Many experts in the real estate industry predict that this could be the year when housing markets all over the United States (including Breckenridge) recover. Yet that often brings up other concerns. Eager home sellers and buyers often ask what is the definition of “normal” when it comes to housing and how close are we to reaching that standard?
As a Realtor, I hear these questions a lot while working with clients in Breckenridge and other parts of Summit County. Call me an optimist, but I feel the best days are ahead for our market and for markets across the country.
There are a few ways we can evaluate where the housing industry stands at this juncture. One approach is to look at a key statistic from the National Association of Realtors (NAR). According to NAR, home sales totaled 5.09 million in 2013. The sales forecast for 2014 is expected to be 5.1 million and then 5.3 million in 2015. As you can see, the sales are slowly rising.
To give a little perspective: the sales figures in 2006 reached 6.48 million. At that time, NAR described those numbers as “unsustainably high.” Now NAR feels the current 2013 numbers are “close to normal” when looked at in the context of the U.S. population.
Let’s try another angle. The median home price is expected to grow to $207,800 in 2014 and $216,300 in 2015. Look at those numbers in comparison to the record median price of $230,400 in 2006. Today’s sales figures reflect the fact that the market is moving in a healthy direction without being overheated. That’s a good thing.
The future looks bright for Breckenridge real estate. We’re finally getting back to normal levels, which is great news for our housing market.
Want More Tips?
A lot goes into examining the real estate market. It can be very complex, but the results are always rewarding, especially when you find the perfect home. If you would like more tips and thoughts on where we stand in the housing market, feel free to give me a call. I’d be glad to give you additional insights.
Also, if you’re looking to buy a new home in Breckenridge or throughout Summit County, I’m happy to put together some properties that might meet your needs. You’re always welcome to look through the updated listings on my website any time, too. Then we can discuss the homes that interest you, and find a strong list of contenders.