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Steamboat Springs Market Update – January 2019

Commercial Real Estate sales volume of $37.3M with 44 transactions in 2018 is up 33% compared to sales in 2017 with 46 transactions worth $28M. Residential Real Estate sales for $533M in 2018 are up 5.4% compared to sales in 2017 of $506M. Sales Taxes are up 6.3% through November 2018 compared to taxes collected January-November 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
2018
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – RE Colorado/Matrix):
Item:
2017:
2018:
% +/- :
Commercial Sales Volume
$28M
$37.3M
33.2%
Item:
2017:
2018:
% +/- :
Commercial Transactions
46
44
4.3%
SALES TAX INDICATORS – THROUGH 11/30/2018 (Source – Town of Steamboat Springs):
Item:
2017:
2018:
% +/- :
All Sales Taxes
$21.2M
$22.5M
6.3%
Item:
2017:
2018:
% +/- :
Retail Taxes – Misc
$8.2M
$4.4M*
-45.9%*
Item:
2017:
2018:
% +/- :
Restaurant Taxes
$3.7M
$3.95M
6.9%
Item:
2017:
2018:
% +/- :
Lodging Taxes
$3.6M
$3.9M
8.4%
Item:
2017:
2018:
% +/- :
Weedtail Sales
$444K
$476K
7%
Item:
2017:
2018:
% +/- :
RE Transfer Taxes
$0
$0
0%
Item:
2017:
2018:
% +/- :
Liquor Stores
$773K
$795K
2.9%
Item:
2017:
2018:
% +/- :
Utilities
$1.6M
$1.7M
4.8%
Item:
2017:
2018:
% +/- :
Sporting Goods
$1.1M
$1.3M
13.4%
Item:
2017:
2018:
% +/- :
Construction & Home Improvement
Under Retail Sales – Misc
$2.5M
Item:
2017:
2018:
% +/- :
Grocery Stores & Food Sellers
Under Retail Sales – Misc
$3.4M
VACANCY RATE
2017:
2018:
% +/- :
VACANCY RATE
10%
11.5%
15%
CAP RATES
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
CAP RATES
6.6%
6.6%
0%
RESIDENTIAL REAL ESTATE
Item:
2017:
2018:
% +/- :
Residential Total Sales
$506M
$533M
5.4%
Item:
2017:
2018:
% +/- :
Residential Average Price
$607,549 – $329 ppsf
$689,141 – $357 ppsf
13.4%
Item:
2017:
2018:
% +/- :
Residential Days On Market
119
99
-16.8%
Item:
2017:
2018:
% +/- :
Residential Real Estate Listed for Sale
362
426
-16.8%
Item:
2017:
2018:
% +/- :
Residential Real Estate Inventory
8 months
12 months
4 months
DEVELOPMENTS
  • Overland Park, a multi-family, single family and mobile home park development project 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, 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.