As the official ski season kicks off, Breckenridge becomes the choice destination for many snow lovers visiting Summit County. And it’s not unusual to see—after visitors fall in love with our wonderful town and vibrant community, our world-class ski area and myriad other winter activities—that they may spend a day or two exploring real estate opportunities. Sometimes the itch is for a ski condo, sometimes a welcoming home where family and friends can gather all year to enjoy our mountain paradise. And often these ‘maybe I really do want a place in Breck’ clients—no matter how often they’ve considered buying—hesitate. There are lots of reasons why, but often we hear, “Maybe prices will go down,” or “Maybe sellers will be more willing to negotiate next year,” along with other market-related musings. Our goal is to help clients make the right decision at the right time. Believe us, we keep careful track of trends, and thought you might be interested in seeing just a very small piece of the statistics regarding sales in Breckenridge.

 

Following the market collapse in 2008, prices declined, but around 2012, we started to see the beginning of a reversal, including an increase in average sales prices, percentage of appreciation (in most cases, although there have been small percentages of depreciation in some years), higher prices per square foot and a decline of days on the market. No one has a crystal ball, and real estate decisions are important ones, and often tied to strong markets and a growing economy. But if trends hold, and you have seen the Breckenridge property you love, this may be the right time to buy.

Here are some historical statistics in Year-to-Date single-family home and condo sales in Breckenridge (they do not include all market data from Summit County) through September 30, 2019:

 

Historical Breckenridge Single-Family Market Summary*:

Year     No of Properties        Avg. Sales     Appreciation         Price per              Avg. Days
            Sold                                                     (or depreciation)   Sq. Ft                   on Market

2012       244                           $910,204         5.57%                   $285.69                  312

2013      258                            $$847.578       -7.43%                  $291.01                  277

2014      247                            $978,625         16.15%                  $316.03                  212

2015      259                            $1,081,645      10.53%                  $344.71                  240

2016      284                            $1,123,027      3.83%                    $347.80                  128

2017      320                            $1,287,506      14.65%                  $404.2                    104

2018      267                            $1,373,662      6.69%                    $421.11                  83

2019      182                            $1,692,734      23.23%                  $463.82                  92
(2019 thru 9/30)

*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.

 

In our single-family market, it’s interesting especially to note the increase in average sales price and the decline in days-on-market as available inventory, particularly in winter, tends to be smaller than during spring and summer.

 

Historical Breckenridge Condominium Market Summary*:

Year     No of Properties    Avg. Sales         Appreciation        Price per               Avg. Days
            Sold                                                     or depreciation    Sq. Ft                    on Market

2012      212                            $356,574         -16.92%               $489                        411

2013      283                            $398,305         11.70%                $430.27                   240

2014      262                            $419,335         5.28%                  $461.31                   237

2015      332                            $479,443         14.33%                $500.44                   262

2016      285                            $463,920         -3.24%                 $522.64                   100

2017      287                            $540,494         16.51%                $623.28                   49

2018      273                            $571,023         5.65%                  $646.85                   46

2019      177                            $637,173         11.58%                $690.68                   55

(2019 thru 9/30)
*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.

 

In the condo market, the most interesting trend is the dramatic decline in days-on-market and the comparatively high price-per-square foot. Prices and appreciation are also rising as buyers—some who have been looking for a while—decide the time is right.

At Breckenridge Associates Real Estate we understand the many factors that come into play when making such an important decision. We’re here to help you sort through them, answer your questions and help you achieve your real estate dream in Breckenridge.

Visit us at 229 South Main Street or give us a call any time at 970.453.2200. It may seem complicated and sometimes a little overwhelming to you, but this is what we love to do!

 

 Breckenridge Associates Real Estate. Local Experts on Local Living.