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Steamboat Springs Market Update – April 2019

Commercial Real Estate sales volume of $1M with 4 transactions in 2019 is substantially down 65% compared to sales in 2018 with 8 transactions worth $2.9M. Residential Real Estate sales for $81.43M in 2019 are down 17% compared to sales in 2018 of $98.1M. Sales Taxes are up 8.7% YTD compared to taxes collected YTD in 2018. New commercial real estate development projects include Trailside Village residential condo complex on hold due to increasing construction costs, Marriott development that is proceeding even though local efforts are underway to halt the project based on concerns of old growth pine trees, traffic issues and use of the property, Riverside Shipping Center has been purchased by new owners, new affordable housing project breaks ground and Steamboat Ski Area improvements include a new gondola and relocation of Ski School activities.

 

STEAMBOAT SPRINGS MARKET UPDATE

 

Item
Q1 2018
Q1 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – RE Colorado/Matrix):
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Sales Volume
$2.9M
$1M
-65%
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Transactions
8
4
-50%
SALES TAX INDICATORS – THROUGH 11/30/2018 (Source – Town of Steamboat Springs):
Item:
Q1 2018:
Q1 2019:
% +/- :
All Sales Taxes
$8.1M
$8.8M
8.7%
Item:
Q1 2018:
Q1 2019:
% +/- :
Retail Taxes – Misc
$1.2M
$1.3M
6.1%
Item:
Q1 2018:
Q1 2019:
% +/- :
Restaurant Taxes
$1.5M
$1.6M
8.4%
Item:
Q1 2018:
Q1 2019:
% +/- :
Lodging Taxes
$2.2M
$2.5M
15.8%
Item:
Q1 2018:
Q1 2019:
% +/- :
Weedtail Sales
$154K
$166K
7.4%
Item:
Q1 2018:
Q1 2019:
% +/- :
Liquor Stores
$252K
$256K
1.6%
Item:
Q1 2018:
Q1 2019:
% +/- :
Utilities
$599K
$644K
7.5%
Item:
Q1 2018:
Q1 2019:
% +/- :
Sporting Goods
$694K
$745K
7.5%
Item:
Q1 2018:
Q1 2019:
% +/- :
Home Improvement
$485K
$516K
6.5%
Item:
Q1 2018:
Q1 2019:
% +/- :
Grocery Stores & Food Sellers
$1.05M
$1.06M
1.6%
VACANCY RATE
Q1 2018:
Q1 2019:
% +/- :
VACANCY RATE
10%
11%
15%
CAP RATES
Q1 2018:
Q1 2019:
% +/- :
CAP RATES
6.6%
6.6%
0%
RESIDENTIAL REAL ESTATE
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Total Sales
$98.1M
$81.4M
17%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Average Price
$667,086 – $335 finished ppsf
$616,909 – $324 finished ppsf
7.5%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Days On Market
114
115
.9%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Real Estate Listed for Sale
357
395
10.6%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Real Estate Inventory
7 Month Inventory
8 Month Inventory
14.3%
PUBLIC POLICY CHANGES
  • Routt County to enforce regulations that do not allow AirBNB/VRBO use
  • Steamboat School Board votes to proceed with a new elementary school on land next to Steamboat II, west of town
  • West Steamboat Annexation goes to a city vote in June, even though the City Council has voted to approve
DEVELOPMENTS
  • Trailside Village residential condo complex is on hold due to increasing construction costs
  • Marriott development that is proceeding even though local efforts are underway to halt the project based on concerns of old growth pine trees, traffic issues and use of the property
  • Riverside Shipping Center has been purchased by new owners
  • New affordable housing project breaks ground
  • Steamboat Ski Area improvements include a new gondola and relocation of Ski School activities

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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.