Steamboat Springs Q2 2023 Market Updates
NOTES:
- The Yampa Valley Housing Authority’s Mid Valley project, an effort to build workforce housing for the “missing middle,” is getting a $4 million boost from a state grant. ● As planned, the Mid Valley housing project includes 84 for-sale condominiums and 150 apartment units for rent. All of the units will be deed-restricted and will target people who are working in Routt County or retired from local employment.
- As always workforce housing is a hot topic:
– 23 acres purchased in front of the Steamboat Springs Airport, – Redevelopment to come in the next 1-2 years
– Commercial industrial and Live work, apartments for the ski area, etc. - Routt County Environmental Health to implement new Septic inspections upon each sale of property
- City of SS broke ground on a new city hall on 10th street
| 2022 Q2 | 2023 Q2 | %+- | |
| VELOCITY (Source – RE Colorado / Matrix) | |||
| Commercial Sales Volume | $2,633,500 | $1,200,000 | -54.43% |
| Commercial Transactions | 5 | 1 | -80% |
| VACANCY RATE | 8% | 6% | -2% |
| CAP RATE | 5-6% | 5-6% | 0.0% |
SALES TAX INDICATORS (Source – City of Steamboat Springs) | |||
| All Sales Tax | $2,089,941 | $2,198,917 | +5.21% |
| Lodging Taxes | $190,831 | $177,661 | -6.9% |
