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Steamboat Springs Market Update – January 2020

Commercial Real Estate sales volume of 17.1M with 27 transactions in 2019 is down 44% compared to sales in 2018 with 34 transactions worth $30.5M. Residential Real Estate sales for $569.3M in 2019 are up 8.6% compared to sales in 2018 of $524M. Sales Taxes are up 8% compared to taxes collected in 2018. New commercial real estate development projects include annexation of 191 acres west of Steamboat Springs by Brynn Gray Partners. 450 new homes are planned to be built over the next 15-20 years with 1/3rd of homes deed restricted. There is also some commercial space planned for retail, schools and parks. 93 lots in the Sunlight residential subdivision are nearly sold out. New homes that started out in the $600K range are now averaging $900K. Alpenglow Village with 72 new affordable housing units have broken ground on Hwy. 40 behind Walgreens. Residence Inn by Marriot Hotel is building a 110-room hotel behind Safeway.

STEAMBOAT SPRINGS MARKET UPDATE

Item
2018
2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – RE Colorado/Matrix):
Item:
2018:
2019:
% +/- :
Commercial Sales Volume
$30.5M
$17.1M
-44%
Item:
2018:
2019:
% +/- :
Commercial Transactions
34
27
20.6%
SALES TAX INDICATORS (Source – Town of Steamboat Springs – January thru November):
Item:
2018:
2019:
% +/- :
All Sales Taxes
$22.5M
$24.3M
8%
Item:
2018:
2019:
% +/- :
Retail Taxes – Misc
$4.4M
$4.9M
9.3%
Item:
2018:
2019:
% +/- :
Restaurant Taxes
$3.9M
$4.2M
6.2%
Item:
2018:
2019:
% +/- :
Lodging Taxes
$3.9M
$4.4M
12.8%
Item:
2018:
2019:
% +/- :
Weedtail Sales
$476K
$519K
9%
Item:
2018:
2019:
% +/- :
Liquor Stores
$796K
$772K
-2.9%
Item:
2018:
2019:
% +/- :
Utilities
$1.7M
$1.8M
5.2%
Item:
2018:
2019:
% +/- :
Sporting Goods
$1.3M
$1.4M
4.6%
Item:
2018:
2019:
% +/- :
Home Improvement
$2.5M
$2.9M
14.3%
Item:
2018:
2019:
% +/- :
Grocery Stores & Food Sellers
$3.4M
$3.5M
3.5%
VACANCY RATE
2018:
2019:
% +/- :
VACANCY RATE
10-15%
10-15%
0%
CAP RATES
2018:
2019:
% +/- :
CAP RATES
6.5% – 7.5%
6.5% – 7.5%
0%
RESIDENTIAL REAL ESTATE
Item:
2018:
2019:
% +/- :
Residential Total Sales
$524M
$569.3M
8.6%
Item:
2018:
2019:
% +/- :
Residential Average Price
$672,704 – $348 finished ppsf
$726,205 – $372 finished ppsf
8%
Item:
2018:
2019:
% +/- :
Residential Days On Market
90
103
14.4%
Item:
2018:
2019:
% +/- :
Residential Real Estate Listed for Sale
434
299
-31.1%
Item:
2018:
2019:
% +/- :
Residential Real Estate Inventory
10 Month Inventory
4 Month Inventory
-60%

DEVELOPMENTS
  • Annexation of 191 acres west of Steamboat Springs by Brynn Gray Partners. 450 new homes are planned to be built over the next 15-20 years with 1/3rd of homes deed restricted. There is also some commercial space planned for retail, schools and parks.
  • 93 lots in the Sunlight residential subdivision are nearly sold out. New homes that started out in the $600K range are now averaging $900K.
  • Alpenglow Village with 72 new affordable housing units have broken ground on Hwy. 40 behind Walgreens.
  • Residence Inn by Marriot Hotel is building a 110-room hotel behind Safeway.
  • Hayden Airport Traffic is nearly up 25% since a year ago Airport Tax and the Ski area has help substantially.
  • Base area Development is moving along with new hi density SGL Fam homes and Higher end condo developments all in the $1MM -$2MM range 40% cash sales.
  • Ski area received approval for a new conceptual master plan that will be implemented over the next decade. $15MM gondola replacement, Food facilities, high speed lifts, new teaching and children’s terrain.
  • Hayden 20 miles west of Steamboat is starting to heat up. Hayden and Oak Creek are our only real bedroom communities within 20-30 minutes of Steamboat Springs.

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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.