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Chaffee County Market Update – August 2019

Commercial Real Estate sales volume for Chaffee County of $4.1M YTD in 2019 is down 32.2% compared to sales YTD in 2018 of 6.1M. Residential Real Estate sales for $63.6M YTD in 2019 is up 5.8% compared to sales YTD in 2018 of $60.1M. Sales Taxes for the City of Salida are up 10.6% YTD in 2019 compared to taxes collected YTD in 2018. The Rockies Regional Medical Center has approved a 10,000 square foot, $5.6 million expansion and remodeling of their Buena Vista Health Center and Buena Vista School District has broken ground on $41.5 million construction project creating new middle and high school wings along with renovations to existing buildings.

CHAFFEE COUNTY MARKET UPDATE

Item
Q2 2018
Q2 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Sales Volume
$6.1M
$4.1M
-32.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Transactions
11
8
-27.2%
SALES TAX INDICATORS:
Item:
Q2 2018:
Q2 2019:
% +/- :
All Sales Taxes
$2.9M
$3.2M
10.6%
Item:
Q2 2018:
Q2 2019:
% +/- :
Retail Taxes
$864K
$926K
7.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Restaurant Taxes
$292K
$301K
3%
Item:
Q2 2018:
Q2 2019:
% +/- :
Lodging Taxes
$129K
$133K
3.1%
Item:
Q2 2018:
Q2 2019:
% +/- :
Weedtail Sales
$64K
$65K
1.3%
Item:
Q2 2018:
Q2 2019:
% +/- :
Liquor Store Taxes
$61K
$68K
11%
Item:
Q2 2018:
Q2 2019:
% +/- :
Construction & Home Improvement Taxes
$106K
$128K
20.8%
Item:
Q2 2018:
Q2 2019:
% +/- :
Grocery Store Taxes
$178K
$241K
35.4%
Item:
Q2 2018:
Q2 2019:
% +/- :
All Other Taxes
$423K
$500K
18.2%
VACANCY RATE
Q2 2018:
Q2 2019:
% +/- :
VACANCY RATE
1%
3%
200%
CAP RATES
Q2 2018:
Q2 2019:
% +/- :
CAP RATES
4% – 6%
4% – 6%
0%
RESIDENTIAL REAL ESTATE
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Total Sales
$60.1M
$63.6M
5.8%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Average Price
$473,112.00
$492,187.00
4%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Days On Market
93
63
-32.3%%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Listed for Sale
520
521
.2%
NOTES
  • The Rockies Regional Medical Center has approved a 10,000 square foot, $5.6 million expansion and remodeling of their Buena Vista Health Center
  • Buena Vista School District has broken ground on $41.5 million construction project creating new middle and high school wings along with renovations to existing buildings

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About The Author

Jeff Post

A top-producing realtor since 2000 and owner of First Colorado Land Office since 2006, Jeff Post is a highly respected community leader with a deep commitment toward making a difference. A proud fifth-generation resident of Salida, Colorado, Jeff combines his knowledge and experience in commercial real estate to help Chaffee County attract new business and enhance growth opportunities for existing businesses.