Commercial Property for Sale | Delta County Market Update

Delta County Market Update – August 2019

Posted on September 12, 2019 by Lucinda Stanley, Grand Mesa Real Estate Services in Market Updates

Commercial Real Estate sales volume for Delta County of $3.8M YTD in 2019 is down 5.9% compared to sales YTD in 2018 of $4M. Residential Real Estate sales of $73M YTD in 2019 is up 4.7% compared to sales YTD in 2018 of $70M. Sales Taxes in City of Delta are up 6.8% 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 that was identified as a top 3 priority for Region 10 Opportunity Zone program in the City of Delta has been deemed too expensive to pursue. CDOT is working with the City of Delta for improving downtown traffic.

DELTA COUNTY MARKET UPDATE

Item

Q2 2018

Q2 2019

% +/-

——————————————————————————————————————————————————————————————————

VELOCITY (Source � MLS)

Item:

Q2 2018:

Q2 2019:

% +/- :

Commercial Sales Volume

$4M

$3.8M

-5.9%

Item:

Q2 2018:

Q2 2019:

% +/- :

SC Commercial Transactions

-58.8%

DELTA COUNTY SALES TAX INDICATORS (Source � City of Delta, Delta County):

Item:

Q2 2018:

Q2 2019:

% +/- :

City of Delta Sales Taxes

$2.8M

$3M

6.8%

Item:

Q2 2018:

Q2 2019:

% +/- :

Delta County Sales Taxes

$1.5M

$1.6M

8.5%

Item:

Q2 2018:

Q2 2019:

% +/- :

Lodging Taxes

$12.3K

$14.4K

17.4%

DELTA COUNTY COMMERCIAL VACANCY RATE:

Item:

Q1 2019:

Q2 2019:

% +/- :

Shoppes at Delta Office/Retail

54%

24.6%

-54.5%

Item:

Q1 2019:

Q2 2019:

% +/- :

Valley View Plaza Retail

32.6%

42.1%

29.1%

DELTA COUNTY RESIDENTIAL REAL ESTATE

Item:

Q2 2018:

Q2 2019:

% +/- :

Residential Total Sales

$70M

$73.3M

4.7%

Item:

Q2 2018:

Q2 2019:

% +/- :

Residential Transactions

170

174M

2.4%

Item:

Q2 2018:

Q2 2019:

% +/- :

Residential Average Price

$250,282

$255,945

2.3%

Item:

Q2 2018:

Q2 2019:

% +/- :

Residential Days On Market

139

113

-18.7%

Item:

Q2 2018:

Q2 2019:

% +/- :

Residential Listed for Sale

270

248

-8.1%

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 that was identified as a top 3 priority for Region 10 Opportunity Zone program in the City of Delta has been deemed too expensive to pursue.
CDOT is working with the City of Delta for improving downtown traffic.