Glenwood Springs/Mid Valley Market Update – August 2018
Commercial Real Estate sales volume of $11.9M with 21 transactions YTD in 2018 is up 112.5% compared to sales Jan-July 2017 with 12 transactions worth $5.6M. Residential Real Estate sales for $178M YTD in 2018 are up 28.7% compared to sales Jan-July 2017 of $138M. Sales Taxes are up 1.68% YTD compared to taxes collected Jan-July 2017. New commercial real estate projects include Oasis Creek Apartments, Glenwood Meadows Apartments. The market is also seeing selloff of commercial properties from the Woodbridge SEC Ponzi Scheme liquidation.
GLENWOOD SPRINGS/MID VALLEY MARKET UPDATE
Item
2017 YTD
2018 YTD
+/- %
——————————————————————————————————————————————————————————————————
VELOCITY (Source � Aspen/Glenwood MLS )
Commercial Sales Volume
Commercial Transactions
Commercial Transactions
$5.6M
12
12
$11.9M
21
21
112.5%
+75%
+75%
SALES TAX INDICATORS (Source � City of Glenwood Springs)
All Sales Taxes
1.68%
Lodging Taxes
5.95%
VACANCY RATE
3.5%
3.5%
0%
CAP RATES
7%
7%
0%
GLENWOOD SPRINGS/CARBONDALE RESIDENTIAL REAL ESTATE
Residential Total Sales
Retidential Average Price
Residential Days On Market
Residential Listed for Sale
Retidential Average Price
Residential Days On Market
Residential Listed for Sale
$138,380,109
$581,429
149
238
$581,429
149
238
$178,147,753
$690,495
143
258
$690,495
143
258
28.7%
18.8%
-4%
8.4%
18.8%
-4%
8.4%
PUBLIC POLICY CHANGES
- Short Term Rentals – Constant Changing Rules
DEVELOPMENTS
- Oasis Creek Apartments
- Glenwood Meadows Apartments
- City of Glenwood Springs 7th St. Bridge
- Woodbridge SEC Ponzi Scheme Commercial Real Estate Selloff
