Breckenridge/Summit County Market Update – September 2020
Commercial Real Estate sales volume for Summit County of $45M YTD in 2020 is down 45.1% compared to sales YTD in 2019 of 81.9M. Residential Real Estate sales for $483.1M YTD in 2020 is down 24.5% compared to sales YTD in 2019 of $639.6M. Sales Taxes in Breckenridge are down 19.5% YTD in 2020 compared to taxes collected YTD in 2019. Vail Health has broken ground of a 102,000 sf emergency dare and orthopedic surgery center. The Town of Breckenridge has broken ground on a $45M parking structure in the downtown core. Two Silverthorne properties have received proposals for development.
BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE
Item
Q2 2019
Q2 2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company)
Item:
Q2 2019:
Q2 2020:
% +/- :
Commercial Sales Volume
$81.9M
$45M
-45.1%
Item:
Q2 2019:
Q2 2020:
% +/- :
Commercial Transactions
38
27
-28.9%
SALES TAX INDICATORS (Source – Town of Breckenridge)
Item:
Q2 2019:
Q2 2020:
% +/- :
All Sales Taxes
$11.3M
$9.1M
-19.5%
Item:
Q2 2019:
Q2 2020:
% +/- :
Retail Taxable Revenue
$74.4M
$56.3M
-24.3%
Item:
Q2 2019:
Q2 2020:
% +/- :
Restaurant/Bar Taxable Revenue
$69.1M
$47.1M
-31.8%
Item:
Q2 2019:
Q2 2020:
% +/- :
Lodging Taxable Revenue
$98.2M
$78.8M
-19.8%
Item:
Q2 2019:
Q2 2020:
% +/- :
Weedtail Taxable Revenue
$4.9M
$4.2M
-14.3%
Item:
Q2 2019:
Q2 2020:
% +/- :
RE Transfer Taxes
$3.3M
$2.2M
-33.3%
BRECKENRIDGE VACANCY RATE
Q2 2019:
Q2 2020:
% +/- :
VACANCY RATE
0.83%
2.2%
167.5%
CAP RATES
Q2 2019:
Q2 2020:
% +/- :
CAP RATES
5.9%
N/A
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
Q2 2019:
Q2 2020:
% +/- :
Residential Total Sales
$639.6M
$483.1M
-24.5%
Item:
Q2 2019:
Q2 2020:
% +/- :
Residential Transactions
820
609
-25.7%
Item:
Q2 2019:
Q2 2020:
% +/- :
Single Family Home – Average Price
$1,282,929
$1,189,857
-7.3%
Item:
Q2 2019:
Q2 2020:
% +/- :
Multi Family Home – Average Price
$559,776
$814,274
45.5%
Item:
Q2 2019:
Q2 2020:
% +/- :
Residential Days on Market
55
61
10.9%
Item:
Q2 2019:
Q2 2020:
% +/- :
Residential Listed for Sale
613
647
5.5%
PUBLIC POLICY CHANGES
- Short Term rentals allowed to open June 1
- Social distancing requirements hurting Restaurants
- Summit County trying to terminate open space/conservation easement to allow for Senior Housing project
DEVELOPMENTS
- Vail Health has broken ground of a 102,000 sf emergency dare and orthopedic surgery center.
- The Town of Breckenridge has broken ground on a $45M parking structure in the downtown core.
- Two Silverthorne properties have received proposals for development.
