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Steamboat Springs Market Update – November 2019

Commercial Real Estate sales volume of 12.9M with 22 transactions in 2019 is substantially down 46% compared to sales in 2018 with 21 transactions worth $23.8M. Residential Real Estate sales for $390.7M in 2019 are slightly down 3.4% compared to sales in 2018 of $404.2M. Sales Taxes are up 7.7% YTD compared to taxes collected YTD 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
Q3 2018 YTD
Q3 2019 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – RE Colorado/Matrix):
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Sales Volume
$23.8M
$12.9M
-45.7%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Transactions
21
22
4.8%
SALES TAX INDICATORS (Source – Town of Steamboat Springs):
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
All Sales Taxes
$19.3M
$20.8M
7.7%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Retail Taxes – Misc
$3.7M
$4M
8.3%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Restaurant Taxes
$3.5M
$3.7M
5.8%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Lodging Taxes
$3.6M
$4.1M
12%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Weedtail Sales
$403K
$436K
8.2%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Liquor Stores
$669K
$655K
-2%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Utilities
$1.4M
$1.5M
5.8%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Sporting Goods
$1.2M
$1.2M
0%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Home Improvement
$2M
$2.4M
15%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Grocery Stores & Food Sellers
$2,8M
$2.9M
3%
VACANCY RATE
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
VACANCY RATE
10-15%
10-15%
0%
CAP RATES
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
CAP RATES
6.5% – 7.5%
6.5% – 7.5%
0%
RESIDENTIAL REAL ESTATE
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Total Sales
$404.3M
$390.7M
3.4%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Average Price
$678,295 – $345 finished ppsf
$710,340 – $370 finished ppsf
4.7%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Days On Market
100
112
12%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Real Estate Listed for Sale
430
415
-3.5%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Real Estate Inventory
6 Month Inventory
7 Month Inventory
16.7%

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.