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.
I have been having some interesting discussions with some of my clients about a potential structural shift in the real estate market in general and how this will affect Breckenridge in particular. It will be interesting to see if there is a move towards more people deciding to work remotely. With the potential for future social distancing scenarios, there is a logic to a shift out of metro areas. Similar to the post war migration to the suburbs where people could have more space and their own single family residence, rather than a multi-unit dwelling, now people may decide to relocate to locations where social distancing is easier. Certainly, we in Breckenridge have been very fortunate to have access to the great outdoors to stay active and the mental benefits are real. We could well see a surge in permanent residents in Summit County working from home. The next 18 months will certainly be interesting. With space for new developments scarce, this may be just the stimulation required to shore up our prices. Whilst we would not be immune to general market trends, pricing to date has remained resilient.
This article published recently in the Denver Post is an interesting read and offers some insight into future trends.