The following conversation involves a specific Breckenridge condo in the $250K to $300K price range as well as the general Breckenridge real estate market conditions:
Client> Where do you see the market going this Spring? Any stronger?
I hope that the market strengthens this spring and summer. So far, I have seen little evidence of this happening. Summit County real estate sales volume in January ’09 was down about 60% from what it was in January of ’08. We started seeing the market contract in the spring of last year. Sales data comes out about one month after the end of the month. This gives time to get the public records updated.
My office seems to have had a good February but people I know in other offices are not telling me that they are seeing an increase in activity so this may just be a statistical anomaly for us.
Looking forward, I anticipate an excess of inventory. In fact we are already there. In the past 12 months, there were 432 sales of properties in the Breckenridge area priced over $100K. At the moment, there are 771 such properties on the market. This would be a slightly high number of active listings in July and is very high for us now. I expect to see 1000+ such properties on the market this summer.
More specific to this particular property, there are currently 34 Breckenridge condos for sale priced between $250K and $300K. There were 10 sales in the past 12 months in this price range.