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
