Breckenridge & Summit County Real Estate Market Conditions

After a three year run of defying national market conditions, Breckenridge and Summit County real estate markets are experiencing change. Last fall, the lending meltdown was a major catalyst for change. The situation is not bleak, but the difference in just a few months is amazing. Now with great difficulties obtaining a loan and the whole country leery of real estate in general, buyer demand for real estate has dropped significantly since February 2008, and for the first time since 2002, the Summit County real estate markets have softened. Properties are still moving, just not at the fast pace they were last year. There are about twice as many listings today verses July of 2007. Such figures may sound astonishing, but keep in mind that last summer there was a record shortage of listings.

Summit County Listings
As of July 20, 2008
Compared to June 1, 2008.
See June 1st Report

• Breckenridge/Blue River

804 listings up %

• Frisco

157 listings up %

• Keystone

176 listings up %

• Copper

81 listings up %

• Dillon/Summit Cove

168 listings up %

• Silverthorne & North

273 listings up %

Increased inventory has created competition amongst neighbors and like-properties now, so sellers are starting to loosen their reigns a bit. Despite the changes in market demand, prices so far are dropping, but not below previous sales prices. Many property types have dropped from their inflated listing price of 2007 to a more acceptable asking price. The buzz is starting to spread and buyer’s from around the country are just starting to think that Summit County and Breckenrigde real estate might be a good place to find a deal, but so far, only a small number of “steals” exist.

Keystone so far seems to be the most active in the county this summer. Keystone just recovered from a 9 year long over stock from the construction of the River Run Village in the late 90’s. As expected, there is a little more on the market than usual, but Keystone seems the healthiest so far. Copper Mountain is moving slower, but still maintains a shortage of listings and near seller’s market conditions. Breckenridge, holder of the most property, is also the fastest softening market right now. The under $500,000 range has experienced the greatest inventory surge and there are undoubtedly a few desperate sellers out there if you are looking for a deal. Larger condos, near the slopes over $750,000 are still in high demand. Homes over $1.5 million are moving at a consistent, slow and steady pace.

It’s a time of transition right now. National news has been uninspiring for a few years but the second home market of Summit County has been holding strong for a long time. It’s hard to tell if prices will drop off of are simply stabilizing. For now, there seems to be slight shift in favor for the buyer. By Christmas we should know exactly what we are in store for.

This entry was posted on Monday, July 21st, 2008 at 5:45 pm and is filed under Market News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.