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And our fourth significant change from Q3 this year compared to last year - price reductions! Last year, during what is always our busiest quarter of the year, we saw 190 price reductions around Summit County for all property types. There were nearly 3 TIMES as many price reductions in the third quarter this year compared to 2021 with 565 price reductions.
Each segment of our Summit County real estate market tells a slightly different story and carries a different level of risk and reward. I am more than happy to discuss this with you on an individual level. Our county features some of the most visited ski resorts in North America, within a 2-hour drive of a booming metropolitan area. This creates a continuing high demand – for both ski condo purchases and ski condo rentals.
Breckenridge Real Estate Market
The average property sold in 28 days in 2021, which is down compared to 63 days in 2020. Single family detached homes sold in 33 days on average while multi-family properties sold in 25 days on average. We attribute this significant reduction in the days on market to both the very strong buyer demand and the historically low levels of available properties for sale. The third key takeaway from Q is that the average Days on Market - the number of days it takes a property to sell - has risen significantly.
That 25% increase follows our 32% increase in sales volume from 2020 over 2019. It’s amazing the pace we’re watching home prices increase around Summit County. Our limited inventory of available properties certainly stacks the cards in your favor. Professional photography and videography, including virtual tours, are essential as buyers are often submitting an offer based on what they see online. Properly priced homes are seeing a very high demand for showings which results in multiple offers, often above list price.
Climate's impact on Breckenridge housing
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The average sale price per square foot in Breckenridge is $848, up 1.0% since last year. Breckenridge has a wide variety of restaurants to choose from including everything from fine dining high end restaurants to casual bistros and quick stop sandwich shops. You'll find a number of interesting places to eat along Main Street.
Choose the perfect vacation rental
This includes fees paid for admission tickets to museums and attractions, day tours, and other sightseeing expenses. Kayak helps you find the best prices for hotels, flights, and rental cars for destinations around the world. Check out Breckenridge, CO HUD homes for sale, which may include auction properties, for sale by owner, and more. Contact Breck Life Group at eXp Realty to learn more about representation for buyers and sellers.
Popular attractions in Denver include the Denver Zoo, the Denver Art Museum, the Molly Brown House, and the Mount Evans Scenic Byway. Additionally, Denver is home to the Denver International Airport, the closest major airport to the Breckenridge community. Outdoor recreational activities are very popular among Breckenridge residents, and many enjoy experiencing hiking, biking, skiing, and exploring.
Popular Zip Codes in Breckenridge, CO
This community is perfect for those who love year-round outdoor recreational activities. Breckenridge's culinary and shopping scene offers residents many unique stores, restaurants, and places to gather with others. Cuisine options available at area restaurants include everything from Italian and Mediterranean to American BBQ and French. Popular restaurants in the community include Downstairs at Eric's, Hearthstone Restaurant, and Empire Burgers.
Finally, the average days on market for all property types around Summit County in Q2 of 2022 was only 12 days compared to 19 days during the same period last year. The same was true for Breckenridge sales as we saw a decrease in the days on market by 46% from 26 days last year to only 14 days this year. As I mentioned in the introduction to this article, the second big takeaway is that prices have now officially stalled around Summit County. The total number of sales was down 37% and the dollar volume from those sales was down 36% compared to the third quarter last year. In our previous analysis by quarter, sales were down but dollar volume was holding steady as a result of our double-digit appreciation.
BRECKENRIDGE From Breckenridge's beautiful village to its legendary skiing, there is so much fun to be had and memories to be made. It's our passion for embracing life's best moments that unites us here in this quaint Mountain Town. Here, we fill all four seasons with the best of the outdoors by offering a vibrant apres scene, culinary adventures, a buzzing night life and many more slope-side leisures. With luxury homes sprinkled throughout this mountain town as well as a wide variety of condos and townhomes, we are sure we can find the perfect fit for you. We welcome you to embrace our stellar outdoor playground filled with world class fly fishing, majestic alpine peaks and exceptional mountain biking trails.
Prices remain at record highs, so if interest rates and waning buyer confidence trigger a cooling in the housing market, the summer of 2022 could be the ideal time to sell your Summit County home or condo. The two biggest factors facing the Breckenridge and Summit County real estate markets in 2022 will be the impact of increasing mortgage interest rates and decreasing buyer confidence. A recent survey by Fannie Mae of home buyers across the country revealed that only 24% of consumers feel that now is a good time to buy a home. Increasing mortgage interest rates effectively reduce the purchasing power of buyers as the escalating home prices around Summit County are in many instances pricing buyers right out of the market.
There were 26 homes sold in November this year, down from 43 last year. Real estate is one of the top industries in Breckenridge's economy. A huge variety of property types exist at every price point, including a mix of single-family homes, luxury homesin Breckenridge's most expensive neighborhoods, townhomes, and condominiums. The market has several luxurious home designs and settings in some of Breckenridge's best neighborhoods, with beautiful mountain views and large wooded lots. Most homes in the area have three bedrooms and three bathrooms, with an average of 1,300 to 2,900 square feet of living space.
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