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Breckenridge/Summit County Market Update – March 2021

Commercial Real Estate sales volume for Summit County of $93.5M with 31 transactions in 2020 is down 45.6% compared to sales in 2019 of 172M with 38 transactions. Residential Real Estate sales for $2.15B in 2020 is up 31.8% compared to sales in 2019 of $1.63B. Sales Taxes in Breckenridge are down 7.7% in 2020 compared to taxes collected in 2019. Keystone Gondola Real Estate development project is moving forward. The Town of Breckenridge $45M parking structure construction project in the downtown core is on schedule. Breckenridge Grand Vacations will be submitting a 300,000sf gondola lots time share project by Spring 2021.

BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE

Item
2019
2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company)
Item:
2019:
2020:
% +/- :
Commercial Sales Volume
$172M
$93.5M
-45.6%
Item:
2019:
2020:
% +/- :
Commercial Transactions
38
31
-18.4%
SALES TAX INDICATORS (Source – Town of Breckenridge)
Item:
2019:
2020:
% +/- :
All Sales Taxes
$25.9M
$23.9M
-7.7%
Item:
2019:
2020:
% +/- :
Retail Taxable Revenue
$166.2M
$156.7M
-5.7%
Item:
2019:
2020:
% +/- :
Restaurant/Bar Taxable Revenue
$149.4M
$113.1M
-24.5%
Item:
2019:
2020:
% +/- :
Lodging Taxable Revenue
$188.7M
$191.6M
1.5%
Item:
2019:
2020:
% +/- :
Weedtail Taxable Revenue
$10.3M
$11.6M
12.6%
Item:
2019:
2020:
% +/- :
RE Transfer Taxes
$6.2M
$7.8M
25.8%
BRECKENRIDGE VACANCY RATE
2019:
2020:
% +/- :
VACANCY RATE
0.31%
0.71%
CAP RATES
2019:
2020:
% +/- :
CAP RATES
6%
6%
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
2019:
2020:
% +/- :
Residential Total Sales
$1.63B
$2.15B
31.8%
Item:
2019:
2020:
% +/- :
Residential Transactions
2,065
2,514
21.7%
Item:
2019:
2020:
% +/- :
Single Family Home – Average Price
$1,262,929
$1,386,525
9.8%
Item:
2019:
2020:
% +/- :
Multi Family Home – Average Price
$559,776
$606,487
8.3%
Item:
2019:
2020:
% +/- :
Residential Days on Market
78
61
-21.8%
Item:
2019:
2020:
% +/- :
Residential Listed for Sale
437
173
-60.4%
PUBLIC POLICY CHANGES
  • 5 Star Restaurant Program has been successful.
  • Towns/Summit County support of small business has been remarkable.
DEVELOPMENTS
  • Keystone Gondola Real Estate development project is moving forward.
  • The Town of Breckenridge $45M parking structure construction project in the downtown core is on schedule.
  • Breckenridge Grand Vacations will be submitting a 300,000sf gondola lots time share project by Spring 2021.

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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.