Are Keystone condo prices bottoming out?
special to the daily
Although I live in Breckenridge and do most of my work in the upper Blue River Basin, I regularly find myself taking buyers to Keystone. At one point I had actually considered moving into a town house in Keystone right next to River Run, but lost out to two other better offers. Keystone may lack the large town center of Breckenridge, but it is a great family resort, with great values.
So how has Keystone weathered the real estate storm? Looking at condos (not including those with attached private garages) the winter of 2007-2008 was the peak for quarterly sales activity and prices, with the median price topping out at $408,250, and the price per square foot hitting $457. The number of sales topped out at 90 in Q3-07. Since then sales numbers fell to a low of 12 in Q1-09, and the median price per square foot hit $290. Q2-09 saw the lowest median price of $300,000.
In 2009 these lower prices did begin to draw buyers into the market, with sales climbing to 48 during the last quarter. That takes us back to levels we haven’t seen since just before, and just after the market peak, Q1-07 and Q1-08. With 149 actives on the market right now, that takes us to about a 9.3 month inventory, still not great for sellers, but not the horrific market they were facing only a year ago.
For buyers, prices are at the lowest we have seen in four years. However, it would not take much of an uptick in sales to bring us back to a balanced six month inventory, where prices will finally stabilize. Seller hoping to see appreciation will have to wait for quarterly sales to equal inventory, before prices start to move up, and that could easily take us until 2011 or 2012, assuming the economic recovery continues.
For families, Keystone remains a place in Summit County where you can find spacious one bedroom units in older complexes selling between $200,000 and $300,000. For that price you get privacy for the parents, convenient bus service to run the kids around, and magical summers on the Snake River. Perhaps I should have made a higher offer on that Keystone townhome.
Joan Miller is a broker at RE/MAX Properties of the Summit in Breckenridge.
For the numbers behind this analysis, newsletters and recent articles, visit her online at JoanInBreck.com, call (970) 333-4203, or e-mail JoanInBreck@comcast.net.
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