In a continued effort to keep you informed of the quickly changing market conditions in Summit County, I would like to update you with the recent market activity which occurred in Summit, Eagle (Vail), Garfield (Glenwood Springs), Pitkin (Aspen) and Routt (Steamboat). I concentrated on analyzing sales of single family homes as this is the type of product which has historically led the charge out of a soft market. You will see that this has started to happen already. Summit County is the healthiest market with the average price of a single family home sold year to date increasing almost 11% over 2008 and 16% since the "top of the market" in 2007. Although the number of transactions are down significantly from 2007 & 2008, prices are still rising.
As seen in previous recessionary periods, owners of vacation homes in the resort markets tend to ride out the storm. Often inventory actually goes down as owners are not willing to sell until the market prices return to a higher value. This data shows that if you purchased an average price home in Summit County in 2007, the value of that home has risen 16% How many other investments have done that?
Single Family Average Price Index Third Quarter 2009
County: Av Price YTD. # Trans YTD. Full Year 2008 # Trans: 2008
EAGLE $1,291,594 238 $1,455,774 479
GARFIELD $414,804 264 $448,167 800
PITKIN $4,981,740 73 $5,118,572 130
ROUTT $647,994 109 $1,005,800 209
SUMMIT $925,927 242 $835,803 470
Exclusive Mountain Retreats Real Estate specializes in protecting clients in the acquisition, sale or exchange of real estate. Our company has a unique difference from others you may have experienced- we practice Exclusive representation. Our number one goal as your Buyer Agent is to locate the property that best fits your needs. After finding the best property to fit your needs, we will help you negotiate the lowest price and best deal and escort you through the purchasing process, making sure your interests are paramount at all times. We pledge an uncompromising level of professional and confidential service with your real estate transaction.
Although prices are rising in general, you haven't missed the boat. There are still a few Sellers who are anxious to sell and have priced their properties accordingly. This is especially true in the condominium market. There are still some deals left! If you would like to receive further customized information regarding any well priced properties to suite your personal needs, please do not hesitate to call.
Rodney Allen, ABR, ALC, CIPS, CRS, GRI, MRE, RSPS, TRC
2009 Realtor of the Year
Exclusive Mountain Retreats Real Estate, Inc.
Breckenridge, Colorado.
970.453.0765 800.871.0765
Serving your Real Estate needs, Worldwide!
www.exclusivemountainretreats.com
Friday, November 20, 2009
Thursday, October 29, 2009
State of the Breckenridge Real Estate Market
After about a year of stagnation, the market in Summit County, Colorado is finally coming to life. Buyers are taking advantage of the current Buyers market. The few quality properties which have highly motivated Sellers are being absorbed quickly. Once the "deals" have all been bought, prices will increase as the inventory is absorbed. However, there are still some quality properties available at deeply discounted prices.
Although 2009 has seen price devaluations, they have not been as sharp as many other parts of the country. This exemplifies the strength of the Summit County Real Estate. In an accelerating market, double digit appreciation is gained year after year. During the worst recession since the great depression only a couple of years gains were lost, and that is, of course, only if you sold your property. Most property owners are riding out the storm. Even the Sellers who would like to sell are not willing to significantly lower prices. It is only the relatively few property owners who are experiencing a personal financial hardship are discounting prices. These properties represent the buying opportunities.
In the luxury market, prices in general have dropped about 10% from 2008 values. Ski in ski out home prices dropped 19% from 2008. However, the number of transactions has decreased sharply.
In summary, as we head in 2010, the combination of fabulous property choices, low interest rates & drastically reduced prices, may prove to be the best time to buy in many years. If you have been thinking about buying, Act Now!
Although 2009 has seen price devaluations, they have not been as sharp as many other parts of the country. This exemplifies the strength of the Summit County Real Estate. In an accelerating market, double digit appreciation is gained year after year. During the worst recession since the great depression only a couple of years gains were lost, and that is, of course, only if you sold your property. Most property owners are riding out the storm. Even the Sellers who would like to sell are not willing to significantly lower prices. It is only the relatively few property owners who are experiencing a personal financial hardship are discounting prices. These properties represent the buying opportunities.
In the luxury market, prices in general have dropped about 10% from 2008 values. Ski in ski out home prices dropped 19% from 2008. However, the number of transactions has decreased sharply.
In summary, as we head in 2010, the combination of fabulous property choices, low interest rates & drastically reduced prices, may prove to be the best time to buy in many years. If you have been thinking about buying, Act Now!
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