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Breckenridge/Summit County Market Update – November 2019

Commercial Real Estate sales volume for Summit County of $134.6M YTD in 2019 is up 138% compared to sales YTD in 2018 of 56.6M. Residential Real Estate sales for $1.35B YTD in 2019 is up 6.3% compared to sales YTD in 2018 of $1.27B. Sales Taxes in Breckenridge are up 7.2% YTD in 2019 compared to taxes collected YTD in 2018. Keystone Gondola Hotel gets by big hurdle. The Town of Dillon moves forward with approval of new medical center operated by Vail-Summit Orthopaedics, The Steadman Clinic, Vail Health and Howard Head Sports Medicine. Dillon and Silverthorne are the focus of new development.

BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE

Item
Q3 2018 YTD
Q3 2019 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company)
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Sales Volume
$56.6M
$134.6M
138%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Transactions
47
60
28%
SALES TAX INDICATORS (Source – Town of Breckenridge)
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
All Sales Taxes
$15.3M
$16.4M
7.2%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Retail Taxable Revenue
$108.2M
$118.9M
9.9%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Restaurant/Bar Taxable Revenue
$100.6M
$103.7M
3.1%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Lodging Taxable Revenue
$122.4M
$128.4M
4.9%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Weedtail Taxable Revenue
$7.1M
$7.4M
4.2%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
RE Transfer Taxes
$4.4M
$5.3M
20.5%
BRECKENRIDGE VACANCY RATE
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
VACANCY RATE
0.53%
0.17%
-67.9%
CAP RATES
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
CAP RATES
6.1%
6%
-1.6%
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Total Sales
$1.27B
$1.35B
6.3%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Transactions
1,866
1,696
-9.1%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Single Family Home – Average Price
$1,142,905
$1,307,236
14.4%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Multi Family Home – Average Price
$532,519
$564,085
5.9%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Days on Market
49
64
30.6%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Listed for Sale
711
663
-6.8%

DEVELOPMENTS
  • Keystone Gondola Hotel gets by big hurdle
  • The Town of Dillon moves forward with approval of new medical center operated by Vail-Summit Orthopaedics, The Steadman Clinic, Vail Health and Howard Head Sports Medicine
  • Dillon and Silverthorne are 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.