Breckenridge October 22’ Market Report

The real estate market in Breckenridge, CO has been on a tear since the beginning of the pandemic before cooling significantly this Spring and Summer. The cooling of our local market can be attributed to the fast paced rise in interest rates, uncertainty related to short term rental (STR) regulations, and perhaps a needed breather after a dramatic heating of our market over the last few years. The ‘market action index’ is showing a slight buyers advantage but may be starting to show a bottom and trend back in favor of sellers. Breckenridge has finalized their STR regulations (see here) and buyers have started taking advantage of price reductions and snapping up homes quicker than new properties have been coming onto the market during these last few weeks.

Median list price remains steady at about $3.36 million while amount of inventory has decreased to 106 listings. However, the listings that are available have been sitting on the market for a median of 98 days which has been steadily trending up for months as some buyers are forced to the sidelines due to high interest rates. It will be interesting to see what happens in the coming months with less inventory but higher interest rates. I suspect that cash buyers will be able to find some deals while high quality STR qualified properties will sell quickly and for top dollar.