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Steamboat Springs Market Report – March 2021

Commercial Real Estate sales volume of 29.4M with 28 transactions in 2020 is up 69.3% compared to sales in 2019 with 28 transactions worth $17.4M. Residential Real Estate sales for $757.2M in 2020 are up 32.4% compared to sales in 2019 of $571.9M. Sales Taxes are down 1.4% compared to taxes collected in 2019. Steamboat City Council delays approval of preliminary development application for Phase 3 of Longview project with proposed 118 Townhomes. Longview Village has already built the first two phases of its development, Longview Highlands and Longview Park on the 36-acre property. Downtown Steamboat parking lot will be site for new 52,000+ sf boutique Hotel on Yampa and 9th Streets. The Yampa Valley Housing Authority and development partner Overland Property Group recently learned their 48-unit affordable housing project in west Steamboat will be backed by nearly $11 million in low-income housing tax credits from the Colorado Housing Finance Authority.

STEAMBOAT SPRINGS MARKET UPDATE

Item
2019
2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – RE Colorado/Matrix):
Item:
2019:
2020:
% +/- :
Commercial Sales Volume
$17.4M
$29.4M
69.3%
Item:
2019:
2020:
% +/- :
Commercial Transactions
28
28
0%
SALES TAX INDICATORS (Source – Town of Steamboat Springs – January thru November):
Item:
2019:
2020:
% +/- :
All Sales Taxes
$28.1M
$27.7M
-1.4%
Item:
2019:
2020:
% +/- :
Retail Taxes – Misc
$5.6M
$6M
5.8%
Item:
2019:
2020:
% +/- :
Restaurant Taxes
$4.7M
$3.9M
-15.9%
Item:
2019:
2020:
% +/- :
Lodging Taxes
$5.2M
$4.6M
-10.7%
Item:
2019:
2020:
% +/- :
Weedtail Sales
$569K
$612K
7.6%
Item:
2019:
2020:
% +/- :
Liquor Stores
$887K
$1M
16.5%
Item:
2019:
2020:
% +/- :
Utilities
$2M
$2M
0%
Item:
2019:
2020:
% +/- :
Sporting Goods
$1.7M
$1.6M
-5.1%
Item:
2019:
2020:
% +/- :
Home Improvement
$3.3M
$3.4M
2.8%
Item:
2019:
2020:
% +/- :
Grocery Stores & Food Sellers
$4.1M
$4.5M
10%
VACANCY RATE
2019:
2020:
% +/- :
VACANCY RATE
Office 6.5% | Retail 7.5% | Warehouse 7%
Office 10-12% | Retail 10-15% | Warehouse 5%
CAP RATES
2019:
2020:
% +/- :
CAP RATES
6.5% – 7.5%
6.5% – 7.5%
RESIDENTIAL REAL ESTATE
Item:
2019:
2020:
% +/- :
Residential Total Sales
$571.9M
$757.2M
32.4%
Item:
2019:
2020:
% +/- :
Residential Average Price
$727,601 – $372 finished ppsf
$803,812 – $397 finished ppsf
10.5%
Item:
2019:
2020:
% +/- :
Residential Days On Market
103
33
-68%%
Item:
2019:
2020:
% +/- :
Residential Real Estate Listed for Sale
296
150
-50%
Item:
2019:
2020:
% +/- :
Residential Real Estate Inventory
4 Month Inventory
2 Month Inventory
-50%

DEVELOPMENTS
  • Steamboat City Council delays approval of preliminary development application for Phase 3 of Longview project with proposed 118 Townhomes. Longview Village has already built the first two phases of its development, Longview Highlands and Longview Park on the 36-acre property.
  • Downtown Steamboat parking lot will be site for new 52,000+ sf boutique Hotel on Yampa and 9th Streets.
  • he Yampa Valley Housing Authority and development partner Overland Property Group recently learned their 48-unit affordable housing project in west Steamboat will be backed by nearly $11 million in low-income housing tax credits from the Colorado Housing Finance Authority.

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About The Author

Ron Wendler, Colorado Group Realty

With over 20 years of real estate experience in the Steamboat Springs area, Ron Wendler has an extensive background in commercial real estate. He owns Colorado Group Realty, an independent brokerage firm that specializes in cash flow real estate, commercial and residential specifications development. He also has experience in residential/luxury home sales, ranches and recreation properties.