Grand Junction/Mesa County Market Update – August 2018
Commercial Real Estate sales volume of $78M with 98 transactions YTD in 2018 is up 25.8% compared to sales Jan-July 2017 with 82 transactions worth $62M. Residential Real Estate sales for $527M YTD in 2018 are up 17% compared to sales Jan-July 2017 of $450M. Sales Taxes are up 7.87% YTD compared to taxes collected Jan-July 2017. New commercial real estate development projects include Mind Springs Health, St. Mary’s Health Expansion, Strive and Los Colonias Park.
GRAND JUNCTION/MESA COUNTY MARKET UPDATE
Item
2017 YTD July 1
2018 YTD July 1
+/- %
——————————————————————————————————————————————————————————————————
VELOCITY (Source – LTGC)
Commercial Sales Volume
Commercial Transactions
Commercial Transactions
$62,000,000
82
82
$78,000,000
98
98
25.8%
19.5%
19.5%
SALES TAX INDICATORS (Source – City of Grand Junction)
All Sales Taxes
Retail Taxes
Restaurant Taxes
Lodging Taxes
Weedtail Sales
RE Transfer Taxes
Retail Taxes
Restaurant Taxes
Lodging Taxes
Weedtail Sales
RE Transfer Taxes
$25,300,000
$20,100,000
$580,530
$20,100,000
$580,530
$27,500,000
$623,472
$623,472
7.87%
7.4%
7.4%
VACANCY RATES
CAP RATES
8%
7.5%
-6.7%
RESIDENTIAL REAL ESTATE
Residential Total Sales
Residential Average Price
Residential Days On Market
Residential Listed for Sale
Residential Average Price
Residential Days On Market
Residential Listed for Sale
$450,000,000
$215,000
66
960
$215,000
66
960
$527,000,000
$234,000
57
883
$234,000
57
883
17%
9%
-14%
-8%
9%
-14%
-8%
PUBLIC POLICY CHANGES
- Opportunity Zone
DEVELOPMENTS
- Mind Springs Health
- St. Mary’s Hospital
- Strive
- Las Colonias Park
