Breckenridge Real Estate Market Update - Updated for April 2022

Despite what’s happening in the broader financial markets across the country like inflationary pressure and increasing mortgage interest rates, the Breckenridge and Summit County real estate markets remain positive and strong. As a reminder, Summit County wrapped up the 2021 year in real estate with an average sales price that was 25% higher than the average sales price in 2020 and that was on top of the 32% appreciation we saw the previous year. How has the Summit County real estate market started 2022? And what do we predict we’ll see throughout the year? Let’s take a look!

Three Key Takeaways in Q1 2022

It’s no surprise that demand for homes and condos in resort areas remains strong as buyers from around the country have found they can work from anywhere. This holds true for the Summit County real estate market as we find many buyers moving here for a primary residence or purchasing a vacation home where they can spend months at a time, working remotely. Existing owners have also enjoyed spending more time in the mountains, therefore delaying a possible sale of their Breckenridge or Summit County property. 

As a result, we recorded 32% fewer real estate sales in the first quarter of 2022 compared to the first quarter of 2021. This is directly attributable to a continued lack of inventory for interested buyers. While the total number of transactions around the County was down by nearly one-third, the total dollar volume of those sales was about $400 million, which is only 5% less than last year’s first quarter.

 

The second important takeaway, and this is directly related to the strong demand for the Breckenridge and Summit County real estate markets, is that the average Days on Market for all property types in Summit County in Q1 of 2022 decreased by 54% compared to the first quarter of 2021. This year properties sold in an average of only 23 days compared to 50 days just one year ago. Days on Market is a measure of both buyer demand and how well sellers are pricing their properties. We see a great majority of the homes and condos that are priced appropriately for the market typically selling in the first few days they’re available to buyers.

And the final important item of note is the average sales price around Summit County for all property types. Would you like to take a guess? In the first quarter of 2022 we saw an increase of 30% in the average sales price to $1,379,680. Single family detached homes in Summit County increased in price by 44% year over year to an average sales price in Q1 of $2,376,000 while multi-family properties (condos and townhomes) increased in price by 28% to an average of $889,000. 

Predictions for the rest of 2022

The two biggest factors facing the Breckenridge and Summit County real estate markets in 2022 will be the impact of increasing mortgage interest rates and decreasing buyer confidence. A recent survey by Fannie Mae of home buyers across the country revealed that only 24% of consumers feel that now is a good time to buy a home. Increasing mortgage interest rates effectively reduce the purchasing power of buyers as the escalating home prices around Summit County are in many instances pricing buyers right out of the market. Does this signal the first signs of a shifting housing market? Time will tell. 

What we do know is that if you’ve been sitting on the sidelines and watching the ever-climbing prices of homes in Summit County, waiting for that perfect time to list and sell your resort property, this summer may prove to be just that time. We know buyers return in earnest during the summer months to find their perfect mountain home. Prices remain at record highs, so if interest rates and waning buyer confidence trigger a cooling in the housing market, the summer of 2022 could be the ideal time to sell your Summit County home or condo. 

What’s the Value of my Summit County Property?

If you’re thinking about selling your Summit County property, you are probably wondering how much your home may be worth. Complete our Free Market Value request form. We’ll provide you with an up-to-date and accurate estimate of your property’s value, and answer any questions you may have about selling your property. 

We’re also available by phone at (970) 409-4787. Give us a call today to discuss the purchase or sale of your Summit or Park County property. We look forward to serving your real estate needs in Breckenridge and beyond! 


It’s been another wild ride on the real estate rollercoaster over the course of the last year as the Summit County market closed out 2021 very strong. Given all the gains we saw in calendar year 2020 we were uncertain whether 2021 could follow that same trajectory. We’ve just completed our full review of the statistics and I think you may be surprised at how the market fared. Here’s how the Summit County real estate market responded in 2021!

2021 Key Market Takeaways

Let’s start with three key takeaways from around the Summit County real estate market last year.

      1. First, there were only 9 fewer residential real estate sales for all property types in 2021 compared to 2020, yet the total dollar volume from all transactions was UP nearly $500M which is a 25% increase in one year. That 25% increase follows our 32% increase in sales volume from 2020 over 2019. It’s amazing the pace we’re watching home prices increase around Summit County.
      2. Days on the market are down. This is how long a property takes to sell. We measure this statistic in Days on Market (DOM), which is the number of days between the day a property is listed for sale and the day it goes under contract. This is an important statistic because it often reflects the relationship between buyer demand and the number of available properties for sale at any given time. For calendar year 2021 we saw a 55% decrease in the average Days on Market for all property types around Summit County compared to the previous year. The average property sold in 28 days in 2021, which is down compared to 63 days in 2020. Single family detached homes sold in 33 days on average while multi-family properties (condos and townhomes) sold in 25 days on average. We attribute this significant reduction in the days on market to both the very strong buyer demand and the historically low levels of available properties for sale.
      3. The third key takeaway is that the average price of a single family home in Summit County increased by 25% in 2021. Back in 2020, the average sales price for a home was $1,510,165 and that increased by nearly $400,000 to $1,893,484 last year. Even more surprising was the average sales price of a single family home in Breckenridge. But let’s not get ahead of ourselves. 

2021 Summit COunty Average Days on Market

Although the home-buying market is competitive, you can still win. Here’s a recent blog we wrote on the top seven strategies to get your offer accepted in this market.

Summit County Real Estate Sales

As mentioned previously, the sales volume for all property types in Summit County saw an increase of 25% over 2020. Single family detached homes and multi-family residences (condos, townhouses and duplexes) paced at 31% and 19% above the prior year respectively. Buyer demand for single family homes remains incredibly strong as people continue to enjoy the luxury of working from anywhere. And if you can work from anywhere, why not work from your favorite ski town?!

2021 Summit County Total Volume Sold

But how about the number of transactions by property type? There were only 5% MORE single family home sales in 2021 than 2020 while condo and townhouse sales decreased by 2% over the prior year with 34 fewer transactions!

2021 Summit County Total Number of Transactions by Property Type

We saw record-setting price increases across Summit County last year, as we might expect when there is increasing demand for properties and a more limited inventory. The average sales price for all property types increased by 25% in 2021 compared to the previous year. By property type, single family home prices also increased by 25% last year while condos and townhomes saw 22% appreciation year over year.

2021 Summit County Average Sale Price

Breckenridge Real Estate Sales

Because Breckenridge typically makes up roughly half of the total sales for Summit County by dollar volume, we always like to take a deeper dive into sales in Breckenridge for the year. The total volume sold in Summit County last year was $2.436B (up from $1.954B in 2020) and Breckenridge contributed about $1.215B towards that total (up from $933M in 2020) for a total increase of 30% year over year. 

​​Unlike 2019 when the condo and townhouse segment of the market was the leader driving the sales volume, sales of single family homes in Breckenridge were up 37% by volume over the prior year, while the multi-family segment of the market saw a 20% increase by dollar volume. The Breckenridge single family home market realized similar popularity among buyers as did the broader Summit County market. 

2021 Breckenridge Total Volume Sold

What’s most interesting about these significant increases in dollar volume is that there were only 19 more sales of single family homes in 2021 than 2020 and exactly the same number of sales of multi-family properties compared to the prior year. And yet there was nearly $300M in additional closed transactions for the year due to price appreciation. 

2021 Breckenridge Number of Transactions by Property Type

As I hinted about in the Key Takeaways section, there is one important number we haven’t yet discussed: the average sales price of a single family home in Breckenridge during 2021. In the calendar year 2020, the average sales price for all homes sold in Breckenridge was $1,681,230. Last year we saw that average sales price increase by more than $505,000 to $2,186,868 - an amazing increase of 30% year over year!

2021 Breckenridge Average Sale Price

2022: What's in Store?

It’s no surprise that Colorado remains one of the more popular destinations for relocation by remote workers. And the tourism industry remains very strong in Summit County, despite the lingering CoVid-19 restrictions, which fuels vacation rental and investment property purchases. Some of the “unknowns” in the coming year include what impact increasing inflation will have on the real estate market and when, and how many, mortgage interest rate increases we’ll see.

How does this affect me if I'm a buyer?

Given the limited inventory of available properties, we encourage our buyers to take all the necessary steps to increase their likelihood of being the winning bidder in a competing offer scenario. Given the pace at which properties are appreciating in Summit County, the cost of missing out on your dream home could be more than just the missed opportunity - it may result in you paying more the next time you offer to purchase a residence. We created a blog post and video including our tips and strategies to get your offer accepted.

How does this affect me if I'm thinking of selling?

Our limited inventory of available properties certainly stacks the cards in your favor. Professional photography and videography, including virtual tours, are essential as buyers are often submitting an offer based on what they see online. Properly priced homes are seeing a very high demand for showings which results in multiple offers, often above list price. We continue to see offers from buyers who are willing to waive inspection and appraisal contingencies in an effort to strengthen their offer in the eyes of our sellers. 

Give us a call today to discuss the purchase or sale of your Summit or Park County property. We look forward to serving your real estate needs in Breckenridge and beyond!


Breckenridge and Summit County Real Estate Market Stats: August 2021

August is historically one of the busiest months for the Breckenridge and Summit County real estate markets. Each year, sellers list their homes and condos for sale during the summer months because they know that’s when buyers return in earnest to make their real estate purchases. This year has been very similar to historical trends with one significant difference: inventory!

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As you can see from the image, the number of new home listings to come to market in the month of August this year is down more than 20% compared to last year. What’s not shown here is that total inventory levels of single family homes in Summit County for the month of August (new listings plus existing active listings from prior months) was down 40% compared to one year ago. Certainly, the number of owners looking to sell their mountain homes this summer has been reduced but that has been coupled with how quickly properties are selling each month which results in severely limited inventory for buyers. 

                             

As you might expect, with far fewer homes on the market this summer we saw a 32% reduction in the total number of Summit County home sales this August compared to 2020. This year there were only 66 sales of single family homes compared to 97 sales last year. 

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Next, let’s look at the Average Days on Market, or the number of days it takes for a property to go under contract once listed for sale, for August year over year. You’ll find that with our increased buyer demand and relatively low inventory of available properties, homes are selling 62% faster this year than one year ago. The average days on market for August was only 32 days for single family homes in Summit County compared to 84 days last year.

                              

How do all these factors influence price? Not surprisingly, the basic law of supply and demand holds true with Summit County real estate as well. This year in August we’ve seen a 36% price increase year over year for the Median sales price of a single family home. Yes, 36% price appreciation in one year. In 2020 the median sales price in August was $1,255,000 while this year it increased to nearly $1,708,000. 

What does this mean if you’re thinking of selling? It should be clear that it’s a great time to sell your Summit County property as long as you’re not also trying to find your replacement property here! Properly priced homes, when strategically marketed, are selling in record time. If you would like to better understand the value of your home or condo today, please speak with your Breck Life Group agent. 

What does this mean for you if you’re considering a purchase of your dream home in the mountains? It means that now more than ever it pays to work with an experienced agent who can craft and negotiate a compelling offer on your behalf. At Breck Life Group, we’ve been very successful in helping our buyers win in competing offer scenarios where they were facing multiple offers to purchase the same home. Our knowledgeable team is constantly working to improve our understanding of what sellers find most desirable in an offer to purchase their property. Let us be your guide as you pursue your dreams of home ownership in the mountains.

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