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!

Dec. 2, 2022

Conforming Loan Limits

The Federal Housing Finance Agency (FHFA) just announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2023.

In most of the U.S., the 2023 maximum conforming loan limit for one-unit properties will be $726,200, compared to $647,200 in 2022 (a $79,000 increase). 

Many counties in Colorado are eligible for elevated loan amounts, due to higher median home prices. These high-balance (conforming) loans can be beneficial as an alternative to Jumbo loans and other specific underwriting guidelines. See the table below for 15 Colorado counties and their 2023 conforming loan limits (11 have high-balance conforming loan limits).

These loans may afford you the ability to:

Have a lower down payment; sometimes as little as 5%

Qualify for a larger loan

Submit less required documentation for underwriting

Be approved with lower credit scores

Make a more competitive offer

Close more quickly (faster underwriting turn times)

Secure FHA and VA loans for higher-priced homes

Use a Temporary (2-1) Buydown to lower mortgage payments for
the first two years

Let's connect on these expanded possibilities, so your dream home
can be in reach.

 

County - Summit

Conforming
Loan Limit - $726,200

Conf (High Balance)
Loan Limit - $953,350

Jumbo Loan
Start At - $953,351

Posted in Loans
Oct. 26, 2022

Breckenridge & Summit County Real Estate Statistics - September 2022

Here are market highlights for September:

  • Market Analysis by Area for September 2022: There were a total of 179 transactions and $204,519,395 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,249,310. The average residential price was $1,383,628 and the average residential PSF was $799.
  • Market Analysis by Area 2022 (9 Months) YTD:  There are a total of 1,374 transactions with $1,734,004,299 monetary volume. The average transaction price was $1,331,344, the average residential price was $1,343,251 and the average residential PPSF was $804.
  • Market Snapshot for YTD Year 2022 vs Full Year 2021:  Average Indicators for $: Single Family +22%, Multi- Family +22% and Vacant Land +28%. Median Indicators for Single Family +30%, Multi- Family +15% and Vacant Land +34%.
  • Market Analysis % Change YTD September 2022:  Monetary volume in September 2022 was down 34% from September 2021. Transactions were down 35% from September 2021.  YTD 2022, $ volume is pacing 19% down from YTD 2021, and transactions are 35% down from YTD 2021.
  • Residential Cost Analysis:  Residential volume in September had 135 transactions with $186,789,730 gross volume. There were 76 properties that sold for $1M and above in September.  There were 52 Single Family, 83 Multi-Family and 3 Vacant Land transactions in September 2022. 
  • Average Price History by Type- YTD 2022: Average price for residential Single Family: $2,099,375, Multi- Family: $915,341 and Vacant Land: $643,623. 
  • Comparative Historical Cost Analysis Comparison YTD 2022-2021-2020: YTD 2022, there were 1057 residential transactions and $1,419,816,434 gross $ volume with 526 properties selling for over $1M. YTD 2021, there were 1,738 transactions with $1,889,580,012 gross $ volume with 617 properties selling for over $1M. YTD 2020, 1361 transactions with $1,219,986,346 gross $ volume with 393 properties selling for over $1M.
  • Top Lender Analysis September 2022: There were 448 loans in September. Of these, 132 loans were related to sales, there were 85 REFI's and 231 loans were timeshare related. 26% of the real estate closings were cash transactions. 
  • Foreclosure 2022 Update: There were 11 foreclosure actions recorded in September 2022 (3 were for real property, the other 8 were timeshares). There are a total of 42 Foreclosure actions YTD.
  • New Unit Sales: 5 in September.
  • Purchaser Profile Abstract:  There were 73 upper end sales in September 2022.  Our buyers for real estate transactions for September 2022: Local buyers at 34 % (Deed Restricted sales were up in September -23 compared to 11 in August), with the Front Range demographic at 32% and 34% are out of state buyers with 1% International. 

Please note that Land Title Guarantee Company 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.

Oct. 12, 2022

Breckenridge Real Estate Statistics October 2022

The Most Recent Market Statistics are out, and our take on them are as follows:

 

  1. The Market is “Normalizing”.. 
  2. YTD the number of Sales for 2022 are Down 42.31 % for Breckenridge and Down 32.64% for All Summit County vs. the unsustainable levels recorded during 2021 and the COVID 19 Pandemic. 
  3. Keystone YTD # of Sales for 2022 are only down 19.92%, perhaps due to the Exempt Status of that area to Short Term Rental Restrictions. 
  4. This shift has led to a “Normalizing” of the market, with number of Active Listings in Summit County now at 488, vs. 231 in 2021, 334 in 2020, and 865 in 2019. 
  5. The Average Price of a Single Family Home remains strong at $2,366,578 for Breckenridge, and $2,125,233 for All Summit County.
  6. The Average Price of a Condominium remains strong at $928,554 for Breckenridge, and $799,399 for All Summit County. 
  7. Breckenridge Associates Real Estate (BARE) remains the #1 Breckenridge Office with 84 Sales YTD and $167.5M in $ Volume.
  8. On a per Agent Basis, BARE more than doubles the production of most of our competing brokerages with BARE Agents at over $8M / Agent YTD. Paffrath & Thomas is second at around $6M / Agent YTD.  Sotheby’s and Slifer are both in the $3M / Agent Range YTD.  (Breckenridge Only)
  9. The Summit County real estate market continues to be one of the best places to invest, with YTD appreciation Up on average 14.29% YTD for All Summit County.  Compare that to the NASDAQ Down 32% YTD and the S&P 500 Down 24% YTD. 
  10. With a fixed supply of developable land combined with the national and international appeal of Summit County, we anticipate Summit County will continue to be one of best places to buy and hold real estate for the long term. 

 

 

Sept. 28, 2022

Breckenridge & Summit County Real Estate Statistics - August 2022

Here are market highlights for August:

  • Market Analysis by Area for August 2022: There were a total of 194 transactions and $211,817,519 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,132,476, the average residential price was $1,232,746 and the average residential PSF was $753.
  • Market Analysis by Area 2022 (8 Months) YTD:  There are a total of 1195 transactions with $1,529,484,904 monetary volume. The average transaction price was $1,342,925, the average residential price was $1,337,339 and the average residential PPSF was $805.
  • Market Snapshot for YTD Year 2022 vs Full Year 2021:  Average Indicators for $: Single Family +22, Multi- Family +22% and Vacant Land +30%. Median Indicators for Single Family +31%, Multi- Family +14% and Vacant Land +35%.
  • Market Analysis % Change YTD August 2022:  Monetary volume in August 2022 was down 30% from August 2021. Transactions were down 26% from July 2021.  YTD 2022, $ volume is pacing 16% down from YTD 2021, and transactions are 35% down from YTD 2021.
  • Residential Cost Analysis:  Residential volume in August had 151 transactions with $186,144,693 gross volume. There were 66 properties that sold for $1M and above in August.  There were 57 Single Family, 94 Multi-Family and 6 Vacant Land transactions in August 2022. 
  • Average Price History by Type- YTD 2022: Average price for residential Single Family: $2,100,530, Multi- Family: $911,912 and Vacant Land: $656,560. 
  • Comparative Historical Cost Analysis Comparison YTD 2022-2021-2020: YTD 2022, there were 922 residential transactions and $1,233,026,704 gross $ volume with 465 properties selling for over $1M. YTD 2021, there were 1512 transactions with $1,623,212,899 gross $ volume with 528 properties selling for over $1M. YTD 2020, 1051 transactions with $909,615,811 gross $ volume with 286 properties selling for over $1M.
  • Top Lender Analysis August 2022: There were 352 loans in August. Of these, 123 loans were related to sales, there were 123 REFI's and 106 loans were timeshare related. 37% of the real estate closings were cash transactions. 
  • Foreclosure 2022 Update: There were 3 Foreclosure actions recorded in August 2022 (all three were for real property) versus 1 last August 2021. There are a total of 31 Foreclosure actions YTD.
  • New Unit Sales: 29 in August (Clearwater Lofts closings mostly).
  • Purchaser Profile Abstract:  There were 74 upper end sales in August 2022, compared to 47 in July. Our buyers for real estate transactions for August 2022: Local buyers at 24%, with the Front Range demographic at 44% and 31% are out of state buyers with 1% International. 

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. 

 

FULL AUGUST REAL ESTATE STATISTICS REPORT HERE

Sept. 26, 2022

Breckenridge and Summit County real estate market in 2022 and beyond

What to expect for the rest of 2022 and beyond

 

The last 24 months has certainly been quite the roller coaster in the Summit County real estate market. From the easing of lockdown in June 2020 to the beginning of 2022, the market was on a remarkable upward trend that saw prices appreciate over 40% in many markets. High demand and low inventory meant many properties benefited from multiple offers and above list closing prices.

 

The story since the spring of 2022 has been quite different. Macro and micro economic influences have played a major role in reshaping the real estate market. Inflation, interest rates and mid term elections all have their influences. Couple this with the short term rental restrictions that have been either introduced or are in the works, and we have a recipe for downward pressure on what was a red-hot market.

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Sept. 6, 2022

How's the market July 2022 - Breckenridge and Summit County Real Estate Statistics

As the summer starts to wind down in Summit County, we are seeing fewer transactions and prices are fairly consistent with previous months. Summer's inventory is a bit higher than July 2021 and August 2021, but remains relatively low compared to the past 10 years. There are more choices for our buyers, plus interest rates, short term rental regulations and inflation all play a role in our real estate market trends.

Here are market highlights for July:

  • Market Analysis by Area for July 2022: There were a total of 132 transactions and $196,469,376 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,618,161, the average residential price was $1,220,452 and the average residential PSF was $812.
  • Market Analysis by Area 2022 (7 Months) YTD:  There are a total of 1001 transactions with $1,317,667,385 monetary volume. The average transaction price was $1,384,422, the average residential price was $1,357,824 and the average residential PPSF was $815.
  • Market Snapshot for YTD Year 2022 vs Full Year 2021:  Average Indicators for $: Single Family +25, Multi- Family +23% and Vacant Land +32%. Median Indicators for Single Family +36%, Multi- Family +15% and Vacant Land +35%.
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Aug. 1, 2022

How's the market June 2022 - Breckenridge and Summit County Real Estate Statistics

Here are Real Estate market highlights for June - Breckenridge and Summit County

  • Market Analysis by Area for June 2022: There were a total of 161 transactions and $188,302,246 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,295,071. The average residential price was $1,371,404 and the average residential PSF was $822.
  • Market Analysis by Area 2022 (6 Months) YTD: There are a total of 869 transactions with $1,121,198,009 in monetary volume. The average transaction price is $1,351,154, the average residential price is $1,375,523 and the average residential PPSF is $816.
  • Market Snapshot for YTD Year 2022 vs Full Year 2021: Average Indicators for $: Single Family +29, Multi- Family +22% and Vacant Land +25%. Median Indicators for Single Family +39%, Multi- Family +12% and Vacant Land +26%
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July 13, 2022

Short Term Rentals Breckenridge - The latest update

 

It was with some trepidation that I went to the Breckenridge Town Council work session yesterday that amongst other things discussed the short-term rental regulations that have been a focal point of town affairs for over a year.

 

My previous post dated May 26th 2022 is available here. This offers some background on the license cap and regulations that are being discussed and implemented, not only in Breckenridge, but throughout the county.

 

As a quick recap, the Town of Breckenridge last year implemented a 'global' cap on short term rental licenses. This cap amount is 2200 and applies across all subdivisions and neighborhoods. This blanket cap was deemed to be without nuance and lacked the flexibility to be applied more stringently in some areas and with more availability in others. For most of this year a taskforce has worked to find an update to the blanket cap that allowed some determination on where short term rental licenses are readily available and which neighborhoods were more restricted. Collectively the task force and the Town of Breckenridge have been working on different zones within town referred to as the Tourism Overlay.

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June 23, 2022

Summit County Real Estate Statistics - May 2022

Here are Real Estate market highlights for May - Breckenridge and Summit County

  • Market Analysis by Area for May 2022: There were a total of 156 transactions and $234,963,489 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,547,752. The average residential price was $1,518,022 and average residential PPSF was $875.
  • Market Analysis by Area 2022 (5 Months) YTD:  There are a total of 708 transactions with $932,895,763 in monetary volume. The average transaction price was $1,360,248, the average residential price was $1,373,448 and the average residential PPSF was $815.
  • Market Snapshot for YTD 2022 vs 2021:  Average Indicators for $: Single Family +30, Multi- Family +21% and Vacant Land +26%. Median Indicators for $: Single Family +39%, Multi- Family +11% and Vacant Land +30%.
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June 22, 2022

Current state of the real estate market - Breckenridge and Summit County

 

How's the market? Breckenridge and Summit County

 

I thought I would write to you about the current state of the real estate market. The last 6 weeks have been a transition period from the market that existed in the prior 18 months. The effect of the short-term rental restrictions, coupled with economic factors such as inflation and interest rates have given buyers cause for concern and they are sitting on the sidelines. Sellers, who have the benefit of high home equity levels are still bullish on pricing. This has led to somewhat of an impasse in the market and the word ‘frozen’ has been used to describe activity. It can also be said that we could be reverting to a more traditional selling season where the market does not really fully kick in until after July 4th……. We shall see.

 

In my opinion, the next 4-6 weeks will be very telling. If buyers step in by mid-July then we will know that we are moving back to a more traditional market (albeit with some economic headwinds). If, however we do not see an uptick in activity, my view is that until we have some clarity on the short-term rental restrictions and also stability in interest rates / lower inflation, the ‘frozen’ market may well extend through the summer and beyond.

 

Price reductions at the moment, without the understanding of buyer behavior, does not make sense to me. You could reduce the price and still not have the buyers…. All this would currently achieve is guaranteeing a lower sales price without the guarantee of there being buyers.

 

by James Shingles