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Steamboat Springs Market Update – August 2019

Commercial Real Estate sales volume of $7M with 13 transactions in 2019 is substantially down 60% compared to sales in 2018 with 17 transactions worth $17.6M. Residential Real Estate sales for $287.4M in 2019 are flat compared to sales in 2018 of $287M. Sales Taxes are up 7.6% YTD compared to taxes collected YTD in 2018. New commercial real estate development projects include Trailside Village residential condo complex is on hold due to increasing construction costs, Marriott development is proceeding, Riverside Shipping Center has been purchased by new owners, new affordable housing project breaks ground on Hwy. 40 behind Walgreens and Steamboat Ski Area improvements include a new gondola and relocation of Ski School activities. Steamboat Springs voters have also approved to proceed with the building of a new elementary school next to Steamboat II.

STEAMBOAT SPRINGS MARKET UPDATE

Item
Q2 2018
Q2 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – RE Colorado/Matrix):
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Sales Volume
$17.6M
$7M
-60.1%
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Transactions
17
13
-23.5%
SALES TAX INDICATORS – THROUGH MAY 2019 (Source – Town of Steamboat Springs):
Item:
Q2 2018:
Q2 2019:
% +/- :
All Sales Taxes
$10.9M
$11.7M
7.6%
Item:
Q2 2018:
Q2 2019:
% +/- :
Retail Taxes – Misc
$1.9M
$2M
5.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Restaurant Taxes
$1.9M
$2M
7%
Item:
Q2 2018:
Q2 2019:
% +/- :
Lodging Taxes
$2.4M
$2.7M
15%
Item:
Q2 2018:
Q2 2019:
% +/- :
Weedtail Sales
$225K
$239K
6.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Liquor Stores
$356K
$356K
0%
Item:
Q2 2018:
Q2 2019:
% +/- :
Utilities
$896K
$968K
7.9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Sporting Goods
$803K
$858K
6.9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Home Improvement
$990K
$957K
3.4%
Item:
Q2 2018:
Q2 2019:
% +/- :
Grocery Stores & Food Sellers
$1.5M
$1.6M
2.2%
VACANCY RATE
Q2 2018:
Q2 2019:
% +/- :
VACANCY RATE
10-15%
10-15%
0%
CAP RATES
Q2 2018:
Q2 2019:
% +/- :
CAP RATES
6.5% – 7.5%
6.5% – 7.5%
0%
RESIDENTIAL REAL ESTATE
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Total Sales
$287M
$287M
0%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Average Price
$653,901 – $327 finished ppsf
$706,062 – $324 finished ppsf
8.1%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Days On Market
106
113
6.6%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Real Estate Listed for Sale
446
476
6.7%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Real Estate Inventory
6 Month Inventory
8 Month Inventory
33%

DEVELOPMENTS
  • Trailside Village residential condo complex is on hold due to increasing construction costs
  • Marriott development is proceeding
  • Riverside Shipping Center has been purchased by new owners
  • New affordable housing project breaks ground on Hwy. 40 behind Walgreens
  • 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.