Colorado’s real estate market is poised for a rebound as prices are stabilizing especially in luxury single family homes.
Available homes for sale are at a five-year low and prices are stabilizing, according to Ron Shelton, a long-time Realtor at Breckenridge Associates Real Estate.
“While condominium sales have been slow, sales of single family homes in 2012 are actually showing an increase of about 15 percent YTD over last year, indicating a return of buyers for luxury homes in Breckenridge, Frisco, Dillon, Keystone and Copper Mountain,” Shelton said.
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”, he said.
The particular spot in Summit County, Colorado is popular due to its ski resorts which attract millions of visitors from around the country and world.
Summit County has slightly fewer than 30,000 residential units. In 2005 almost 10 percent of those homes were sold to new owners.
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.