RMCRE: Steamboat Springs Real Estate Market Update

Posted on February 1, 2023 by Rocky Mountain Commercial Brokers in Market Updates

2021 was a much busier year for Ron than 2020
Lack of inventory continues
Short-Term Rentals is an issue; Steamboat City Council continues discussion
City of Steamboat Springs is considering dormitory type housing to be built in Industrial Zoning
65 Live/Work units and Industrial lots proposed at entrance of Steamboat Springs Airport
Overland Park – 100+ homesites; small and large lots; recently sold with all approvals in place
Steamboat Ski Area begins Phase II of $200M redevelopment: New Gondola to new Ski School area between Bashor & Thunderhead lifts

2021 Q4

2022 Q4

%+-

VELOCITY (Source – RE Colorado / Matrix)

Commercial Sales Volume

$34,531,513

$25,991,000

32% +

Commercial Transactions

60% –

VACANCY RATE

N/A

Retail 7-10%

Office 7-10%

Warehouse 0%

N/A

CAP RATE

N/A

Office 5 – 6 %

Retail 5 – 6 %

Warehouse 6 – 7%

N/A

SALES TAX INDICATORS (Source –

City of Steamboat Springs)

All Sales Tax

$34,214,623

$35,026,242

N/A

Lodging Taxes

$6,669,368

$7,188,463

N/A