Steamboat Springs 2023 Q1 Market Update

Steamboat Springs 2023 Q1 Market Update


The Commercial real estate sales in Routt County holding steady but inventory is low. There is room for new construction if you can find the land to do so. There will be redevelopment happening around the corner. There are a lot of retail spaces changing hands, and restaurants, Breweries, and Distillers are coming alive. There is some new construction breaking ground this summer: Live work and warehouse units, west end commercial residential/commercial retail mixed development. This is great news for the West end especially since town is growing this way and there are a few new residential subdivisions that are underway.

Live/work units and warehouses have been in high demand for both rental and purchase. Prices are at an all-time high, with the average price ranging between $700 K to $1 M and $400-450′

Average CAP rates currently range between 5-6%.

There have been Surprisingly higher-than-expected visitor numbers to Steamboat so SS Sales taxes have been increasing steadily.

 2022 Q12023 Q1%+-
VELOCITY (Source – City of Steamboat Springs & SS MLS)   
Commercial Sales Volume$34,531,000$25,991,000– 24.7%
Commercial Transactions4155+ 34%


 City of Steamboat Springs)

All Sales Tax$34,000,000$40,000,000+17.6%
Lodging Taxes$6,600,000$8,345,000+26.4%

About The Author

Ron Wendler, The Group Inc, Steamboat

Ron has been in his Real Estate business for over 26 years with living in Steamboat Springs for over 40. With that said Ron has extreme knowledge in all aspects of Real Estate sales and investing. Founder of Colorado Group Realty in 1996 and merged with The Group Inc. out of Ft Collins in 2022. Now with close to 400 Brokers in Northern Colorado he has the market surrounded He has what you need to improve your portfolio. Within our referral network entire network we can represent you in all aspects of cash flow real estate investments, commercial and residential developments and not to mention our experience in residential/luxury home sales, ranches and recreation properties.