The vacation home market saw it's best year in 2013 since the National Association of Realtors began tracking in 2003. In 2013, the vacation home market saw a 30 percent increase in the number of sales. This being one of the largest gains, the confidence levels of buyers is starting to get stronger. According to the Wall Street Journal, "Economists note that the vacation-home market was a beneficiary of last year's big gains in the stock market and rising home values, bringing buyers more wealth and confidence." Because of this "wealth effect", many buyers are looking at real estate as a solid investment. For 2013, the vacation home sales made up 13 percent of the total U.S. homes sales. This is up from 2012, when the vacation market only totaled 11 percent.
Here in Breckenridge, the first quarter numbers were very impressive, especially in the condo and townhome market. The Breckenridge real estate market was about 34 percent ahead of last year, as of March 31st. Year-to-date, 113 residential properties have sold. As of April 7th, there were 97 pending properties. The inventory is much lower than the past several years. With all this to be said, Buyers have less to choose from and Sellers are able to ask for a higher sales price.
The Breckenridge market is looking strong heading into the busy summer season. If you are interested in finding out more about the Breckenridge real estate market, feel free to contact me.Posted by Andrew Biggin on