Breckenridge & Summit County Real Estate Market Conditions and Sales Statistics
The market has not changed much since the July 21 report, however there have been renewed signs of strength in the market in the late summer. Typically August and September are the busiest months for real estate in Summit County and we have seen evidence that pattern is consistent.
This the fourth year in a row with the trend of a dropping number of transactions and rising prices, however, prices have barely risen this year. This is the first year in four that we have seen a drop in the dollar volume of total transactions. Comparing 2008 to 2007 may look bleak, but keep in mind that 2007 provided record low inventory and huge buyer demand. The market is clearly softer than it has been in a long time, but currently represents only a weak buyer’s market and near average inventory.
Here are a few of the latest statistics on the Breckenridge and Summit County real estate markets.
Total # of Transactions Year To Date as of July 1, ‘08
Down 35% - Down 490 sales - 935 total sales YTD
Second quarter transactions up 7% over first quarter - up 30 sales
* Jan. ‘08 vs Jan. ‘07 - Down 11%
* Feb. 08 vs Feb. ‘07 - Down 27%
* Mar. ‘08 vs Mar. ‘07 - Up 3%
* Apr. ‘08 vs Apr. ‘07 - Down 30%
* May ‘08 vs May ‘07 - Down 40%
* June ‘08 vs June ‘07 - Down 35%
Total Dollar Volume Sold YTD as of July 1, 2008
Down 26% - Down $170 mil. - $527,467,000 sold YTD Second quarter dollar volume up 18% over first quarter
* Jan. ‘08 vs Jan. ‘07 - Down 11%
* Feb. 08 vs Feb. ‘07 - Down 23%
* Mar. ‘08 vs Mar. ‘07 - Down 21%
* Apr. ‘08 vs Apr. ‘07 - Down 38%
* May ‘08 vs May ‘07 - Down 50%
* June ‘08 vs June ‘07 - Down 45%
Summit County sales as of August 19, 2008
* 50 Single Family Homes from $1-2 mil. sold in 2008
* There are 11 currently pending sales
* 115 Single Family Homes from $500K - $1mil. sold in ‘08.
* The are 27 currently pending sales.
* 206 condo/tnhms from $400K - $1 mil. have sold.
* 91 condo/tnhms are from $400K - $1 mil. pending sales.
The biggest news this year: The highest priced transaction for a single family home in Summit County closed this July for $5,550,000!
October 31st, 2008 at 11:39 am
It does seem to be going down a bit but overall the YTD is improving from the previous.
November 2nd, 2008 at 4:07 pm
Yes, its time to post the latest on the real estate market here in Breckenridge and Summit, but our market is not as hard hit as many other real estate markets in the country. There is clear evidence of soft market conditions, but people are still buying.
December 15th, 2008 at 7:00 am
Have you seen any changes in the Real Estate Market over the last few months In Breckenridge, CO? What about the other cities in Summit County: Silverthorne, Copper Mountain, Frisco, Keystone, Dillon… Has the Real Estate Market changed at all?