Summit Under Changing Market Conditions in 2008

After 3 years (’05-’07) of record appreciation (20% +) in the Breckenridge real estate market, there has been a notable shift in the market that started around the turn of the year. Likely due to national economic conditions, buyer demand has decreased noticeably allowing inventory to build up, especially for properties under $400,000.

Despite the recent decline in demand, however, home-owners and real estate professionals are optimistic that the resort market remains stable. Thus far, it appears the local markets will adjust in 2008 to a more realistic annual appreciation rate of 5% to 10%. We believe these statistics will be born out after the upcoming summer selling season.Summit County Listings

Breckenridge is typically the market trend-setter in Summit County and other Summit County markets tend to mimic market trends in Breckenridge a few months later. Frisco, Dillon, Keystone and Copper Mountain have not yet begun to experience much inventory build-up and remain primarily a seller’s market. Copper Mountain is actually still experiencing a full-blown seller’s market with extremely limited inventory.

As of June 1, 2008

• Breckenridge/Blue River
616 listings up 57.5%

• Frisco
90 listings up 16.6%

• Keystone
101 listings up 32.7%

• Copper
58 listings up 38%

• Dillon/Summit Cove
110 listings up 25.8%

• Silverthorne & North
143 listings up 41%

Comparisons are from June 25, 2007. Inventory is actually back to its roughly average after record shortage.

This entry was posted on Sunday, June 1st, 2008 at 5:30 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.