Breckenridge/Summit County Market Update

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…

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.

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%

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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Breckenridge/Summit County Market Update – September 2021