This blog post is titled Spring 2024 – Breckenridge CO Real Estate Blog and Market Update as we will share a few blog articles that have numbers and opinions in them, as well as what we’re staying busy with at the moment. We had snow a few days ago and the first of the spring flowers are already up around town.

This is the time of year that a lot of folks call “Mud Season” as the snow begins to melt and the trails and ground begins to thaw and soften up, releasing the frozen moisture that has been trapped in the ice and snow for months. All of this mud gets on our shoes, our cars and it’s as simple as removing shoes before going inside. A good idea is to have a large rug and boot tray to catch drips and melting snow and mud from shoes and boots.

The diehard skiers are still able to take a bus up to the base of Peak 8 and ski a good amount of runs while the mountain decides how long to stay open, as there is no set date as of yet. The ski area stays open through May, of course conditions considered and it can shut down any day. But, for now, skiers and riders can wear lighter clothes, enjoy warmer temperatures and push around some soft spring snow.

Colorado Home Prices Remain Strong and are Rising

According to a Summit Daily News article, the home prices in Breckenridge and Summit County are on the rise, at the least for the first part of the year. How it pans out for the rest of the year remains to be seen. Here are some stats from the article:

“Single-family home prices in Summit County are up anywhere from 18% to 38% for the first quarter of 2024, according to various real estate data sets. 

According to an April report by Land Title Guarantee Company, the average price for a single family home between January and March of this year was $2,459,847 — an 18% increase over 2023. The report looks at actual recorded transactions at the county clerk and recorder’s office. 

For three years now, the average and median residential price in the county has been over $1 million, with the first quarter of 2024 seeing a “record number of residential closings (54%) over $1 million,” the report states. 

The Colorado Association of Realtors, a state branch of the national association, records market trends through data on its multiple listing service, which tracks real estate transactions that are conducted with licensed Realtor agents. Its reports show even larger gains. 

According to the association’s most recent market analysis, the average single-family home price year-to-date was $2,717,442, a 38% increase from the prior year.”

Redfin Articles Discuss Colorado Housing Market

Real estate search engine and industry leader, Redfin, has writeen a number of articles that discuss the Colorado housing market and are providing more numbers and data for you to analyze, should be interested in the trends and actual numbers.

We understand that sometimes houses sell at prices for sheer proximity to the lifts, or command a higher price because of the views, and / or ability to short term rent. If you are new to our blog, we have wrtitten a number of articles that share links to the various towns and municipalities around Summit County and allow users to find the information they need to continue their search for the best property that will fit the needs of their family.

if you can’t seem to locate those articles or links, click on blog, and then scroll through the headlines to find the ones that discuss the Short Term Rental (STR) restrictions and regulations.

Silverthorne Home Prices Rising

In the Colorado Housing Market Overview, it has Silverthorne home prices rising, just behind Golden, for the #2 spot in Colorado.

Top 10 Metros in Colorado with the Fastest Growing Sales Price

1. Golden, CO. 55.1%
2. Silverthorne, CO. 36.8%

This information comes as there is now news of no major metro areas prices decreasing.

• Housing Market Update: For the First Time in Nearly 2 Years, There’s No Major American Metro Where Home Prices Are Falling: Inventory is below typical April levels, driving home prices up. Continually rising mortgage rates are further eroding affordability–and this week’s Fed meeting confirmed that mortgage rates are likely to hold steady for the foreseeable future.

And, while many thought mortgage rates may fall, they haven’t made the plunge that some buyers were hoping for. There’s a lot at work that goes into that, and this blog does not discuss those macroeconomic facts and variables. There are many sources for that, and this is not one of them.

Breckenridge is Almost Out of Land

Another variable for the future pricing of homes and land in Breckenridge and Summit include the overall inventory and how it’s running out. This will more than likely increase existing homes prices.

• Breckenridge and Blue River approach limit on residential development, as outlined by Upper Blue Basin master plan: Summit County is not too far from reaching the limit on new residential development in towns and unincorporated areas in the Upper Blue Basin. Breckenridge is currently at 93% of its residential build out — or essentially the amount of residential units the area can hold, as determined by locals officials — according to town staff. Blue River town staff members say they are at 91% of their residential limit.  The estimated residential density for unincorporated parts of the Upper Blue Basin is reevaluated each year, and county staff say they are still finalizing the analysis for 2023. As of Dec. 31, 2022, unincorporated areas of Summit County in the Upper Blue Basin were at approximately 76% of the limit.

Contact Us with Questions

I know this is a lot of information, but some of our client ask for this data and this is just a sampling of what’s out there. We hope this helps you on your home buying or home selling journey. We are currently helping buyers find the right place and we have a couple of homes for sale in the Summit County area. Please use the form below or visit the CONTACT page for more information,.