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Steamboat Springs Market Update – November 2018

Commercial Real Estate sales volume of $25.8M with 26 transactions YTD in 2018 is up 15% compared to sales January-October 2017 with 36 transactions worth $22.5M. Residential Real Estate sales for $404M YTD in 2018 are up 2% compared to sales January-October 2017 of $396M. Sales Taxes are up 6% YTD compared to taxes collected January-October 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):
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Commercial Sales Volume
$22,501,300
$25,887,500
15%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Commercial Transactions
36
26
27.8%
SALES TAX INDICATORS (Source – Town of Steamboat Springs):
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
All Sales Taxes
$18,204,886
$19,295,803
6%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Retail Taxes – Misc
$7,532,499
$3,663,057*
-51.4%*
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Restaurant Taxes
$3,264,939
$3,486,005
6.8%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Lodging Taxes
$3,379,211
$3,635,476
7.6%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Weedtail Sales
$375,311
$402,996
7.4%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
RE Transfer Taxes
$0
$0
0%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Liquor Stores
$659,304
$668,872
1.45%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Utilities
$1,347,014
$1,413,321
4.9%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Sporting Goods
$1,033279
$1,170,506
13.3
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Construction & Home Improvement
Under Retail Sales – Misc
$1,212,350
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Grocery Stores & Food Sellers
Under Retail Sales – Misc
$1,824,103
VACANCY RATE
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
VACANCY RATE
10%
15%
50%
CAP RATES
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
CAP RATES
6.5-7.5%
6.5-7.5%
0%
RESIDENTIAL REAL ESTATE
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Residential Total Sales
$396,352,084
$404,247,051
2%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Residential Average Price
$616,411 – $329 ppsf
$678,267 – $347 ppsf
10%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Residential Days On Market
117
99
-15.4%
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
Residential Real Estate Listed for Sale
YTD 9/30/17 = 493 (9 Month Inventory)
YTD 9/30/18 = 427 (6 Month Inventory)
-15.5% (3 Month Inventory)
Item :
2017 YTD (1&2 Qtrs):
2018 YTD (1&2 Qtrs):
% +/- :
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

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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.