Breckenridge & Keystone | Around the Cabin January 2023
In 2022, the number of residential sales dropped by over 35%. Resort condominiums remain in high demand and the average sold price is hovering from $800K to $900K across Keystone and Breckenridge. The average sale price of single family homes was up over 10% compared to 2021, most of which can be attributed to sales that occurred in the first half of 2022. By the second half of 2022, many homes experienced longer days on market that were commensurate with pre-2020 conditions and several homes incurred a re-leveling of prices. Price corrections are factors of economic changes, like rising interest rates that have nearly doubled a buyer’s monthly mortgage payment in a short amount of time. In addition, more buyers are conserving cash in light of higher interest rates on HELOCs, too. However, some of the dramatic inflation related pressures in 2022 may start to soften throughout 2023. Locally, regulatory changes that banned supplemental short-term rental income in certain areas spurred new dichotomies that lessened the pinch of this economic decline in resort areas when compared to these non-resort areas.
Inventory is rising every week as we start 2023, although overall levels still remain relatively low and it continues to be a favorable time for sellers. Sellers should get proactive if they are considering selling this year. Please contact me, your real estate agent, as early in your thought process as possible. The market is still superb and with the right plan in place, we can make sure you stay ahead in a changing market.
Buyers should know that there are effective negotiating strategies that may allow buyers to manage through these short-term problems with interest rate hikes. Local property management companies are also presenting new, creative offerings that cater to extended stay rentals (30 days+) to allow for supplemental income in spite of regulatory changes. More selection is out there than ever before. With a plan for your search, we can make your mountain dream home become a reality in 2023!
In this video, I have provided the past 23 years of real estate sales across Summit County. The red line represents the volume of transactions and the blue bars represent the average sold prices.
Are you considering selling or buying mountain real estate? Taryn is a nationally certified Pricing Strategy Advisor (PSA) by the National Association of Realtors. Taryn is a second-generation Realtor with experience in ski resort real estate and mountain cabins. Contact Taryn Brooke by phone at 970.333.8297 or by email at taryn@coloradorealty.group.
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