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Chaffee County Market Update – March 2021

Posted on March 23, 2021 by Jeff Post, First Colorado Land Office in Market Updates

Commercial Real Estate sales volume for Chaffee County of $13M in 2020 with 20 transactions is down 8.7% compared to sales in 2019 with 27 transactions worth 14.2M. Residential Real Estate sales of 300M in 2020 is up 34.6% compared to sales in 2019 of $222.8M. Sales Taxes for the City of Salida are up 14.8% in 2020 compared to taxes collected in 2019. The Rockies Regional Medical Center has been approved to build a 10,000 square foot, $5.6 million expansion and remodeling of their Buena Vista Health Center. Buena Vista School District has completed $41.5 million construction project creating new middle and high school wings along with renovations to existing buildings. Construction is underway on Fading West Development’s new 110,000 SF Modular Home Manufacturing Facility in Buena Vista that will employ 60 people.

CHAFFEE COUNTY MARKET UPDATE

Item
2019
2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY
Item:
2019:
2020:
% +/- :
Commercial Sales Volume
$14.2M
$13M
-8.7%
Item:
2019:
2020:
% +/- :
Commercial Transactions
27
20
-26%
SALES TAX INDICATORS:
Item:
2019:
2020:
% +/- :
All Sales Taxes
$7.5M
$8.6M
14.8%
Item:
2019:
2020:
% +/- :
Retail Taxes
$3.6M
$4.5M
24.7%
Item:
2019:
2020:
% +/- :
Lodging/Restaurant Taxes
$1.15M
$1.05M
-8.3%
Item:
2019:
2020:
% +/- :
Weedtail Sales
$77K
$105K
36.8%
Item:
2019:
2020:
% +/- :
Manufacturing
$141K
$189K
35%
Item:
2019:
2020:
% +/- :
Wholesale
$136K
$152K
12.6%
Item:
2019:
2020:
% +/- :
Information
$86K
$64K
-24.7%
Item:
2019:
2020:
% +/- :
Home Improvement
$79K
$88K
10.1%
Item:
2019:
2020:
% +/- :
Real Estate, Rental & Leasing
$58K
$38K
-35%%
Item:
2019:
2020:
% +/- :
All Other Taxes
$263K
$291K
10.7%
Item:
2019:
2020:
% +/- :
Shared County Tax
$1.9M
$2.1M
11.5%
VACANCY RATE
2019:
2020:
% +/- :
VACANCY RATE
1%
10%
CAP RATES
2019:
2020:
% +/- :
CAP RATES
4% – 6%
6% – 8%
RESIDENTIAL REAL ESTATE
Item:
2019:
2020:
% +/- :
Residential Total Sales
$222.8M
$300M
34.6%
Item:
2019:
2020:
% +/- :
Residential Average Price
$473,343
$545,318
15.2%
Item:
2019:
2020:
% +/- :
Residential Days On Market
66
70
6%
Item:
2019:
2020:
% +/- :
Residential Listed for Sale
655
689
5.2%
DEVELOPMENTS
  • 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 completed $41.5 million construction project creating new middle and high school wings along with renovations to existing buildings.
  • Construction is underway on Fading West Development’s new 110,000 SF Modular Home Manufacturing Facility in Buena Vista that will employ 60 people.
  • There are 10 housing projects in various stages of development and completion in Poncha Springs worth a total of 500 housing units with 70% of units being affordable housing.

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About The Author

Jeff Post, First Colorado Land Office

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.