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Breckenridge/Summit County Market Update – September 2021

Commercial Real Estate sales volume for Summit County of $78.5M with 28 transactions in Q2 2021 is up 74.4% compared to sales in Q2 2020 of $45M with 27 transactions. Residential Real Estate sales for $1.1B in Q2 2021 is up 137.6% compared to sales in Q2 2020 of $468.4M. Sales Taxes in Breckenridge are up 39.2% in Q2 2021 compared to taxes collected in Q2 2020. Keystone Gondola Real Estate development project has broken ground. The Town of Breckenridge $45M parking structure construction project in the downtown core is on schedule to finish this fall. Breckenridge Grand Vacations 300,000sf gondola lots time share project id nearing final approvals.

BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE

Item
Q2 2020
Q2 2021
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company)
Item:
Q2 2020:
Q2 2021:
% +/- :
Commercial Sales Volume
$45M
$78.5M
74.4%
Item:
Q2 2020:
Q2 2021:
% +/- :
Commercial Transactions
27
28
3.7%
SALES TAX INDICATORS (Source – Town of Breckenridge)
Item:
Q2 2020:
Q2 2021:
% +/- :
All Sales Taxes
$9.1M
$12.6M
39.2%
Item:
Q2 2020:
Q2 2021:
% +/- :
Retail Taxable Revenue
$56.2M
$86.1M
53.2%
Item:
Q2 2020:
Q2 2021:
% +/- :
Restaurant/Bar Taxable Revenue
$50.1M
$61.6M
23%
Item:
Q2 2020:
Q2 2021:
% +/- :
Lodging Taxable Revenue
$80.8M
$126.6M
56.7%
Item:
Q2 2020:
Q2 2021:
% +/- :
Weedtail Taxable Revenue
$4.2M
$5.9M
40.5%
Item:
Q2 2020:
Q2 2021:
% +/- :
RE Transfer Taxes
$2.2M
$4.4M
100%
BRECKENRIDGE VACANCY RATE
Q2 2020:
Q2 2021:
% +/- :
VACANCY RATE
0.93%
1.52%
63.4%
CAP RATES
Q2 2020:
Q2 2021:
% +/- :
CAP RATES
6%
6%
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Total Sales
$468.4M
$1.1B
137.6%
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Transactions
561
1,080
92.5%
Item:
Q2 2020:
Q2 2021:
% +/- :
Single Family Home – Average Price
$1,386,525
$1,597,670
15.2%
Item:
Q2 2020:
Q2 2021:
% +/- :
Multi Family Home – Average Price
$606,487
$700,419
15.5%
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Days on Market
71
35
-50.7%
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Listed for Sale
337
238
-29.4%
PUBLIC POLICY CHANGES
  • Pressure on Short Term Rentals
  • Towns/Summit County has established workforce housing at top priority.
DEVELOPMENTS
  • Keystone Gondola Real Estate development project has broken ground.
  • The Town of Breckenridge $45M parking structure construction project in the downtown core is on schedule to finish this fall.
  • Breckenridge Grand Vacations 300,000sf gondola lots time share project is nearing final approvals.

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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.