National Housing Market vs Breckenridge Housing Market
How does the Breckenridge Housing Market compare to the national market. Sales of new homes posted an unexpected gain in September although the improvement came after sales had fallen to the slowest pace in more than a decade.
The Commerce Department reported Thursday that sales of new homes rose by 4.8 percent last month to a seasonally adjusted annual rate of 770,000 units. That level of activity was still 23.3 percent below a year ago, indicating that housing remains in a steep downturn.
Analysts had been expecting sales would fall by 2.5 percent last month from an August sales pace that had originally been reported as 795,000 homes. However, that figure was revised sharply lower in the new report to show a sales rate of just 735,000 in August, the slowest sales pace in 11 years.
Home prices in Summit County continue to break new records.
Sales of $3 million or more used to be at the top end of the Summit County market. But one five-bedroom, six-bath, 5,289 square-foot home sold for $4.69 million — or $869 a square foot — on Aug. 9. Another home, a six-bedroom, six-and-a-half bath, 8,542 square foot home sold for $5.5 million Aug. 31, the highest home price ever in Breckenridge.
From January to August, 124 homes have sold for more than $1 million, and five have sold for $3 million or more, according to Land Title Guarantee. In the same time period, no homes sold for $3 million or more. One home sold on Oct. 6, 2006 in the $3 million and over category, but that was the only one in 2006. August saw 25 homes sell for $1 million or more, and the number of transactions in general was up 24 percent compared to August, 2006. Last August, year-to-date monetary volume was $934,138,606, whereas August 2007 year-to-date monetary volume is $1,022,863,107, according to Land Title Guarantee Company. Nearly a third of the sales are cash closings.
REAL ESTATE
If you would like additional information about real estate in Breckenridge Colorado as well as anywhere in Summit County Colorado contact us at 1-800-791-3990 ext 421.
Jeffery McClintock, is a real estate broker in Summit County and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.
