Why Are Prices Skyrocketing in Summit County?
These three factors are causing a hike in prices across Summit County.
What’s going on with home prices in Breckenridge? We’ve seen 33% appreciation from last year, and that kind of number doesn’t come from just anywhere. That’s why today I want to bring you the three most influential factors on our home prices:
1. Lack of inventory. This factor isn’t just in Summit County-it’s nationwide. After the recession in 2008, quite a few homebuilders went out of business, and the ones that were left were more cautious. On top of that, I think the pandemic has made more people appreciate their homes in the mountains where they can get away from it all. This means fewer people are selling than usual.
2. Increasing buyer demand. Around 50,000 people or more move to Colorado every year. As our metropolitan areas grow, more people have discretionary income to buy a second home here in Summit County.
3. People are relocating all over the country. When the pandemic hit, a lot of people began to work from home, and some of them never went back. Now that their careers are not tied to a physical location, people all over the country are relocating. This is probably the biggest factor influencing our prices because Colorado is one of the most popular destinations for Californians and Texans.
Hopefully this gives you a better understanding of what’s happening with home prices in Breckenridge. If you have any questions, do not hesitate to call me at (970) 485-1990. I am always willing to talk.