Breckenridge, CO Housing Market: Stability Amidst Shifting Dynamics
The Breckenridge, CO metro area housing market in November 2024 presents a complex landscape characterized by stability in some areas and notable shifts in others. The Median Sales Price remains unchanged year-over-year at $980,000, indicating a stable pricing environment for buyers and sellers. However, the Median List Price has experienced a significant decline of 19.5% year-over-year, now standing at $784,500. This suggests sellers are adjusting their expectations in response to market conditions.
In terms of Price Per Square Foot, the market shows a divergence. The median Price Per Square Foot has increased by 7.5% year-over-year to $753.59, reflecting a demand for quality and possibly smaller, more efficient living spaces. Conversely, the Median List Price per square foot has decreased by 6.8% to $802.62, further indicating sellers' willingness to negotiate and adapt to buyer preferences.
Sales activity in Breckenridge has seen a robust increase, with Homes Sold rising by 29.0% year-over-year to 138 units. Pending Sales have also grown by 9.4%, reaching 105 units, suggesting continued buyer interest and market momentum. New Listings have increased by 12.0% to 112, contributing to a growing inventory, which is up 34.0% year-over-year at 461 units. This rise in inventory has led to a 10.0% increase in Months of Supply, now at 3.3 months, indicating a shift towards a more balanced market.
The Median Days on Market have extended by 38.0% to 76 days, suggesting that while there is increased activity, homes are taking longer to sell. This could be attributed to the higher inventory levels and the adjustments in pricing strategies by sellers.
The average sale to list ratio has slightly decreased by 0.5% to 96.2%, indicating that homes are selling slightly below their list prices. The percentage of Homes Sold above list price has also decreased by 1.7% to 5.8%, further emphasizing the competitive nature of the market. Price Drops have decreased by 2.1% to 21.7%, suggesting that sellers are becoming more realistic in their initial pricing.
Finally, the percentage of homes going off the market in two weeks has decreased by 7.9% to 18.1%, indicating a slower pace in quick sales compared to the previous year. This could be a result of the increased inventory and longer days on market.
Overall, the Breckenridge housing market in November 2024 is characterized by stable sales prices amidst a backdrop of increased inventory and longer selling times. Buyers are benefiting from more options and negotiating power, while sellers are adjusting to a more competitive environment. The market dynamics suggest a shift towards equilibrium, providing opportunities for both buyers and sellers to achieve their real estate goals.
