Summit County Co. real estate market update

Traditionally, our active division is July to October as new homeowners abutting on their purchases and get them accessible for ski season. With the arrest in absolute acreage sales in the canton this year, I kept searching against July as my indicator to apperceive how the active division would be. It is not actual encouraging. I accept gone aback to 2000, tracking residential sales in Summit Canton (not including Park Canton or added areas) by the month. This July we had 89 sales. Endure July it was 186. In July of 2007, it was 189 and 2004 was 199. The slowest ages of the year anniversary year for the endure eight years has consistently been either January or February. This January we had 91 sales and Feb. brought us 112. June was alone 79, and so far, has been the ages with the atomic sales in this year. We are traveling the amiss direction!

Another indicator of a apathetic absolute acreage bazaar is inventory: how abounding units are on the bazaar at any one time. Today if I checked, we had 1750. Endure year at this time is was 789-875. With sales at about bisected of what they usually are, and account alert what it was endure year, it seems that we may be headed into a buyer’s market. One would anticipate that our prices would be tumbling, but that is not the case, at atomic so far. They are not increasing, and in fact, I am suggesting to Breckenridge sellers that they amount at the aforementioned akin as endure fall, not acceptance any allowance for acknowledgment this year. It seems to be working, as we accept been acknowledged in accepting absolutely a few of our listings beneath contract.

Second home owners and buyers accept added money and are a bit added cloistral from the ups and downs of the economy.

Our bazaar hardly reacts to the abridgement like primary markets do. However, if it gets bad enough, Buyers get afraid and are added alert if it comes to affairs a vaction home. Sellers, on the added hand, generally just delay it out, even if the acreage is listed for sale. They are afraid to abate their amount and will just delay for the bazaar to appear back. It makes for absorbing negotiations amid a Buyer who thinks it is account a lot beneath and Sellerwho feels like he is giving it away!