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!

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.

Aug. 13, 2020

STATE OF THE REAL ESTATE MARKET – AUGUST 2020

Who are the winners of the urban exodus?

In the economy, whenever there is stress in one part of the market, there are always winners and unfortunately losers.  From the pandemic, there are three primary winners in ski real estate.

Land: I have been surprised to see raw land near ski resorts go as quickly as it has. I’ve seen some lots sitting on the market for extended periods of time, that are now selling.

Free standing single family: People want their own space and the ability to ride out future pandemics in comfort.  In ski towns throughout Colorado, many second homeowners from large cities moved to their ski home to weather the pandemic.  I don’t see this trend reversing, if anything it will only accelerate.

Multi-Family: There has still been plenty of activity in the Condo / Townhome / Duplex market despite these traditionally being income generating properties and the uncertainty f the upcoming winter. As a group they have matched the number of sales of single family homes

Ranches: Ranches, whilst not really a part of the Summit County market, have been slow movers the last 4 or 5 years as older generations aged out of the large properties and their kin no longer wanted the hassle of such a large property.  The pandemic has put these properties back in vogue for their unique qualities and remoteness.  Remote is now back in style in real estate as long as there is a good internet connection! Park County land sales are on the up.

In my last post on the State of the Market, I made some predictions that are playing out and being reinforced by continued high levels of activity. So why is this happening?

What is driving this trend of increasing prices and low inventory?

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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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