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Breckenridge/Summit County Market Update – August 2019

Commercial Real Estate sales volume for Summit County of $81.9M YTD in 2019 is up 83% compared to sales YTD in 2018 of 44.7M. Residential Real Estate sales for $757.7M YTD in 2019 is up 5.2% compared to sales YTD in 2018 of $720.4M. Sales Taxes in Breckenridge are up 8.7% YTD in 2019 compared to taxes collected YTD in 2018. The Town of Breckenridge is investing in infrastructure including a $50M Parking Structure, $50M Water Plant and $10M Fiber Optic project. Other developments include the 4th Street Crossing Condominium Project in Silverthorne, Developers break ground on Uptown 240 condo complex in Dillon and River West Condos is a new development planned for Silverthorne.

BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE

Item
Q2 2018
Q2 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company)
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Sales Volume
$44.7M
$81.9M
83%
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Transactions
33
38
15%
SALES TAX INDICATORS (Source – Town of Breckenridge)
Item:
Q2 2018:
Q2 2019:
% +/- :
All Sales Taxes
$10.4M
$11.3M
8.7%
Item:
Q2 2018:
Q2 2019:
% +/- :
Retail Taxable Revenue
$71.1M
$79.8M
12.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Restaurant/Bar Taxable Revenue
$64.9M
$69.1M
6.5%
Item:
Q2 2018:
Q2 2019:
% +/- :
Lodging Taxable Revenue
$91.4M
$96.8M
5.9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Weedtail Taxable Revenue
$4.8M
$4.9M
2%
Item:
Q2 2018:
Q2 2019:
% +/- :
RE Transfer Taxes
$2.7M
$2.9M
7.4%
BRECKENRIDGE VACANCY RATE
Q2 2018:
Q2 2019:
% +/- :
VACANCY RATE
0.38%
0.83%
118%
CAP RATES
Q2 2018:
Q2 2019:
% +/- :
CAP RATES
6.06%
5.9%
-2.6%
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Total Sales
$720.4M
$757.7M
5.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Transactions
1,077
972
-9.7%
Item:
Q2 2018:
Q2 2019:
% +/- :
Single Family Home – Average Price
$993,463
$1.3M
32.8%
Item:
Q2 2018:
Q2 2019:
% +/- :
Multi Family Home – Average Price
$496,359
$549,387
10.7%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Days on Market
55
50
-9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Listed for Sale
613
PUBLIC POLICY CHANGES
  • Summit County Considering a Minimum Wage Hike
  • Breckenridge Implanting Housing Helps Program
  • Summit Health Care Alliance
DEVELOPMENTS
  • The Town of Breckenridge is investing in infrastructure including a $50M Parking Structure, $50M Water Plant and $10M Fiber Optic project.
  • 4th Street Crossing Condominiums in Keystone
  • Developers break ground on Uptown 240 condo complex in Dillon
  • River West Condos is a new development planned for Silverthorne

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About The Author

Jack Wolfe, Liv Sotheby's International Realty

Jack Wolfe has spent more than 22 years in Colorado and has over 30 years of experience with virtually every type of real estate transaction. Jack Wolfe is based in Breckenridge and has expertise in commercial real estate development, sales and leasing and has worked with many large clients including Vail Resorts and Walt Disney Company.