Steamboat Springs Market Update: Q1 2024
DEVELOPMENTS & COMMUNITY NEWS:
As planned, the Mid Valley housing project includes 84 for-sale condominiums and 150 apartment units for rent. All the units will be deed-restricted and will target people who are working in Routt County or retired from local employment.
- 23 acres purchased in front of the Steamboat Springs Airport, Redevelopment to come in the next 1- 2 years, Commercial
industrial and Live work, some multi-family possibilities. - 6 new live work units’ broke ground, occupancy 2024 fall
- New city hall-Fire station on 10th street 50% completed.
- Base Lodge west of town apartments and retail center to open in November 2023
- Ski area Gondola to top of mtn to be open this winter.
| 2023 Q1 | 2024 Q1 | %+- | |
| VELOCITY (Source – RE Colorado / Matrix) | |||
| Commercial Sales Volume | $7,870,500 | $6,009,500 | -24.00% |
| Commercial Transactions | 6 | 4 | -25.00% |
| VACANCY RATE | 8% | 8% | -0% |
| CAP RATE | 5-6.0% | 6.5% | 20.0% |
SALES TAX INDICATORS (Source – City of Steamboat Springs) | |||
| All Sales Tax | $13,987,000 | $ | 5.21% |
| Lodging Taxes | $1,638,00 | $ | -6.9% |
