Breckenridge/Summit County Market Update – August 2018
Commercial Real Estate sales volume of $44.7M with 33 transactions YTD in 2018 is up 65.2% compared to sales Jan-July 2017 with 30 transactions worth $27.1M. Residential Real Estate sales for $720M YTD in 2018 are up 8.6% compared to sales Jan-July 2017 of $663M. Sales Taxes are up 10.4% YTD compared to taxes collected Jan-July 2017. New commercial real estate development projects include Keystone Wintergreen Workforce Housing Project, Peak 8 Luxury Hotel and Condominiums, Town of Silverthorne 4th St. Crossing, Town of Silverthorne Smith Ranch Workforce Housing Project and Keystone Seasons Project.
BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE
Item
2017 YTD
2018 YTD
+/- %
——————————————————————————————————————————————————————————————————
VELOCITY (Source – LTGC)
Commercial Sales Volume
Commercial Transactions
Commercial Transactions
$27,100,000
30
30
$44,700,000
33
33
65.2%
10.0%
10.0%
SALES TAX INDICATORS (Source – Town of Breckenridge)
All Sales Taxes
10.4%
Retail Taxes
9.5%
Restaurant Taxes
10.7%
Lodging Taxes
12.6%
Weedtail Sales
$6,500,000
$6,900,000
0.3%
RE Transfer Taxes
$2,900,000
$2,700,000
6.9%*
COMMERCIAL VACANCY RATE**
0.43%
0.38%
-11.6%
CAP RATES
6.21%
6.06%
-2.9%
RESIDENTIAL REAL ESTATE
Residential Total Sales
Single Family Average Price
Residential Days on Market
Residential Listed for Sale
Single Family Average Price
Residential Days on Market
Residential Listed for Sale
$663,192,591
$1,110,125
71
569
$1,110,125
71
569
$720,414,655
$1,066,151
52
533
$1,066,151
52
533
8.6%
-4.0%
-26.8%
-6.3%
-4.0%
-26.8%
-6.3%
PUBLIC POLICY CHANGES
- Short Term Rental Restrictions
DEVELOPMENTS
- Keystone Wintergreen Workforce Housing Project
- Peak 8 Luxury Hotel & Condominiums
- Town of Silverthorne 4th Street Crossing
- Town of Silverthorne Smith Ranch Workforce Housing Project
- Keystone Seasons Project
