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Glenwood Springs Market Update – January 2019

Commercial Real Estate sales volume of $17.1M with 28 transactions YTD in 2018 is up 40% compared to sales in 2017 with 30 transactions worth $11.4M. Residential Real Estate sales for $150M in 2018 are up 15.8% compared to sales in 2017 of $128.1M. Sales Taxes in 2018 were up 5.9% compared to taxes collected in 2017. New commercial real estate projects include Oasis Creek Apartments with 115 units, 85 unit lofts at Red Mountain, 115 residential units on West Main next to the new City Market in Carbondale have been approved, Glenwood Caverns installing a new tram and expansion of Glenwood Hot Springs.

GLENWOOD SPRINGS MARKET UPDATE

Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – FlexMLS )
Item :
2017:
2018:
% +/- :
Commercial Sales Volume
$11.4M
$17.1M
40%
Item:
2017:
2018:
% +/- :
Commercial Transactions
30
28
-6.9%
Item:
2017:
2018:
% +/- :
Commercial Average Price
$379K
$610K
46.8%
SALES TAX INDICATORS (Source – City of Glenwood Springs):
Item:
2017:
2018:
% +/- :
All Sales Taxes
$17.2M
$18.3M
5.91%
Item:
2017:
2018:
% +/- :
Health & Recreation
$200K
$224K
11.8%
Item:
2017:
2018:
% +/- :
Restaurant Taxes
$2.3M
$2.6M
9.5%
Item:
2017:
2018:
% +/- :
Lodging Taxes
$1.8M
$1.9
8.3%
Item:
2017:
2018:
% +/- :
Weedtail Sales
$248K
$230K
-7.6%
Item:
2017:
2018:
% +/- :
Building Supplies
$1.9M
$2.0M
7.5%
VACANCY RATE
2017:
2018:
% +/- :
VACANCY RATE
6%
4%
2%
CAP RATES
2017:
2018:
% +/- :
CAP RATES
7.5%
7.5%
0%
RESIDENTIAL REAL ESTATE
Item:
2017:
2018:
% +/- :
Residential Total Sales
$128.1M
$150M
15.8%
Item:
2017:
2018:
% +/- :
Residential Average Price
$557,451
$568,241
1.9%
Item:
2017:
2018:
% +/- :
Residential Days On Market
113
106
-6.4%
Item:
2017:
2018:
% +/- :
Residential Listed for Sale
347
330
-4.9%
PUBLIC POLICY CHANGES
  • Glenwood Springs Passes 4 Month Moratorium on Vacation Rentals
  • Glenwood Springs passing “Entertainment District”
  • State of Colorado passes legislation to allow grocery and convenience stores to sell beer of any strength rather than 3.2% ABV or lower
DEVELOPMENTS
  • 116 unit Oasis Creek Apartments – currently going vertical
  • Lofts at Red Mountain – 85 Units at $1,500 Studio/$2,400 2 Bedroom – Testing market
  • Carbondale approves 115 residential units on West Main next to City Market
  • Glenwood Caverns installing new Tram
  • Glenwood Hot Springs under expansion

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About The Author

Scott Dillard, Integrated Mountain Group

Scott Dillard is the leading Commercial Real Estate Broker in Glenwood Springs/Carbondale, bringing many years of experience in commercial real estate leasing, sales and development. Being one of the very few CCIM designees (Certified Commercial Investment Member) on the Western Slope confirms that Scott Dillard is a recognized expert in the commercial and investment real estate industry.