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Grand Junction/Mesa County Market Update – January 2020

Commercial Real Estate sales volume of $188M with 229 transactions in 2019 is up 11.4% compared to sales in 2018 with 262 transactions worth $168.8M. Residential Real Estate sales for Mesa County in 2019 of 1.1B are up 4.8% compared to sales in 2018 of $1.05B. Sales Taxes in 2019 were up 3.3% compared to taxes collected in 2018. New commercial real estate projects include Monument Ridge Elementary Shcool in Fruita that is expected to open in Fall 2020, Orchard Mesa Middle School opened in September 2019, Downtown Grand Junction has partnered with Kaart Group for the development of 734 and 702 Main in downtown Grand Junction and Dillard’s is in the process of building a new 100,000 square foot store at Mesa Mall at the old Sears store location.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item
2018
2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Mesa County Assessor)
Item :
2018
2019
% +/- :
Commercial Sales Volume
$168.8M
$188M
11.4%
Item :
2018
2019
% +/- :
Commercial Transactions
262
229
-12.6%
MESA COUNTY SALES TAX INDICATORS:
Item :
2018
2019
% +/- :
Total Sales Taxes
$57M
$58.8M
3.3%
Item :
2018
2019
% +/- :
Lodging Taxes
$1.57M
$1.65M
5.1%
CAP RATE
2018
2019
% +/- :
CAP RATE
7.5%
7.5%
-0%
MESA COUNTY RESIDENTIAL REAL ESTATE
Item:
2018:
2019:
% +/- :
Residential Total Sales
$1.05B
$1.1B
4.8%
Item:
2018:
2019:
% +/- :
Residential Average Price
$235,000
$257,000
9.4%
Item:
2018:
2019:
% +/- :
Residential Days On Market
60
59
-1.7%
Item:
2018:
2019:
% +/- :
Residential Listed for Sale
643
585
-9%
DEVELOPMENTS
  • Monument Ridge Elementary Shcool in Fruita is expected to open in Fall 2020
  • Orchard Mesa Middle School opened in September 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 100,000 square foot 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.