Known as being home to the world-famous ski resort area, the market for real estate in Breckenridge, Colorado, was very strong for years, until the global financial crisis put a stop on the seemingly unending increases in home values. The market is a rather high-value one, and because of its coveted location near the ski slopes, it has maintained value better than many other areas around the country. However, homes aren't moving like they used to and sales volume has plummeted.
Sales volume has been markedly lower in 2009 than in the boom years. In 2009, through August, there had been 47 sales for over $1 million. In 2008, there were 103 such sales and in 2007, there were 124. There were 114 sales in August, down from August 2008's volume by 38%. Through August, sales volume in 2009 was still off of 2008 by about 50%.
In August, the average prices of homes for sale in Breckenridge stood at around $553,000, while the median sales price was $403,300. Price indices show values still down from recent highs. Monetary value of sales was down 34% in August from 2008 figures; and August 2008 figures were down by 50% from the figures of 2007's high. The number of transactions overall in August was down 38%, from 183 in '08 to 114 this year. Meanwhile, volume in 2008 was also down 49% from 2007 volume.
Though the market still seems to be stalling, those seeking Breckenridge real estate for sale have a good opportunity, with plenty of inventory on the market and some prices at lows not seen in years. It remains to be seen whether the government's program offering up to $8,000 in tax credits to first-time home buyers, which expired Nov. 1, will have given a boost to the local market in Breckenridge.