I’ve opened a couple new tabs on my webpage www.JoanInBreckenridgeRealEstate.com to expand my coverage of Summit County Colorado.  The data is courtesy of my office, Re/Max Properties of the Summit.  I’ve included a sample below- drop by and take a look at the rest.  For more info you can reach me at JoanInBreck@comcast.net, or at 970-333-4203.

JULY 2010 

By the end of the second quarter of 2010 we saw condo sales in Breckenridge finally get a bit of a tailwind, with sales of 41 existing units, a 41% increase from a year earlier, and a 70% increase over the prior quarter.  Given our typical seasonal pattern I would not be surprised to see the year end with an additional 120 sales in the second half even with a sluggish economy.  That would put us at around 200 sales for 2010, which sounds great until you compare it to 2007 when we had 403 resales of existing condos. 

Q2-10 did show an interesting bump up in price per square foot of $425, which after the dismally low (for sellers anyway) $366/sf last quarter certainly raises the question of whether or not we are seeing a bottom. 

The answer lies in a closer reading of the numbers.  In the chart you will see a trend line I have applied to the $/sf data, calculating a four period moving average.  This helps to smooth out distortions caused by the small data base, and the seasonal nature of our sales.  As you can see there was a clear peak in prices during Q2-08, with a distinct leveling off during the last two quarters.  As I have stated before, until I see sales numbers return to close to 100/quarter, the large inventory level will continue to pressure prices.  This summer will be critical in determining whether prices have fallen low enough to draw the required number of buyers into the market.  With credit availability improving and continued low interest rates, two crucial elements of a rebound are certainly in place.

For more information as well as current listings and prices please visit me at www.JoanInBreckenridgeRealEstate.com, e-mail me at JoanInBreck@comcast.net, or phone me at 970-333-4203.

Check out this new Town-Home property that I just posted on my Web site. It is at D24 43 Snowflake Dr. in Breckenridge. This Town-Home property has 2 bedrooms and 1 baths.

Check out this new property that I just posted on my Web site. It is in Breckenridge.

Thanks to great internet exposure and aggressive pricing by the seller, 893 Range Rd. just went under contract.  It just goes to show that no matter how slow the market the right exposure, presentation and price will get your property sold.

In line with my expectations, continued high inventory levels have maintained downward pressure on prices in Summit County.

Looking at specific towns in Summit County we see that prices in all areas are dropping.  Keystone in particular seems to have dropped even more dramatically, although that is more a reflection of the small sample size (22 sales), that a real collapse of prices.

As always I caution investors to look more carefully at the data, particularly price per square foot and median prices for real estate before making any conclusions about price trends.  As sellers have accepted that we are now in a buyers’ market, they have lowered list prices.  The resulting narrowing of the list to sales price gap shows that expectations of buyers and sellers are starting to align.  This is confirmed by the steady increase in sales numbers.  Still, we will need to see a doubling of current sales before inventory levels will start to return to normal levels.

For more information please contact me at JoanInBreck@comcast.net, or by phone at 970-333-4203, or visit my website at JoanInBreckenridgeRealEstate.com. 

Breckenridge Lots Newsletter – June 2010  

Land sales in Breckenridge continue on life support but at least it looks like nobody is going to pull the plug!  One could also announce that sales have more than doubled, year over year, although honesty would require a footnote that sales improved from 5 to 11.

Q1-10 saw four sales under $100,000, for the first time in a long time.  Those lots were concentrated around Hoosier Pass, which those of you familiar with Summit County will recognize as a less desirable area due to the winding switchbacks and short summers (July and August!).  The range of sales was amazing, from a low of $85,000 to $3,500,000 for a ski-in/ski-out lot.  There was little change in the number of lots available, at 234.

If current trends continue we could expect to see around 40 sales through the end of this summer, which although an improvement would still be half the rate of just three years ago.  We will need to see that many sales each quarter before the downward pressure on lot prices subsides.

For more information contact me at JoanInBreck@comcast.net, by phone at 970-333-4203, or visit my website at JoanInBreckenridgeRealEstate.com.

I’ve just sold a Town-Home property at 20 River Park DR in Breckenridge. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

Check out this new Single-family property that I just posted on my Web site. It is at 893 Range Rd. in Breckenridge. This Single-family property has 4 bedrooms and 3 baths. Hike, ski, sled, fish or bike from your own home, and yet be only minutes from the world class resort town of Breckenridge Colorado.

I’m happy to say that after a year of solid effort, my Powder Downs listing finally sold.  It was always a great unit.  There was a sudden uptick in showings that I can only attribute to my new Showcase add on Zillow.com.  Thanks to all involved, the owners Tom, Karen, Phil & Wanda for all their efforts keeping their home in peak showing condition and being patient.  Also kudos to the cooperating Broker, Betsy for her professional approach.