How many of you are complaining about the markets, especially the Colorado real estate market? Well, just bite your tongue as we go over a few figures that will make you sorry if you’ve delayed investing in Breckenridge real estate or vacation properties in Summit County. The Breckenridge Colorado homes or condominiums that you purchased for $150,000 in 1993 could very well be worth four times that much today. A 400-percent increase!
Average sales prices have marched right up the chart at a steady incline. In 1993, we sold 796 Breckenridge CO homes at an average sales price of $145,661. The next year we sold 738 at an average price of $174,179. It took four years to move from $202,587 to $294,993. In 1999, the average sales price for 766 homes was $349,030 followed by $357,591 in 200, $397,820 in 2001. Prices hiccupped down to $374,736 in 2002 and the next year prices were back up to $395,875, followed by $403,192 in 2004.
Average home prices took giant steps in 2005, 2006, and 2007 when we sold 1113, 1029, and 691 homes averaging $481,419, $581,876, and $688,853, respectively.
In Summit County residential real estate, there is a similar picture. In 1993, 1952 homes sold for an average sales price of $132,769. In 1994, 2002 averaged $154,043 and in 1995 1590 averaged $185,110. Then it took four years to march through the $200s. It took six years to bounce through the $300s with average prices of $317,024, $346,446, $323,244, and $325,312, $346,578, and $393,003. Finally, in 2006, 2809 homes sold for $453, 689 and in 2007, 1993 homes sold for an average of $520,280.
During the years of the real-estate crunch, our investments continue to appreciate at astounding rates. Residential sales in the county include a total sales volume of $1,036,918,210. Lot sales in the county account for another $112,373,645 in 2007.
As the community being surrounded by national forestland approaches build-out, the price points are predicted to escalate even further. Anyone wanting to invest in second homes, vacation homes, retirement homes, and even first-time acquisitions is advised to get into their investments as soon as possible. Interest rates, government-backed loans, and years of wonderful use of the property make the investment irresistible.
For information about real estate in the area, contact longtime resident and Realtor Jonna Beardsley at (970) 390-2533.