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.
