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
