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 is 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.
