Breckenridge Local Updates, Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

June 23, 2022

Summit County Real Estate Statistics - May 2022

Here are Real Estate market highlights for May - Breckenridge and Summit County

  • Market Analysis by Area for May 2022: There were a total of 156 transactions and $234,963,489 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,547,752. The average residential price was $1,518,022 and average residential PPSF was $875.
  • Market Analysis by Area 2022 (5 Months) YTD:  There are a total of 708 transactions with $932,895,763 in monetary volume. The average transaction price was $1,360,248, the average residential price was $1,373,448 and the average residential PPSF was $815.
  • Market Snapshot for YTD 2022 vs 2021:  Average Indicators for $: Single Family +30, Multi- Family +21% and Vacant Land +26%. Median Indicators for $: Single Family +39%, Multi- Family +11% and Vacant Land +30%.
  • Market Analysis % Change YTD May 2022:  Monetary volume in May 2022 was down 12% from May 2021. Transactions were down 38% from May 2021. YTD 2022, dollar volume is pacing 4% down from YTD 2021, and transactions are 33% down from YTD 2021.
  • Residential Cost Analysis:  Residential volume in May saw 125 transactions with $189,752,701 in gross volume. There were 79 properties that sold for $1M and above in May. There were 49 Single Family, 76 Multi-Family, and 8 Vacant Land transactions.
  • Average Price History by Type - YTD 2022: Average price for residential Single Family was $2,240,094, Multi- Family was $906,792, and Vacant Land was $637,042.
  • Comparative Historical Cost Analysis Comparison 2022-2021-2020: YTD 2022, there were 560 residential transactions and $769,130,717 in gross volume, with 290 properties selling for over $1M. YTD 2021, there were 835 transactions with $878,354,278 gross volume, with 279 properties selling for over $1M. YTD 2020, there were 462 transactions with $383,957,323 gross volume with 122 properties selling for over $1M.
  • Top Lender Analysis May 2022: There were 396 loans in May. Of those, 103 loans were related to sales. There were 136 REFI's, and 157 loans were timeshare related. 34% of the real estate closings were cash transactions. 
  • Foreclosure 2022 Update: There were 15 Foreclosure actions recorded in May 2022, and 14 of those were intervals. There were no bank sales.
  • New Unit Sales: There were 5 new unit sales in May, compared to 13 in April.
  • Purchaser Profile Abstract:  There were 87 upper end sales in May 2022. Our buyers for real estate transactions for May 2022: Local buyers at 21%, with the Front Range demographic at 42% and 37% are out of state buyers with 0% International. There is also a graph included showing demographic trends through 2013 on page 19.

FULL REPORT - CLICK HERE

Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. Source of information - Land Title Guarantee Company

June 22, 2022

Current state of the real estate market - Breckenridge and Summit County

 

How's the market? Breckenridge and Summit County

 

I thought I would write to you about the current state of the real estate market. The last 6 weeks have been a transition period from the market that existed in the prior 18 months. The effect of the short-term rental restrictions, coupled with economic factors such as inflation and interest rates have given buyers cause for concern and they are sitting on the sidelines. Sellers, who have the benefit of high home equity levels are still bullish on pricing. This has led to somewhat of an impasse in the market and the word ‘frozen’ has been used to describe activity. It can also be said that we could be reverting to a more traditional selling season where the market does not really fully kick in until after July 4th……. We shall see.

 

In my opinion, the next 4-6 weeks will be very telling. If buyers step in by mid-July then we will know that we are moving back to a more traditional market (albeit with some economic headwinds). If, however we do not see an uptick in activity, my view is that until we have some clarity on the short-term rental restrictions and also stability in interest rates / lower inflation, the ‘frozen’ market may well extend through the summer and beyond.

 

Price reductions at the moment, without the understanding of buyer behavior, does not make sense to me. You could reduce the price and still not have the buyers…. All this would currently achieve is guaranteeing a lower sales price without the guarantee of there being buyers.

June 14, 2022

May 2022 Summit County real estate snapshot

 

 

May 26, 2022

The current Short Term Rental situation in Summit County

The current Short Term Rental situation in Summit County

 

The short term rental (STR) `topic in Summit County has been a hot one for the past year or so and current developments mean that this will continue to be the source of discussion and debate for the next 12-18 months. In this article I want to offer the simple fact of where we are and where I think we will end up.

Overview of the short term rental license discussion

As of the 25th May 2022, the Town of Breckenridge still maintains it’s ordinance that was passed last year that caps the total number of licenses at 2200. There are still exempt properties such as One Ski Hill Place, Crystal Peak Lodge, Mountain Thunder Lodge, Village at Breckenridge, that do not count as a part of this 2200 quota of licenses. As it currently stands, if you purchase a property in one of these ‘exempt’ complexes, you will be able to apply for a STR license. All other new purchases are not eligible for a license as the current number of valid licenses far exceeds the 2200 cap. The current wait list for STR licenses is around 35.

The Town of Breckenridge (TOB) is currently discussing a new ordinance that would comprise of 3 zones that would have different densities of STR licenses and as such would have a different ‘feel’ with regards to the neighborhood being ‘tourist orientated’ or ‘primary / second home orientated’. The amount of licenses available in each zone would be quite different. They are now looking to increase the total number of licenses from the capped total of 2200 to a total of 3700. This total of 3700 would however, as it is currently proposed, include the exempt complexes.

Proposed license totals

Zone 1 – 3208 licenses available out of 4010 total units

Zone 2 – 157 licenses out of 314 total units

Zone 3 – 336 licenses out of 3357 total units

As you can see, the area that the TOB is looking to restrict the most is zone 3.

Proposed Tourism Overlay District Map

https://www.townofbreckenridge.com/home/showpublisheddocument/20911/637750744551870000

I think we are trending in the right direction so long as the following three conditions are met

1.     The TOB does not include the exempt properties in the total of 3700 – the exempt properties are truly pure tourist / rental style properties and should be treated as such – always available to rent to guests

2.     There should be a ‘use it or lose it’ policy for licenses that have been issued. There are many licenses that have been issued that are not being used.

3.     There is more flexibility in the zone 3 restrictions

If these conditions are met, my honest opinion is we will get to a position where wait times for a license are very short and the TOB has a very accurate picture of the demand for licenses and how to tailor any restrictions. This would also allow for some more allocation in zone 3 which I think is needed.

 

Frisco and Silverthorne currently do not have any short term rental license caps, although they do require homeowners to apply for a license.

Town of Blue River in Breckenridge requires a STR license but currently does not have any cap or restrictions.

Unincorporated Summit County, which includes Keystone and Copper Mountain, has made changes to their policy as of the 24th May 2022. The County has imposed a moratorium on all new STR license applications. This moratorium will be in effect for 9 months – until Feb 2023. The moratorium does not apply to the resort zones, including Keystone, Copper Mountain, Tiger Run, and Ski Watch and 4 O'Clock neighborhoods in Breckenridge.

 

So the long and the short of this situation is that the following areas do allow short term rental license applications;

Town of Breckenridge – new ordinance in the works and new applications currently subject to wait list

Town of Frisco

Town of Silverthorne

Town of Dillon

Keystone resort overlay

Copper Mountain resort overlay

Town of Blue River

 

I think that the focal point for rentals will be in these incorporated areas and the ski resorts of Copper Mountain and Keystone. Property values will be resilient in the future here and demand will focus on these locations. Until Breckenridge sorts out the ‘limbo’ it is currently in, all other areas in the above list will benefit from Breck’s current cap.

The residential areas outside of the list above will naturally migrate towards a primary home and second home standing. There is certainly an argument for certain areas in the county and certain areas of Breckenridge’s zone 3 benefiting from this. It can be argued that the downtown historic core of Breckenridge will see property values trend favorably as people like the fact that this downtown residential area will favor primary homeowners and second homeowners who don’t want short term rentals in the neighborhood.

In my opinion, the reality of all this is going to take 12-18 months to fully emerge and no doubt the complexion of the real estate market in the county is going to change during this time as demand and values get reallocated based on the STR licensing geography.

 

Interesting article on the STR situation in Aspen

 

Resource Links

Summit County STR  

https://www.summitcountyco.gov/1221/Short-Term-Rentals

Full Summit County STR Ordinance https://www.summitcountyco.gov/DocumentCenter/View/23986/STR-Regulations?bidId=

Town Of Breckenridge STR Ordinance

https://www.townofbreckenridge.com/home/showpublisheddocument/20704/637697413616900000

https://www.townofbreckenridge.com/your-government/finance/short-term-rentals

Town of Frisco STR Ordinance

https://www.friscogov.com/departments/finance/sales-and-lodging-tax/short-term-rental-license-application-process/short-term-rental-regulations/

Town of Silverthorne STR Ordinance

https://www.silverthorne.org/town-services/finance-administrative-services/short-term-rental-license

Town of Dillon STR Ordinance

https://www.dillonco.gov/business/dillon-short-term-rental-str

 Town of Blue River STR Ordinance

https://townofblueriver.colorado.gov/lodging/short-term-rental

May 11, 2022

Summit County March 2022 Market Statistics

Across Summit County, March saw tight inventory and soaring demand. Prices remained high with the average residential price at $1.3 million for March.

 

Here are highlights:

  • Market Analysis by Area for March 2022: There were a total of 165 transactions and $188,605,550 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,166,957. The average residential price was $1,302,323 and average residential PSF was $810.

  • Market Analysis by Area 2022 (3 Months) YTD: There are a total of 396 transactions with $475,025,520 monetary volume. The average transaction price is $1,246,443, the average residential price is $1,346,963 and the average residential PPSF is $772.

  • Market Snapshot for FULL Years 2022 vs 2021: Average Indicators for $: Single Family +33%, Multi- Family +9% and Vacant Land +32%. Median Indicators for Single Family +39%, Multi- Family +5% and Vacant Land +16%.

  • Market Analysis % Change YTD March 2022: Monetary volume in March 2022 was down -17% from March 2021. Transactions were down 37% from March 2021. YTD 2022, $ volume is pacing 3% down from YTD 2021, and transactions are 31% down from YTD 2021.

  • Residential Cost Analysis: Residential volume in March had 127 transactions with $165,395,077 gross volume. There were 56 properties that sold for $1M and above in March. There were 43 Single Family, 84 Multi-Family and 11 Vacant Land transactions in March 2022. 

  • Average Price History by Type- YTD 2022: Average price for residential Single Family: $2,288,386, Multi- Family: $814,440 and Vacant Land: $664,121.
    Comparative Historical Cost Analysis Comparison 2022-2021-2020: YTD 2022, there were 310 residential transactions and $417,558,430 gross $ volume with 145 properties selling for over $1M. YTD 2021, there were 441 transactions with $455,716,217 gross $ volume with 130 properties selling for over $1M. YTD 2020, 309 transactions with $265,464,100 gross $ volume with 87 properties selling for over $1M.

  • Top Lender Analysis March 2022: There were 448 loans in March, 92 loans were related to sales, there were 180 REFI's and 176 loans were timeshare related. 44% (one of the highest cash months on record) of the real estate closings were cash transactions. 

  • Foreclosure 2022 Update: There were 2 foreclosures in March 2022, no bank sales.

  • New Unit Sales were up (Clearwater Lofts in Keystone) 23, compared to 11 in February.

  • Purchaser Profile Abstract: There were 61 upper end sales in March 2022. Our buyers for real estate transactions for March 2022: Local buyers at 21%, with the

    Front Range demographic at 45% and 33% are out of state buyers with 0% International. There is also a graph included showing demographic trends through 2013 on page 19.

CLICK HERE FOR THE FULL MARCH STATISTICS REPORT

Jan. 31, 2022

Summit County Real Estate statistics update - December 2021

 

Summit topped $3B in Gross Sales Volume in 2021, which is 31% above the record setting year of 2020 and almost double 2019. Highlights for December 2021 are below.

 

Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. Data Source - Land Title Guarantee Company

  • Market Analysis by Area for December 2021: There were a total of 183 transactions and $205,268,620 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,166,045, average residential price was $1,177,393 and average residential PSF was $704.
  • Market Analysis by Area YTD 2021 (12 Months): There were a total of 2868 transactions totaling $3,053,165,389 in monetary volume. Average transaction price was $1,090,082, average residential price was $1,117,682 and average residential PPF was $677.
  • Market Snapshot for FULL Years 2021 vs 2020:  Average Indicators for $: Single Family +24, Multi- Family +24% and Vacant Land +37%. Median Indicators for Single Family +21%, Multi- Family +22% and Vacant Land +38%.
  • Market Analysis % Change YTD December 2021 and Final 2021 Recap: Monetary volume in December 2021 was down 13% from December 2020. Transactions were down 35% from December 2020.  Final 2021 numbers, $ volume is 31% up and transactions are up 2% from full year 2020. 
  • Residential Cost Analysis:  Residential volume in December had 148 transactions with $174,254,119 gross volume. There were 70 properties that sold for $1M and above in December. There were 59 Single Family, 89 Multi-Family and 14 Vacant Land transactions in December 2021. In 2021, there were a total of 895 Residential Single Family, 1459 Multi Family and 180 Vacant Land transactions.
  • Average Price History by Type- 2021: Average price for residential Single Family: $1,717,028, Multi- Family: $750,022 and Vacant Land: $504,480.
  • Comparative Historical Cost Analysis Comparison 2021-2020-2019: Full year 2021, there were 2,354 residential transactions and $2,631,022,363 gross $ volume with 887 properties selling for over $1M. In 2020, there were 2291 transactions with $2,069,655,256 gross $ volume with 658 properties selling for over $1M. In 2019, 1933 transactions with $1,586,910,706 gross $ volume with 454 properties selling for over $1M.
  • Top Lender Analysis December 2021 and Full Year 2021 There were 463 loans in December, 127 loans were related to sales, there were 227 REFI's and 109 loans were timeshare related. Cash transactions made up 31% of real estate closings. In 2021, there were 7.016 loans, 1,917 loans were related to sales, there were 3,474 REFI"s and 1,625 loans related to timeshares. 33% of the real estate closings were cash transactions in 2021.
  • Foreclosure 2021 Update: The year of 2021 closed out with 63 total foreclosure actions - 56 of those were for timeshares. 
  • Market Highlights:  Please see page 11 of the Market Analysis. Note the higher priced sale in December 2021 in Breckenridge at $5,250,000. The top priced PSF was in Breckenridge (One Ski Hill Place) at $1821. 
  • Purchaser Profile Abstract:  There were 76 upper-end sales in December 2021 compared to 93 in November. Our buyers for real estate transactions for December 2021: Local buyers are at 23%, Front Range, 44% , Out of State ,33% and 0% International buyers. There is also a graph included showing demographic trends through 2013 on page 18.

CLICK HERE FOR THE FULL REPORT

Jan. 3, 2022

Summit County Real Estate Update - November 2021

Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. 

  • Market Analysis by Area for November 2021: There were a total of 238 transactions and $286,148,104 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,167,089, average residential price was $1,248,038 and average residential PSF was $747.

  • Market Analysis by Area YTD 2021 (11 Months): There were a total of 2,685 transactions totaling $2,847,896,769 in monetary volume. Average transaction price was $1,084,960, average residential price was $1,113,676 and average residential PPF was $675.

  • Market Snapshot for FULL Years 2021 vs 2020:  Average Indicators for $: Single Family +24%, Multi- Family +23% and Vacant Land +28%. Median Indicators for Single Family +21%, Multi- Family +21% and Vacant Land +36%.
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Jan. 3, 2022

Short Term Rental Information Sheet - Summit County

Effective Dec 16 2021:

Please use the info sheet below as a starting point for all your knowledge on Short Term Rental regulations and restrictions in Summit County - both towns and the county at large. Please contact me for any further detail or with your questions. james@propertyinbreckenridge.com

Unincorporated Summit County

Resort Overlay Zone

·       The Resort Overlay Zone acknowledges the distinction between neighborhoods and resort communities. Resort Licenses allow for greater occupancy and no restrictions on number of nights rented. Overlay Zones include Copper Mountain, Keystone, Tiger Run Resort, and unincorporated areas at the base of Peak 8. No limit on nights short-term rented

·       Occupancy is determined by the greater of either 2 people per bedroom plus 4, or 1 person per 200 square feet of living area. (Please see exceptions for properties on septic systems and condominiums containing egress components less than 44 inches wide and without a sprinkler system, as stated in Section 6.1.f of the STR Ordinance.

Neighborhood Overlay Zone

The Neighborhood Overlay Zone applies to neighborhoods outside of the Resort Overlay Zone. If a property is in one of these zones a type one, two, or three license must be obtained. Occupancy in the Neighborhood Overlay Zone is limited to a maximum of 2 people per bedroom plus 2. (Please see exceptions for properties on septic systems, as stated in Section 6.1.f.iii in the STR Ordinance)

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Nov. 30, 2021

Summit County Real Estate Update - October 2021

Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.

  • Market Analysis by Area for October 2021: There were a total of 325 transactions and $432,497,649 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,370,792, average residential price was $1,248,499 and average residential PSF was $751.

  • Market Analysis by Area YTD 2021 (10 Months): There were a total of 2,447 transactions totaling $2,561,748,665 in monetary volume. Average transaction price was $1,077,222, average residential price was $1,100,720 and average residential PPF was $668.

  • Market Snapshot for FULL Years 2021 vs 2020:  Average Indicators for $: Single Family +23, Multi- Family +22% and Vacant Land +29%. Median Indicators for Single Family +19%, Multi- Family +20% and Vacant Land +36%.

  • Market Analysis % Change YTD October 2021: Monetary volume in October 2021 was up 20% from October 2020. Transactions were down 26% from October 2020.  YTD 2021, $ volume is pacing 48% up and transactions are up 15% from YTD 2020. 

  • Residential Cost Analysis:  Residential volume in October had 274 transactions with $342,088,751 gross volume. There were 111 properties that sold for $1M and above in October.  There were 98 Single Family, 176 Multi-Family and 15 Vacant Land transactions. 

  • Average Price History by Type-YTD 2021: Average price for residential Single Family: $1,702,675, Multi- Family: $741,458 and Vacant Land: $475,274.

  • Comparative Historical Cost Analysis Comparison 2021-2020-2019: YTD 2021, there were 2012 residential transactions and $2,214,648,908 gross $ volume with 728 properties selling for over $1M. In 2020, there were 1,725 transactions with $1,550,326,356 gross $ volume with 488 properties selling for over $1M. In 2019, 1,554 transactions with $1,279,897,406 gross $ volume with 360 properties selling for over $1M.

  • Top Lender Analysis October 2021: There were 567 loans in October, 209 loans were related to sales, there were 200 REFI's and 158 loans were timeshare related. Of all closings, 36% were cash transactions. 

  • Market Highlights:  Please see page 11 of the Market Analysis. Note the higher priced sale in October 2021 in Breckenridge (Boulder Ridge) at $5,999,000. The top priced PSF was in Breckenridge (Shock Hill) at $1,667. 

  • Purchaser Profile Abstract:  There were 119 upper-end sales in October 2021 compared to 99 in September. Our buyers for real estate transactions for October 2021: Local buyers at 22%, with the Front Range demographic at 43% and 35% are out of state buyers with 0% International. There is a graph included showing demographic trends through 2013 on page 17. Read More

Data from Land Title Guarantee Company

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Nov. 29, 2021

Summit County Short Term Rental License

Yesterday the Summit County Commissioners approved an ordinance creating a new short-term rental license structure. The Ordinance will go for a final reading and vote on December 16th. If approved, the Moratorium on current permits will expire, and the new Ordinance will take effect. 

If you have questions about the proposal, please call me or reach out to the County STR hotline at 668-4186. The Ordinance is subject to change at the final vote on the 16th, so the following highlights are not set in stone. Any property rented for more than 30 consecutive nights is considered a long-term rental and not subject to the following rules.

 

There will be two types of zoning:

 

Resort zoning includes Keystone, Copper, Tiger Run RV Resort, 4 O’clock Sub, Skiwatch, and Peak 7 ( added yesterday). These areas are exempt from the new permitting requirements as these areas are designed for tourism.

 

Residential zoning includes all other unincorporated areas of the County. There will be three types of permits for properties in these areas a property owner can apply for. There are no caps on the amount of short-term rental licenses. Property owners can choose which permit makes the most sense for them. 

 

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