Breckenridge Real Estate Conditions in 2010
Into 2010, things look better, but the Summit County real estate market is tough to predict because of the massive national economic effects generating what is taking place. We’ve never seen anything quite like it before, but the results are common for any investment arena – a declining stabilization period after large period of growth. Despite, the recession’s effects, the light is starting to shine again, and long-term optimism is abundant. Sales in Summit County were increasing in the 4th quarter of 2009 and that trend continues today. With the Dow Jones Industrial Average almost at 11,000 again, national consumer confidence is growing, and confidence, above all things, is what we may need the most. Interest rates are still attractively low and expected to rise. Plus, Breckenridge real estate prices are 5%-20% lower than last year. All these factors set the stage for a busy year for real estate.
THE CRYSTAL BALL: Everyone wants to know “where’s the bottom?”
Despite the fact that I am cannot predict the future, I take pride in my history of being right with most of my real estate market assessments. I feel the next 6 months is the bottom of a fairly healthy and common stabilization period. It could last throughout the year, but I expect this year’s summer real estate rush to heavily reduce market inventory and end the brunt of the struggle. I expect property values to stay flat from their new lows this year, potentially declining a small amount more, and 2011 could be the upswing sellers are hoping for. When considering long-term real estate investing, 2010 will prove to be a great time to buy real estate in Breckenridge and Summit County.