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Steamboat Springs Market Update – August 2018



Commercial Real Estate sales volume of $22.2M with 26 transactions YTD in 2018 is up 62.17% compared to sales Jan-July 2017 with 33 transactions worth $8.4M. Residential Real Estate sales for $281M YTD in 2018 are up 12% compared to sales Jan-July 2017 of $314M. Sales Taxes are up 6.6% YTD compared to taxes collected Jan-July 2017. New commercial real estate development projects include Overland Park, a multi-family, single family and mobile home park development project in West Steamboat and new downtown development parcels for single family and multi-family housing between Yampa River and Lincoln Ave. are coming on the market.

STEAMBOAT SPRINGS MARKET UPDATE

Item
2017 YTD (1&2 Qtrs)
2018 YTD (1&2 Qtrs)
+/- %
——————————————————————————————————————————————————————————————————
VELOCITY (Source – RE Colorado/Matrix):
Commercial Sales Volume
Commercial Transactions
$8,403,200
33
$22,212,227
26
62.17%
-2.69%
SALES TAX INDICATORS (Source – Town of Steamboat Springs):
All Sales Taxes
Retail Taxes – Misc
Restaurant Taxes
Lodging Taxes
Weedtail Sales
RE Transfer Taxes
Liquor Stores
Utilities
Sporting Goods
$12,058,725
$5,055,926
$2,103,312
$2,494,885
$239,277
$0
$422,097
$968,484
$774,744
$12,910,727
$5,466,895
$2,240,032
$2,659,318
$265,132
$0
$431,893
$1,034,749
$812,708
6.60%
7.52%
6.10%
6.18%
9.75%
0%
2.27%
6.40%
4.67%

VACANCY RATES:


10%

10%

0%

CAP RATES:


6.5-7.5%

6.5-7.5%

0%
RESIDENTIAL REAL ESTATE:
Residential Total Sales
$314,918,680
$281,239,702
-11.98%
Residential Average Price
$672,903 – $295 ppsf
$643,569 – $332 ppsf
-4.56%
Residential Days on Market
127
106
-19.81%
Residential Real Estate Listed for Sale
YTD 6/30/17 = 642
YTD 6/30/18 = 438
-31.78%
Residential Real Estate Inventory
YTD 6/30/17 = 8 mo
YTD 6/30/18 = 6 mo
2 months
DEVELOPMENTS:
  • Bowling Alley being updated and remodeled
  • Overland Park – Multi Family, Single Family & MHP Development in West Steamboat
  • New Downtown Development parcels for Single Family/Townhome/Multi Family Development between Yampa River & Lincoln
    Avenue

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About The Author

Ron Wendler

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.