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Delta County Market Update – April 2019

Commercial Real Estate sales volume for Delta County of $1.05M YTD in 2019 is down 60% compared to sales YTD in 2018 of $1.7M. Residential Real Estate sales for $28.8M YTD in 2019 is up 4.8% compared to sales YTD in 2018 of $27.5M. Sales Taxes in City of Delta are up 6% YTD in 2019 compared to taxes collected YTD in 2018. Delta County Economic Development (DCED) with Region 10 and local support are focused on taking advantage of Opportunity Zone funds that are available and are holding several workshops to identify and assist in development projects in Delta County. A 5 acre multi-family development project has been identified as a top 3 priority for Region 10 Opportunity Zone program in the City of Delta.

DELTA COUNTY MARKET UPDATE

Item
Q1 2018
Q1 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Sales Volume
$1.7M
$1.05M
-60%
Item:
Q1 2018:
Q1 2019:
% +/- :
SC Commercial Transactions
10
1
-900%
DELTA COUNTY SALES TAX INDICATORS (Source – City of Delta, Delta County):
Item:
Q1 2018:
Q1 2019:
% +/- :
City of Delta Sales Taxes
$1.4M
$1.5M
6%
Item:
Q1 2018:
Q1 2019:
% +/- :
Delta County Sales Taxes
$1.5M
$1.6M
7%
Item:
Q1 2018:
Q1 2019:
% +/- :
Lodging Taxes
$23.1K
$19.9K
-14%
DELTA COUNTY COMMERCIAL VACANCY RATE:
Item:
Q1 2018:
Q1 2019:
% +/- :
Shoppes at Delta Office/Retail
54%
54%
0%
Item:
Q1 2018:
Q1 2019:
% +/- :
Valley View Plaza Retail
32.2%
32.2%
0%
DELTA COUNTY RESIDENTIAL REAL ESTATE
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Total Sales
$27.5M
$28.8M
4.8%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Average Price
$206,618
$248,347
20.2%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Days On Market
120
142
18.3%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Listed for Sale
133
116
-12.8%
PUBLIC POLICY UPDATE
  • Delta County Economic Development (DCED) with Region 10 and local support are focused on taking advantage of Opportunity Zone funds that are available and are holding several workshops to identify and assist in development projects in Delta County.
  • A 5 acre multi-family development project has been identified as a top 3 priority for Region 10 Opportunity Zone program in the City of Delta.

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About The Author

Lucinda Stanley, Grand Mesa Commercial Real Estate

Lucinda Stanley has been a commercial real estate professional since 1984. She is the owner of Grand Mesa Commercial Real Estate in the Delta County area. Her commercial real estate company has been in the Delta area since 2011 and has helped many small businesses by providing guidance to match their business goals. From commercial leasing and real estate sales, business consultations, land acquisitions and commercial property management services, Lucinda Stanley customizes her services to help further her client’s success.