peak 8 home apart. Genuine ski-in / ski-out neighborhoods are rare in Breckenridge. Enjoy the Breckenridge lifestyle in this fabulous home. Built in 1982 with a clean and well-planned 5190 sqft floorplan. Vaulted living room / dining area offer generous space to entertain, enhanced by the two grand fireplaces. Uniquely featuring three master suites. Family room with pool table and adjoining full bar room.

March 27, 2020

COVID-19 economic relief package

I found this information release from the National Assoc of Realtors to be a very useful resource for understanding the relief package that was signed by Congress today. Please do let me know if you have any questions. Click here to view the PDF document.

Posted in real estate news