Market Update Q3 2025

It’s happening! The leaves changed, the mountains received their first dusting of snow. We enjoyed one of the most spectacular leaf-peeping seasons in recent memory. The amount of “peepers” also seemed to increase just like buyer activity. We saw a flurry of activity to end summer and begin the fall season - but the trends have stayed consistent. Older properties that have not been remodeled continued to sit on the market, or reduce their prices much more aggressively than any new construction or fully remodeled properties. The older properties are also selling for 94-95% of asking price vs 97-100% for new construction/remodeled properties.

The total number of sales continued to be driven by new construction projects closing - like the Seasons and Brightwood projects in Keystone. Frisco had the first round of closings for 9097. It was interesting to review the sales of the 9097 project. If the contract went pending in early/mid 2024 - the contract price was at list price or over asking. As the project progressed, and the pending dates moved into 2025 - there was some negotiation room and the prices were below the initial listing price. BUT - Frisco will also have 2 record sales over $6 Million for single family homes. Breckenridge continues to test the limits on pricing. The new Independence Townhouse project has pending contracts at $1,600/sqft! There are currently 8 properties for sale between $10M- $21M, but will any of them sell?

Inventory has dropped to 700 properties (excluding deed-restricted/vacant land) from the height of 900 in July. Where will interest rates be at the end of the 4th quarter? Where will inventory levels be by the end of 2025? Should be an interesting ride... I will let Athena with Luna lending comment on the interest rates. I think we end the year with around 600 properties. One thing seems clear - that there is plenty of capital and purchasing power out there and if the property is priced right, it will sell.