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Delta County Market Update – December 2020

Commercial Real Estate sales volume for Delta County of $4.6M YTD in 2020 is down 17.9% compared to sales YTD in 2019 of $5.6M. Residential Real Estate sales of $140M YTD in 2020 is up 22% compared to sales YTD in 2019 of $115.5M. Sales Taxes in City of Delta are up 6.2% YTD in 2020 compared to taxes collected YTD in 2019. Delta County’s Land Use Regulations were approved by Planning Commission. Paonia and Cedaredge added Marijuana Retail Sales on ballots. Delta County’s Investment Prospectus 2020 is ready for approval. The first apartment complex to be built in the last 10 years was approved but is on-hold due to lending and construction cost issues. The apartment project includes construction of 72 apartment units in 9-8 Plex buildings with pool at market rentals. The project to break ground May 2020 depending on lender approval.

DELTA COUNTY MARKET UPDATE

Item
Q3 2019
Q3 2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
Q3 2019:
Q3 2020:
% +/- :
Commercial Sales Volume
$5.6M
$4.6M
-17.9%
Item:
Q3 2019:
Q3 2020:
% +/- :
SC Commercial Transactions
14
19
35.7%
DELTA COUNTY SALES TAX INDICATORS (Source – City of Delta, Delta County):
Item:
Q3 2019:
Q3 2020:
% +/- :
City of Delta Sales Taxes
$1.6M
$1.7M
6.2%
Item:
Q3 2019:
Q3 2020:
% +/- :
Delta County Sales Taxes
$1.9M
$2.2M
15.8%
Item:
Q3 2019:
Q3 2020:
% +/- :
Lodging Taxes
$57.5K
$58K
1%
DELTA COUNTY COMMERCIAL VACANCY RATE:
Item:
Q1 2019:
Q3 2020:
% +/- :
Shoppes at Delta Office/Retail
29.5%
29.9%
1.4%
Item:
Q1 2019:
Q3 2020:
% +/- :
Valley View Plaza Retail
47.3%
35.8%
-24.4%
DELTA COUNTY RESIDENTIAL REAL ESTATE
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Total Sales
$115.5M
$140.9M
21.9%
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Transactions
452
483
-22%
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Average Price
$255,383
$291,571
4.1%
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Days On Market
121
113
-6.6%
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Listed for Sale
686
645
-6%
PUBLIC POLICY UPDATE
  • Delta County’s Land Use Regulations were approved by Planning Commission
  • Paonia and Cedaredge added Marijuana Retail Sales on ballots
  • Delta County’s Investment Prospectus 2020 is ready for approval
  • The first apartment complex to be built in the last 10 years was approved but is on-hold due to lending and construction cost issues. The apartment project includes construction of 72 apartment units in 9-8 Plex buildings with pool at market rentals. The project to break ground May 2020 depending on lender approval.

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About The Author

Lucinda Stanley, Grand Mesa Real Estate Services

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.