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Breckenridge/Summit County Market Update – January 2020

Commercial Real Estate sales volume for Summit County of $172M in 2019 is up 109% compared to sales in 2018 of 82.1M. Residential Real Estate sales for $1.73B in 2019 is up 3.6% compared to sales in 2018 of $1.66B. Sales Taxes in Breckenridge are up 7.1% in 2019 compared to taxes collected in 2018. Keystone Gondola Hotel gets by big hurdle. The Town of Dillon moves forward with approval of new medical center operated by The Steadman Clinic, Vail Health and Howard Head Sports Medicine. Dillon and Silverthorne continue to be the focus of new development.

BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE

Item
2018
2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company thru September 2019)
Item:
2018:
2019:
% +/- :
Commercial Sales Volume
$82.1M
$172M
109%
Item:
2018:
2019:
% +/- :
Commercial Transactions
58
87
50%
SALES TAX INDICATORS (Source – Town of Breckenridge thru November 2019)
Item:
2018:
2019:
% +/- :
All Sales Taxes
$528.7M
$566.2M
7.1%
Item:
2018:
2019:
% +/- :
Retail Taxable Revenue
$138.4M
$153.4M
10.8%
Item:
2018:
2019:
% +/- :
Restaurant/Bar Taxable Revenue
$123M
$127.5M
3.7%
Item:
2018:
2019:
% +/- :
Lodging Taxable Revenue
$139.4M
$155.6M
11.6%
Item:
2018:
2019:
% +/- :
Weedtail Taxable Revenue
$8.8M
$9.2M
4.5%
Item:
2018:
2019:
% +/- :
RE Transfer Taxes
$6.2M
$7.2M
16.1%
BRECKENRIDGE VACANCY RATE
2018:
2019:
% +/- :
VACANCY RATE
0.17%
0.31%
82.4%
CAP RATES
2018:
2019:
% +/- :
CAP RATES
6.1%
6%
-1.6%
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
2018:
2019:
% +/- :
Residential Total Sales
$1.67B
$1.73B
3.6%
Item:
2018:
2019:
% +/- :
Residential Transactions
2,449
2,355
-3.8%
Item:
2018:
2019:
% +/- :
Single Family Home – Average Price
$1,142,905
$1,262,929
10.5%
Item:
2018:
2019:
% +/- :
Multi Family Home – Average Price
$532,519
$559,776
6.9%
Item:
2018:
2019:
% +/- :
Residential Days on Market
57
64
12.3%
Item:
2018:
2019:
% +/- :
Residential Listed for Sale
472
437
-7.4%
PUBLIC POLICY CHANGES
  • Breckenridge is revisiting limits on short-term rentals
  • State Bill being considered to tax short-term lodging at the commercial property tax rate
  • Summit Health Care Alliance helping Summit County citizens decrease health insurance costs by 29%
  • Home Depot site under contract
DEVELOPMENTS
  • Keystone Gondola Hotel gets by big hurdle
  • The Town of Dillon moves forward with approval of new medical center operated by The Steadman Clinic, Vail Health and Howard Head Sports Medicine
  • Dillon and Silverthorne continue to be the focus of new development

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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.