Breckenridge/Summit County Market Update – August 2019
Commercial Real Estate sales volume for Summit County of $81.9M YTD in 2019 is up 83% compared to sales YTD in 2018 of 44.7M. Residential Real Estate sales for $757.7M YTD in 2019 is up 5.2% compared to sales YTD in 2018 of $720.4M. Sales Taxes in Breckenridge are up 8.7% YTD in 2019 compared to taxes collected YTD in 2018. The Town of Breckenridge is investing in infrastructure including a $50M Parking Structure, $50M Water Plant and $10M Fiber Optic project. Other developments include the 4th Street Crossing Condominium Project in Silverthorne, Developers break ground on Uptown 240 condo complex in Dillon and River West Condos is a new development planned for Silverthorne.
BRECKENRIDGE/SUMMIT COUNTY MARKET UPDATE
Item
Q2 2018
Q2 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Land Title Guarantee Company)
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Sales Volume
$44.7M
$81.9M
83%
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Transactions
33
38
15%
SALES TAX INDICATORS (Source – Town of Breckenridge)
Item:
Q2 2018:
Q2 2019:
% +/- :
All Sales Taxes
$10.4M
$11.3M
8.7%
Item:
Q2 2018:
Q2 2019:
% +/- :
Retail Taxable Revenue
$71.1M
$79.8M
12.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Restaurant/Bar Taxable Revenue
$64.9M
$69.1M
6.5%
Item:
Q2 2018:
Q2 2019:
% +/- :
Lodging Taxable Revenue
$91.4M
$96.8M
5.9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Weedtail Taxable Revenue
$4.8M
$4.9M
2%
Item:
Q2 2018:
Q2 2019:
% +/- :
RE Transfer Taxes
$2.7M
$2.9M
7.4%
BRECKENRIDGE VACANCY RATE
Q2 2018:
Q2 2019:
% +/- :
VACANCY RATE
0.38%
0.83%
118%
CAP RATES
Q2 2018:
Q2 2019:
% +/- :
CAP RATES
6.06%
5.9%
-2.6%
SUMMIT COUNTY RESIDENTIAL REAL ESTATE
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Total Sales
$720.4M
$757.7M
5.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Transactions
1,077
972
-9.7%
Item:
Q2 2018:
Q2 2019:
% +/- :
Single Family Home – Average Price
$993,463
$1.3M
32.8%
Item:
Q2 2018:
Q2 2019:
% +/- :
Multi Family Home – Average Price
$496,359
$549,387
10.7%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Days on Market
55
50
-9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Listed for Sale
613
PUBLIC POLICY CHANGES
- Summit County Considering a Minimum Wage Hike
- Breckenridge Implanting Housing Helps Program
- Summit Health Care Alliance
DEVELOPMENTS
- The Town of Breckenridge is investing in infrastructure including a $50M Parking Structure, $50M Water Plant and $10M Fiber Optic project.
- 4th Street Crossing Condominiums in Keystone
- Developers break ground on Uptown 240 condo complex in Dillon
- River West Condos is a new development planned for Silverthorne
