Breckenridge/Summit County Market Update – December 2020
Commercial Real Estate sales volume for Summit County of $62.6M YTD in 2020 is down 23.6% compared to sales YTD in 2019 of 81.9M. Residential Real Estate sales for $1.37B YTD in 2020 is up 1.3% compared to sales YTD in 2019 of $1.35B. Sales Taxes in Breckenridge are down 15.8% YTD in 2020 compared to taxes collected YTD in 2019. Almost all commercial real estate projects are continuing through the Covid 19 Pandemic. The Town of Breckenridge $45M parking structure construction project in the downtown core is on schedule. Two Silverthorne properties have received proposals for development.
BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE
Item
Q3 2019
Q3 2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company)
Item:
Q3 2019:
Q3 2020:
% +/- :
Commercial Sales Volume
$81.9M
$62.6M
-23.6%
Item:
Q3 2019:
Q3 2020:
% +/- :
Commercial Transactions
38
44
-15.8%
SALES TAX INDICATORS (Source – Town of Breckenridge)
Item:
Q3 2019:
Q3 2020:
% +/- :
All Sales Taxes
$16.5M
$13.9M
-15.8%
Item:
Q3 2019:
Q3 2020:
% +/- :
Retail Taxable Revenue
$125M
$110.3M
-11.7%
Item:
Q3 2019:
Q3 2020:
% +/- :
Restaurant/Bar Taxable Revenue
$114.4M
$86.3M
-24.5%
Item:
Q3 2019:
Q3 2020:
% +/- :
Lodging Taxable Revenue
$137.9M
$127.3M
-7.7%
Item:
Q3 2019:
Q3 2020:
% +/- :
Weedtail Taxable Revenue
$8M
$7,9M
-1.2%
Item:
Q3 2019:
Q3 2020:
% +/- :
RE Transfer Taxes
$5.3M
$5.1M
-3.8%
BRECKENRIDGE VACANCY RATE
Q3 2019:
Q3 2020:
% +/- :
VACANCY RATE
0.83%
2.2%
167.5%
CAP RATES
Q3 2019:
Q3 2020:
% +/- :
CAP RATES
5.9%
6.2
5%
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Total Sales
$1.35B
$1.37B
1.3%
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Transactions
1,658
1,637
-1.3%
Item:
Q3 2019:
Q3 2020:
% +/- :
Single Family Home – Average Price
$1,262,929
$1,313,710
4%
Item:
Q3 2019:
Q3 2020:
% +/- :
Multi Family Home – Average Price
$559,776
$607,276
8.5%
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Days on Market
49
57
16.3%
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Listed for Sale
418
220
-47.4%
PUBLIC POLICY CHANGES
- Covid 19 Surge has caused Summit County to restrict restaurant and retail business
- Social distancing requirements hurting Restaurants the hardest
DEVELOPMENTS
- Almost all commercial real estate projects are continuing through the Covid 19 Pandemic
- The Town of Breckenridge $45M parking structure construction project in the downtown core is on schedule.
- Two Silverthorne properties have received proposals for development.
