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Grand Junction/Mesa County Market Update – April 2019

Commercial Real Estate sales volume of $59.5M with 81 transactions YTD in 2019 is significantly up 32.2% compared to sales YTD in 2018 with 72 transactions worth $45M. Residential Real Estate sales for $203M YTD in 2019 are down 1.4% compared to sales YTD in 2018 of $206M. Sales Taxes YTD in 2019 were up 5.2% compared to taxes collected YTD in 2018. New commercial real estate projects include Tru by Hilton scheduled to open May 2019, Downtown Grand Junction has partnered with Kaart Group for the development of 734 and 702 Main in downtown Grand Junction, Dillard’s is building a new store at Mesa Mall at the old Sears store location and new multi-family development is underway on 24 1/2 Rd.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item
Q1 2018
Q1 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Mesa County Assessor)
Item :
Q1 2018
Q1 2019
% +/- :
Commercial Sales Volume
$45M
$59.5M
32.2%
Item :
Q1 2018
Q1 2019
% +/- :
Commercial Transactions
72
81
12.5%
MESA COUNTY SALES TAX INDICATORS:
Item :
Q1 2018
Q1 2019
% +/- :
Lodging Taxes
$211K
$369K
74.7%
Item :
Q1 2018
Q1 2019
% +/- :
Total Taxes
$13.3M
$14M
5.2%
CAP RATE
Q1 2018
Q1 2019
% +/- :
CAP RATE
8%
7.5%
-.5%
MESA COUNTY RESIDENTIAL REAL ESTATE
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Total Sales
$206M
$203M
-1.4%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Average Price
$230,000
$250,000
8.6%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Days On Market
64
70
9.3%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Listed for Sale
808
730
-9.6%
PUBLIC POLICY CHANGES
  • Lodging Tax increase approved by voters
  • Measure 2B to increase first responder funding approved by voters
DEVELOPMENTS
  • Tru by Hilton is scheduled to open May 2019
  • Downtown Grand Junction has partnered with Kaart Group for the development of 734 and 702 Main in downtown Grand Junction
  • Dillard’s is building a new store at Mesa Mall at the old Sears store location
  • New multi-family development is underway on 24 1/2 Rd.

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About The Author

Brian Bray, Bray Commercial Real Estate

Born and raised in western Colorado, Brian Bray is a fourth-generation member of Bray Commercial Real Estate, which was founded in 1946 by his great-grandfather, Sherman Bray. With over 13 years of commercial real estate experience, Brian Bray serves clients in the Grand Junction area.