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
Commercial Transactions
$8,403,200
33
33
$22,212,227
26
26
62.17%
-2.69%
-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
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
$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
$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%
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
