23rd Sep, 2012

Colorado Housing Market Riding the Economic Rapids

The Summit County and Breckenridge real estate markets often reflect the economies along the Front Range cities—Fort Collins to Denver, Colorado Springs to Pueblo. Overall, these Front Range areas have been struggling to keep prices from declining as foreclosures have entered the market.

True to its character, the Colorado housing market is riding the rapids of the economic rivers. As national prices go up and down, Colorado sits on the other end of the seesaw. At times prices have gone down in Denver when other parts of the country experienced the opposite.

Where there is a will, there is a way. According to an article on September 28, 2012 entitled “Building Trends: Start with a budget, and with a smile,” the credit squeeze has clients looking for financially feasible solutions. The article says that clients are reversing the home building process. Instead of starting with a realtor to purchase land, they are starting with a builder, creating a budget and then finding land and an architect. In essence, find a way to enjoy the ride.

Hopefully, Denver real estate sales will lead other Colorado cities into a recovery. Denver sales have been going up for lower-priced properties – a step in the right direction. Another segment of the Denver market experiencing recovery are homes priced over $1 million. These buyers are also interested in Breckenridge homes, and Silverthorne or Keystone real estate for vacation properties. As businesses improve, employers hire. Then more buyers are confident getting into the Denver market or vacation homes in Summit County real estate.

Referring to Summit County land sales, Chuck Leathers reported in the Summit Daily News (09/28/12), “Prices are up by about $100,000 over last year to date. There have been just as many sales for over $1 million to date as last year.” The highest priced parcel in 2012 was development land at the Shores in Breckenridge. It sold for $2.55 million.

Buyers/investors take note: Experts at cgi.money.cnn.com are forecasting improvements in Colorado home prices during 2013, including Denver-Aurora-Bloomfield area at 1.6 percent, Boulder at 5.3 percent, Colorado Springs at 9.6 percent, Fort Collins at 7.3 percent, and Pueblo at 5.9 percent. Following the Front Range, the high country market anticipates steady improvements in the real estate market.

For information about buying real estate in our mountain villages, call Barrie Stimson, Breckenridge Realtor® at (970) 390-2560.

Summit County land for sale

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