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Grand Junction/Mesa County Market Update – August 2019

Commercial Real Estate sales volume of $81.3M with 126 transactions YTD in 2019 is up 2.8% compared to sales YTD in 2018 with 132 transactions worth $79.1M. Residential Real Estate sales for Mesa County YTD in 2019 of 305.8M are down 7.8% compared to sales YTD in 2018 of $332M. Sales Taxes YTD in 2019 were up 4.7% compared to taxes collected YTD in 2018. New commercial real estate projects include Tru by Hilton, Downtown Grand Junction has partnered with Kaart Group for the development of 734 and 702 Main in downtown Grand Junction and Dillard’s is building a new 100,000 square foot store at Mesa Mall at the old Sears store location.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item
Q2 2018
Q2 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Mesa County Assessor)
Item :
Q2 2018
Q2 2019
% +/- :
Commercial Sales Volume
$79.1M
$81.3M
2.8%
Item :
Q2 2018
Q2 2019
% +/- :
Commercial Transactions
132
126
-4.5%
MESA COUNTY SALES TAX INDICATORS:
Item :
Q2 2018
Q2 2019
% +/- :
Total Sales Taxes
$18.9M
$19.8M
4.7%
Item :
Q2 2018
Q2 2019
% +/- :
Retail Taxes
$6M
$6.2M
3.8%
Item :
Q2 2018
Q2 2019
% +/- :
Restaurant Taxes
$1M
$1M
0%
Item :
Q2 2018
Q2 2019
% +/- :
Lodging Taxes
$2.7M
$2.9M
6.5%
CAP RATE
Q2 2018
Q2 2019
% +/- :
CAP RATE
8%
7.5%
-6%
MESA COUNTY RESIDENTIAL REAL ESTATE
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Total Sales
$332M
$306M
-7.8%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Average Price
$237,000
$255,000
7.6%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Transactions
1,235
1,084
12.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Days On Market
55
53
-3.6%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Listed for Sale
883
790
-10.5%
PUBLIC POLICY CHANGES
  • Grand Junction City Elected Officials Inducted
  • 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

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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.