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Steamboat Springs Market Update Q4 2021

The Commercial and Residential overall market conditions in Steamboat Springs and surrounding areas has been very strong for Sellers. 2020/21 was the strongest I have seen in the 25 years I have been selling real estate in the Steamboat Springs area.

Industrial/commercial space has been severely impacted, with virtually no listings to choose from. With very little new construction and no vacancy in warehouse to mixed use units Buyers have had a hard time finding a place to hang their hats for their business or to store their toys.  This and Cost of Construction has pushed the PPSF to levels we have not seen before. 

Industrial / Commercial Land is virtually gone in Steamboat Springs. Buyers will have to act right away if they come across something for sale or start heading west to Hayden and Craig. 

You will find this in the residential side of the market also. Commercial interest rates are still great for buyers with Local banks. Unless there is a change in the economy or the county frees up land to be developed, I don’t see it changing anytime soon.

Q4 2021 Market Update

Item2020 YTD2021 YTD%+-
Commercial Sales Volume$31,180,438$34,531,51310.75% +
Commercial Transactions294129.27% +
Residential
Real Estate
Residential Total Sales $807,240,160$1,031,194,17427.74% +
Residential Average Price$856,943
$423 finished ppsf
$1,091,211
$527 finished ppsf
27.34% +
24.59% +
Residential Days on Market795234.18% –
Residential Listed For Sale1486655.41% –
Steamboat Springs Sale Tax Indicators
All Sales Taxes$24,104,086$29,447,14822.17% +
Lodging Taxes$4,046,773$5,538,93836.87% +

Notes:

  • 2021 was a much busier year for Ron than 2020
  • Lack of inventory continues
  • City of Steamboat Springs is considering dormitory type housing to be built in Industrial Zoning.
  • Possible 70 Live/Work units by Steamboat Springs Airport

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.

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