Archive for March, 2009

Breckenridge Real Estate Market – $250K to $300K condos

Wednesday, March 4th, 2009

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.

Let it Snow!

Monday, March 2nd, 2009

February 2009 was the driest February on record for Colorado.  And to make matters worse for the ski areas, the National Weather Service is forecasting that March is expected to be warmer than average with less than average precipitation.  During the first week of March, high temperature records have already been broken.  And more such records are expected to be broken later in the week.

Of course none of this is good news for the Colorado ski areas, rental property owners, ski town merchants, or anyone who just wants to get some powder turns in.

But this could mean an early start to the summer season in the high country.  Summer never seems to last very long up here and I for one would not mind getting another month of biking and boating in this year.  People are already playing golf in Denver which hit a record high temp of 74 degrees today.

The ski season started out well and snow pack is now about average for this time of year.  And some of our snowiest springs have followed very dry mid seasons.  So check back and I will keep you posted if we do get any big storms…