Vacation Home Trend Great for Breckenridge Real Estate
Vacation homes across the USA and in the Breckenridge real estate market have been recapturing the attention of buyers and second-home owners. Chock it up to surging stock market, low interest rates, and large numbers of baby boomers looking to fulfill dreams. Buyers are especially watching the interest rates and are buying now instead of waiting.
Yesterday’s article by Kris Hudson published in the Wall Street Journal discussed the booming sales in the vacation home market across the United States. The National Association of Realtors (NAR) estimates 1.13 million vacation homes were purchased in 2014. Many buyers bought condominiums and townhomes. The median size was 1500 square feet.
Hudson cited record-breaking sales of vacation homes in 2014, “putting one segment of the housing market above its prerecession peak.” Vacation homes comprised 21% of the overall real estate sales in 2014 according to NAR estimates. Sales on vacation homes were up 57.4% over 2013 and vacation home sales in 2013 were 30% above those in 2012.
These figures are expected to keep rising over the next 5 to 10 years. NAR expects many of the 76+ million boomers to buy vacation homes that will also be useful for retirement.
The vacation playground in the Breckenridge real estate market and all of Summit County are naturally positively affected by the trend. In his Mid March Market Update (March 26, 2015), Jeff Angell of RE/MAX Properties of the Summit reported that the south side of Summit County (sales data from Breckenridge real estate) includes 47 pending deals over $1 million. The average price of Breckenridge properties has increased 8%. This is due to the increase of high-end sales.
Summit County Colorado Realtors
Are you interested in viewing options for Breckenridge vacation homes in Summit County, Colorado? Contact Summit County Realtors at RE/MAX Properties of the Summit in one of our three locations:
- 220 South Main Street, Breckenridge, Colorado 80424; Ph. (970) 453-7000
- 305 Main Street, Frisco, Colorado 80443; Ph. (970) 668-5300
- 135 Dercum Drive #U6, Keystone, Colorado 80435; Ph. (970) 513-0404