Steamboat Springs 2023 Q1 Market Update
NOTES:
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 Q1 | 2023 Q1 | %+- | |
| VELOCITY (Source – City of Steamboat Springs & SS MLS) | |||
| Commercial Sales Volume | $34,531,000 | $25,991,000 | – 24.7% |
| Commercial Transactions | 41 | 55 | + 34% |
| VACANCY RATE | N/A | N/A | N/A |
| CAP RATE | 5.5 | 6.0 | N/A |
SALES TAX INDICATORS (Source – 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% |
