Breckenridge/Summit County Market Update

Commercial Real Estate sales volume for Summit County of $93.5M with 31 transactions in 2020 is down 45.6% compared to sales in 2019 of 172M with 38 transactions. Residential Real Estate sales for $2.15B in 2020 is up 31.8% compared to sales in 2019 of $1.63B. Sales Taxes in Breckenridge are down 7.7% in 2020…

Commercial Real Estate sales volume for Summit County of $93.5M with 31 transactions in 2020 is down 45.6% compared to sales in 2019 of 172M with 38 transactions. Residential Real Estate sales for $2.15B in 2020 is up 31.8% compared to sales in 2019 of $1.63B. Sales Taxes in Breckenridge are down 7.7% in 2020 compared to taxes collected in 2019. Keystone Gondola Real Estate development project is moving forward. The Town of Breckenridge $45M parking structure construction project in the downtown core is on schedule. Breckenridge Grand Vacations will be submitting a 300,000sf gondola lots time share project by Spring 2021.

Item

2019

2020

% +/-

——————————————————————————————————————————————————————————————————

VELOCITY (Source – Land Title Guarantee Company)

Item:

2019:

2020:

% +/- :

Commercial Sales Volume

$172M

$93.5M

-45.6%

Item:

2019:

2020:

% +/- :

Commercial Transactions

38

31

-18.4%

SALES TAX INDICATORS (Source – Town of Breckenridge)

Item:

2019:

2020:

% +/- :

All Sales Taxes

$25.9M

$23.9M

-7.7%

Item:

2019:

2020:

% +/- :

Retail Taxable Revenue

$166.2M

$156.7M

-5.7%

Item:

2019:

2020:

% +/- :

Restaurant/Bar Taxable Revenue

$149.4M

$113.1M

-24.5%

Item:

2019:

2020:

% +/- :

Lodging Taxable Revenue

$188.7M

$191.6M

1.5%

Item:

2019:

2020:

% +/- :

Weedtail Taxable Revenue

$10.3M

$11.6M

12.6%

Item:

2019:

2020:

% +/- :

RE Transfer Taxes

$6.2M

$7.8M

25.8%

BRECKENRIDGE VACANCY RATE

2019:

2020:

% +/- :

VACANCY RATE

0.31%

0.71%

CAP RATES

2019:

2020:

% +/- :

CAP RATES

6%

SUMMIT COUNTY RESIDENTIAL REAL ESTATE

Item:

2019:

2020:

% +/- :

Residential Total Sales

$1.63B

$2.15B

31.8%

Item:

2019:

2020:

% +/- :

Residential Transactions

2,065

2,514

21.7%

Item:

2019:

2020:

% +/- :

Single Family Home – Average Price

$1,262,929

$1,386,525

9.8%

Item:

2019:

2020:

% +/- :

Multi Family Home – Average Price

$559,776

$606,487

8.3%

Item:

2019:

2020:

% +/- :

Residential Days on Market

78

61

-21.8%

Item:

2019:

2020:

% +/- :

Residential Listed for Sale

437

173

-60.4%

PUBLIC POLICY CHANGES

5 Star Restaurant Program has been successful.
Towns/Summit County support of small business has been remarkable.

DEVELOPMENTS

Keystone Gondola Real Estate development project is moving forward.
The Town of Breckenridge $45M parking structure construction project in the downtown core is on schedule.
Breckenridge Grand Vacations will be submitting a 300,000sf gondola lots time share project by Spring 2021.

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