Although there have been fewer sales during 2007 and 2008 in the Breckenridge real estate market, the dollar volume continues to increase in our resort areas. The price of land is escalating quickly, as are the prices of construction, making this a wonderful time to invest in real estate in Breckenridge and Summit County.
Breaking down that increase according to type of real estate, vacant land is seeing the biggest jump in value. Breckenridge single-family home prices went from an average of $1,079,167 to $1,028,436; duplexes and townhomes climbed from the mid $600,000s to $905,625; and condos and multi-family units evaluated from $395,027 to $509,896. In the first few months of 2008, average prices of land went from $380,173 to $599,814. That is a whopping 57.8-percent increase! Homes increased 4.9 percent, duplexes and townhomes 47.4 percent, and condos and multi-family 29.1 percent.
Looking at the figures since 2005, the trends are similar. Land sold for an average of $299,000 in 2006, $325,000 in 2006, and $407,000 in 2007. The average sale price for a single-family home in 2005 was $754,000, in 2006 $871,000, and in 2007 $1,056,000. Duplexes and townhomes were $550,000 and $496,000, then $632,000 and $651,000, and condos went for $315,000, $383,000, and $410,000.
In the greater Summit County area, the numbers are slightly lower. Land went up 52.7 percent, homes 4.2 percent, duplexes and townhomes 19 percent, and condos and multi-family dwellings 14.4 percent so far in 2008. There are only slightly more properties on the market than at this time last year (1,590 versus 1,427).
The truth of the matter is that our resort buyers are primarily investing in second homes and vacation homes. So, even though the national market is down, this segment of the population does not qualify for the problematic adjustable-arm mortgages. In addition, most people who buy in our area are financially flush, which adds a stabilizing element to our economy.
This information is taken from the numbers published by the Summit Association of Realtors from MLS transactions that transpired before May 1, 2008 and account for all but 5 percent of the countywide sales.
For more information about land, homes, duplexes, condos, townhomes, fractional, and other real estate possibilities, contact Jonna Beardsley of Breckenridge Associates at (970) 390-2533 or call toll-free to (800) 774-7970.
