Breckenridge/Summit County Market Update – January 2019
Commercial Real Estate sales volume of $66M YTD in 2018 is up 12.1% compared to sales in 2017 of $55.9M. Residential Real Estate sales or $1,707M in 2018 is up slightly at 2.9% compared to sales in 2017 of $1,659M. Sales Taxes are up 8.5% in 2018 compared to taxes collected in 2017. The Town of Breckenridge is investing in infrastructure including a $50M Parking Structure, $50M Water Plant and $10M Fiber Optic project. Other developments include 107,000 square foot building being constructed in Dillon for Vail Health, modular workforce apartments in Breckenridge and Breckenridge Peak 8 Hotel and Condominiums plus 4th Street Crossing, Hudson Property and Condominiums in Silverthorne.
BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE
Item
2017
2018
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company)
Item:
2017:
2018:
% +/- :
Commercial Sales Volume
$55.9M
$66.0M
12.1%
Item:
2017:
2018:
% +/- :
Commercial Transactions
61
56
-8.2%
SALES TAX INDICATORS (Source – Town of Breckenridge)
Item:
2017:
2018:
% +/- :
All Sales Taxes
$21.6M
$23.5M
8.5%
Item:
2017:
2018:
% +/- :
Retail Taxes
$148.6M
$163.4M
10.0%
Item:
2017:
2018:
% +/- :
Restaurant Taxes
$126.5M
$139.5M
10.3%
Item:
2017:
2018:
% +/- :
Lodging Taxes
$148.9M
$168.2M
13%
Item:
2017:
2018:
% +/- :
Weedtail Sales
$9.7M
$9.9M
2.2%
Item:
2017:
2018:
% +/- :
RE Transfer Taxes
$6.2M
$6.1M
-1.9%
VACANCY RATE
2017:
2018:
% +/- :
VACANCY RATE
0.3%
0.79%
163%
CAP RATES
2017:
2018:
% +/- :
CAP RATES
6.3%
6.1%
-3.2%
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
2017:
2018:
% +/- :
Residential Total Sales
$1,659M
$1,707M
2.9%
Item:
2017:
2018:
% +/- :
Single Family Home – Average Price
$1.08M
$1.14M
4.9%
Item:
2017:
2018:
% +/- :
Multi Family Home – Average Price
$473,862
$520,682
9.9%
Item:
2017:
2018:
% +/- :
Residential Days on Market
69
57
-17.4%
Item:
2017:
2018:
% +/- :
Residential Listed for Sale
303
372
22.7%
DEVELOPMENTS
- The Town of Breckenridge is investing in infrastructure including a $50M Parking Structure, $50M Water Plant and $10M Fiber Optic project.
- Breckenridge Peak 8 Hotel/Condominium ($1,600 psf).
- 107,000 square foot building being constructed in Dillon for Vail Health.
- 4th Street Crossing, Hudson Property and Condominiums in Silverthorne
- Breckenridge Modular Workforce Apartments
