Steamboat Springs Market Report – March 2021

Posted on March 25, 2021 by Ron Wendler, The Group Inc, Steamboat in Market Updates

Colorado Group Realty logo with "Steamboat Springs Market Update," showing real estate trends in Steamboat Springs, CO.

Commercial Real Estate sales volume of 29.4M with 28 transactions in 2020 is up 69.3% compared to sales in 2019 with 28 transactions worth $17.4M. Residential Real Estate sales for $757.2M in 2020 are up 32.4% compared to sales in 2019 of $571.9M. Sales Taxes are down 1.4% compared to taxes collected in 2019. Steamboat City Council delays approval of preliminary development application for Phase 3 of Longview project with proposed 118 Townhomes. Longview Village has already built the first two phases of its development, Longview Highlands and Longview Park on the 36-acre property. Downtown Steamboat parking lot will be site for new 52,000+ sf boutique Hotel on Yampa and 9th Streets. The Yampa Valley Housing Authority and development partner Overland Property Group recently learned their 48-unit affordable housing project in west Steamboat will be backed by nearly $11 million in low-income housing tax credits from the Colorado Housing Finance Authority.

STEAMBOAT SPRINGS MARKET UPDATE

Item
2019
2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source � RE Colorado/Matrix):
Item:
2019:
2020:
% +/- :
Commercial Sales Volume
$17.4M
$29.4M
69.3%
Item:
2019:
2020:
% +/- :
Commercial Transactions
28
28
0%
SALES TAX INDICATORS (Source � Town of Steamboat Springs – January thru November):
Item:
2019:
2020:
% +/- :
All Sales Taxes
$28.1M
$27.7M
-1.4%
Item:
2019:
2020:
% +/- :
Retail Taxes � Misc
$5.6M
$6M
5.8%
Item:
2019:
2020:
% +/- :
Restaurant Taxes
$4.7M
$3.9M
-15.9%
Item:
2019:
2020:
% +/- :
Lodging Taxes
$5.2M
$4.6M
-10.7%
Item:
2019:
2020:
% +/- :
Weedtail Sales
$569K
$612K
7.6%
Item:
2019:
2020:
% +/- :
Liquor Stores
$887K
$1M
16.5%
Item:
2019:
2020:
% +/- :
Utilities
$2M
$2M
0%
Item:
2019:
2020:
% +/- :
Sporting Goods
$1.7M
$1.6M
-5.1%
Item:
2019:
2020:
% +/- :
Home Improvement
$3.3M
$3.4M
2.8%
Item:
2019:
2020:
% +/- :
Grocery Stores & Food Sellers
$4.1M
$4.5M
10%
VACANCY RATE
2019:
2020:
% +/- :
VACANCY RATE
Office 6.5% | Retail 7.5% | Warehouse 7%
Office 10-12% | Retail 10-15% | Warehouse 5%
CAP RATES
2019:
2020:
% +/- :
CAP RATES
6.5% – 7.5%
6.5% – 7.5%
RESIDENTIAL REAL ESTATE
Item:
2019:
2020:
% +/- :
Residential Total Sales
$571.9M
$757.2M
32.4%
Item:
2019:
2020:
% +/- :
Residential Average Price
$727,601 � $372 finished ppsf
$803,812 � $397 finished ppsf
10.5%
Item:
2019:
2020:
% +/- :
Residential Days On Market
103
33
-68%%
Item:
2019:
2020:
% +/- :
Residential Real Estate Listed for Sale
296
150
-50%
Item:
2019:
2020:
% +/- :
Residential Real Estate Inventory
4 Month Inventory
2 Month Inventory
-50%

DEVELOPMENTS
  • Steamboat City Council delays approval of preliminary development application for Phase 3 of Longview project with proposed 118 Townhomes. Longview Village has already built the first two phases of its development, Longview Highlands and Longview Park on the 36-acre property.
  • Downtown Steamboat parking lot will be site for new 52,000+ sf boutique Hotel on Yampa and 9th Streets.
  • he Yampa Valley Housing Authority and development partner Overland Property Group recently learned their 48-unit affordable housing project in west Steamboat will be backed by nearly $11 million in low-income housing tax credits from the Colorado Housing Finance Authority.
[gravityform id=”3″ title=”true” description=”true” ajax=”true”]

About The Author

Ron Wendler, real estate expert with over 26 years of experience, wearing a blue shirt and black jacket, representing The Group Inc. in Steamboat Springs.

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.

Breckenridge/Summit County Market Update – March 2021 LIV Sotheby's International Realty logo, representing luxury real estate services in Colorado, relevant to Woodland Park and Teller County market updates. Porter Realty logo featuring mountains and a sunset, representing real estate in Alamosa and the San Luis Valley. Alamosa County Market Update – March 2021