Breckenridge and Summit County Market Trends

 

Happy 4th of July ​​​​  Detailed Statistics Below Market Statistic Details: History of Sales & Average Sold Prices 2004 - 2020, Condominium Sales by Town, Single Family Home Sales by Town, Residential Sales by Town,  Nancy Yearout Broker Associate RE/MAX Properties of the Summit 970-485-0293 nancy@buyinbreckenridge.com buyinbreckenridge.com ​ RE/MAX Properties of the Summit - 2 Offices in Summit County, CO: Frisco & Breckenridge.  ​ ​ Source: Sold Data from SAR MLS.  Stats pulled on 6/15/21. *SAR MLS Data  Annual sales 1/1 through 12/31. *Residential Sales (home, Condo, Townhome & Duplex),  Sales for Jan, Feb, Mar, April and May. Change is Year over Year 2021 vs 2020. **The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.  ​Each office is independently owned and operated.

Summit County’s real estate boom shows no signs of slowing down

 

Based off of Land Title Guarantee Company’s April Report, Summit County’s real estate market shows no signs of slowing down.

That difference jumps even more when compared to 2020. According to Land Title’s report, there were only 387 transactions from January through April 2020, meaning this year’s transactions are up about 63%.

According to the report, in April, there were 191 residential transactions alone, amounting to a total of $203.5 million in gross sales volume. About 64% of the homes sold were in the $1 million-plus category.

Comparing March 2021 to April 2021, the amount of homes sold in the $2 million-plus category also slightly increased. In March, 26% of the homes sold were sold for $2 million or more, while 27% of homes fell within this category in April.

Even more telling about the expensive market are homes sold between $1 million and $2 million. In March of this year, 33% of the homes sold fell within this range. Just one month later, that number was 37%.

In general, the price of single-family homes in April was up 14% compared to 2020.

So who is buying these residential properties? According to Land Title’s report, 46% of the properties bought in April were from people who live in the Front Range and about 29% of the properties sold were to out-of-state domestic buyers.

This means very few locals make up the buying pool. In April, only 25% of the properties sold were to locals, and in March, that was even lower at 18%.

Looking at year-to-date statistics for the first few months of the year, the numbers paint a similar picture. From January to April of this year, only 20% of properties sold were to locals, 47% were bought by people from the Front Range and 33% were bought by people who are domestic, out-of-state buyers.

Top 10 Issues Affecting Real Estate in 2021

 

Remote work and mobility are expected to have the most significant impact on real estate over the next year, according to The Counselors of Real Estate’s list. 

The group identified current and emerging issues expected to have an influence over real estate in the 2021-2022 cycle. 

Remote work and mobility and its influence over commercial buildings globally was named as the top issue, followed by technology and ESG (Environment, Social, and Governance).

Read the full story here:

The full story

30-Year Rates Average 2.93% This Week

Mortgage rates have remained at or below 3% for nine consecutive weeks. “Many home buyers can benefit from these low rates while home prices are reaching record highs,” Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, says at the association’s Economists’ Outlook blog.

Mortgage rates can make a big difference to what home buyers can afford. The following chart from NAR shows how much the monthly payment changes when rates rise by just 0.3%, 0.5%, and 1%.

©National Association of REALTORS®

Parades, but no fireworks, planned for Summit County’s Fourth of July

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#Breckenridge #Colorado

 Another dry summer means another Fourth of July celebration sans fireworks throughout Summit County. However, unlike last year, parades and public events have resumed. The two largest parades will happen in Breckenridge and Frisco.

In Breckenridge to prepare for the parade and other events, Breckenridge’s Main Street will close starting at 6 a.m. and most of the street will reopen shortly after the parade. However, the section between Ski Hill Road and Adams Avenue will stay closed until 6 p.m. to allow for distance between downtown activities.

 Breckenridge indefinitely banned public and private fireworks in January 2019 for environmental and safety reasons regardless of the weather or fire restrictions.

Frisco Pedestrian Promenade returns Friday

 

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The Frisco Pedestrian Promenade will open on Main Street on the afternoon of Friday, June 18. Similar to last year, Second to Fifth avenues will be turned into a pedestrian- and bike-friendly area that expands dining and shopping onto Main Street.

In May, Frisco Town Council members said the closure might not happen if there were no capacity restrictions, but the promenade will take place because of last year’s success and positive community feedback, town officials said.

“It supports community character and also supports the will of the community at this point,” Frisco Communications Director Vanessa Agee said.

Frisco made an online survey in March to gather input on the promenade’s return this summer. Of the 320 respondents, more than 85% said they’d want to see the promenade back. A business-specific survey sent in April resulted in 21 of 33 respondents stating they would like to have the ability to provide additional space for their businesses.

One way businesses can expand out into the street is using parklets. The structures that transform a parking space into a deck appeared on Main Street in October 2020 due to a $50,000 grant from the Colorado Department of Transportation. It allowed shops and restaurants to manage the reduced capacity restrictions even during the colder months.

More than 8 of 10 Homes Sold at or Above List Price

With a low supply of homes for sale, sellers are finding quicker sales and fetching higher offers. Eighty two percent of homeowners who sold in the last six months accepted offers at list price or above, according to a new survey of about 1,600 homeowners conducted by Homes.com.

What’s more, homes are selling fast too: A quarter of home sellers said they had five or fewer showings before finding a buyer. Twenty-six percent had between six and 10 showings before selling. Nearly 10% say they had no in-person showings at all and were still able to sell their home. Virtual tours have been increasing since the pandemic.

Eighty-eight percent of the homes sold in April were on the market for less than a month, according to National Association of REALTORS® data.

Twenty-seven percent of sellers surveyed say they accepted offers $10,000 or even $20,000 higher than their requested sales price, according to the Homes.com seller survey. 

Sellers expect more—than just the price—from offers lately. Many sellers surveyed by Homes.com say they refused consideration of contingencies or other strings-attached offers. Twenty-eight percent of sellers even said they required all-cash payments, no contingencies, and 30 days or less to close. Fourteen percent said they opted to sell their home “as is.”

Breckenridge Grand Vacations lays out timeline for proposed development

 

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Breckenridge Grand Vacations presented a timeline for its proposed development on the North Gondola and Gold Rush lots, which placed the start of construction in fall 2022 and initial occupancy in 2024.

The Breckenridge Grand Vacations development has been through only one hearing with the Breckenridge Planning Commission but is a hot topic around town and has been brought up in Breckenridge Town Council meetings and in letters to the editor submitted to the Summit Daily News.

Community members tuned into an informational session hosted by Breckenridge Grand Vacations CEO and co-owner Mike Dudick on Thursday, June 10, when Dudick went over plans for the project. He stressed that the density for the proposed development has existed for years and that if his company didn’t develop the property, someone else could.

The proposed master plan is for the three lots — the North Gondola and the North and South Gold Rush lots — and features condominium, townhome, commercial, hotel and workforce housing uses. The plan addresses roadway and pedestrian improvements, including a roundabout at the intersection of Park Avenue and French Street and a parking structure on the North Gold Rush Lot.

Keystone festivals return to River Run Village this summer

 

Over the past year, Keystone’s River Run Village has been relatively quiet and dormant save for the ski season and a handful of comedy shows. Event organizers held regular meetings to collaborate on the future of festivals in Summit County amid the pandemic and shifting health regulations. Now, the conversations have paid off with a full slate of summer activation for the ski resort.

“I’ve been describing it as drinking from the fire hose,” said Maja Russer, director of events and marketing for Keystone Neighbourhood Co., which produces festivals for Keystone.

Russer was optimistic and began planning out the summer a little before the county entered level green. She was able to rehire her entire staff of four full-time event professionals to carefully dip their toes back into the water with the mantra of “community, simplicity and safety.”

New listing in Silverthorne - 140 Blue Grouse Lane

 

I just listed a 2 bedroom, 2 bath home in Silverthorne, Colorado yesterday.

Beautiful home on private corner lot backing to open space with great views of the Gore Range.

 Light and airy open floor plan, big fenced yard with deck, attached oversize garage, wood, stone and carpet floors. 

Just minutes from The Raven at Three Peaks Golf Club, lots of cross country ski trails. 

Home has been refreshed with a top to bottom re-painting and updated carpet. Monthly dues include snowplowing, trash removal, exterior repainting every 4 years, fence maintenance, lawn/landscape maintenance outside of fenced area, driveway re-sealing every 3 years. 

It's a clean slate for you to make it your mountain home, or investment rental property.