Breckenridge, CO (PRWEB) June 10, 2012
According to Ron Shelton, a long-time Realtor at Breckenridge Associates Real Estate, the number of listings in the Summit Association of Realtors MLS system continues to decline. Inventory now stands at a five-year low and prices are stabilizing. Sales of single family homes have been a bright spot, especially for luxury homes at the high end of the market.
“While condominium sales have been slow, sales of single family homes in 2012 are actually showing an increase of about 15% YTD over last year, indicating a return of buyers for luxury homes in Breckenridge, Frisco, Dillon, Keystone and Copper Mountain. This summer we expect sale prices will largely reflect what we saw last year. As inventory continues to decrease, and demand continues to increase, the upward pressure on pricing should resume”, Shelton said.
Summit County, Colorado has some of the most popular destination ski resorts in the world, including Breckenridge Ski Resort, Copper Mountain, Keystone and A-Basin. Millions of visitors come to Summit County every year for the wide array of outdoor recreation opportunities.
Visitor numbers remain at near-record levels, in spite of the recession. Most destination visitors rent nightly or weekly accommodations provided through local lodging companies, individual owners and a few hotels.
Summit County has slightly fewer than 30,000 residential units. In 2005 almost 10% of those changed hands.
In 2005 twenty eight properties went through foreclosure in Summit County. In 2010, at the peak of the crisis in Summit, 286 foreclosures were filed, but only 63 went through the entire process and were sold on the Court House steps. In 2011, filings decreased 20%, and that trend continues in 2012.
Breckenridge has the second lowest foreclosure rate of all the Colorado resort markets. Aspen has the lowest, and then Breckenridge followed by Vail and Steamboat.