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Breckenridge/Summit County Market Update – January 2019

Commercial Real Estate sales volume of $66M YTD in 2018 is up 12.1% compared to sales in 2017 of $55.9M. Residential Real Estate sales or $1,707M in 2018 is up slightly at 2.9% compared to sales in 2017 of $1,659M. Sales Taxes are up 8.5% in 2018 compared to taxes collected in 2017. The Town of Breckenridge is investing in infrastructure including a $50M Parking Structure, $50M Water Plant and $10M Fiber Optic project. Other developments include 107,000 square foot building being constructed in Dillon for Vail Health, modular workforce apartments in Breckenridge and Breckenridge Peak 8 Hotel and Condominiums plus 4th Street Crossing, Hudson Property and Condominiums in Silverthorne.

BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE

Item
2017
2018
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company)
Item:
2017:
2018:
% +/- :
Commercial Sales Volume
$55.9M
$66.0M
12.1%
Item:
2017:
2018:
% +/- :
Commercial Transactions
61
56
-8.2%
SALES TAX INDICATORS (Source – Town of Breckenridge)
Item:
2017:
2018:
% +/- :
All Sales Taxes
$21.6M
$23.5M
8.5%
Item:
2017:
2018:
% +/- :
Retail Taxes
$148.6M
$163.4M
10.0%
Item:
2017:
2018:
% +/- :
Restaurant Taxes
$126.5M
$139.5M
10.3%
Item:
2017:
2018:
% +/- :
Lodging Taxes
$148.9M
$168.2M
13%
Item:
2017:
2018:
% +/- :
Weedtail Sales
$9.7M
$9.9M
2.2%
Item:
2017:
2018:
% +/- :
RE Transfer Taxes
$6.2M
$6.1M
-1.9%
VACANCY RATE
2017:
2018:
% +/- :
VACANCY RATE
0.3%
0.79%
163%
CAP RATES
2017:
2018:
% +/- :
CAP RATES
6.3%
6.1%
-3.2%
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
2017:
2018:
% +/- :
Residential Total Sales
$1,659M
$1,707M
2.9%
Item:
2017:
2018:
% +/- :
Single Family Home – Average Price
$1.08M
$1.14M
4.9%
Item:
2017:
2018:
% +/- :
Multi Family Home – Average Price
$473,862
$520,682
9.9%
Item:
2017:
2018:
% +/- :
Residential Days on Market
69
57
-17.4%
Item:
2017:
2018:
% +/- :
Residential Listed for Sale
303
372
22.7%
DEVELOPMENTS
  • The Town of Breckenridge is investing in infrastructure including a $50M Parking Structure, $50M Water Plant and $10M Fiber Optic project.
  • Breckenridge Peak 8 Hotel/Condominium ($1,600 psf).
  • 107,000 square foot building being constructed in Dillon for Vail Health.
  • 4th Street Crossing, Hudson Property and Condominiums in Silverthorne
  • Breckenridge Modular Workforce Apartments

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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.