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Grand Junction/Mesa County Market Update – March 2021

Commercial Real Estate sales volume of $142.5M with 207 transactions in 2020 is down 24.2% compared to sales in 2019 with 229 transactions worth $188M. Residential Real Estate sales for Mesa County in 2020 of $1.3B are up 18% compared to sales in 2019 of $1.1B. Sales Taxes in 2020 were up 17.4% compared to taxes collected in 2019. New development projects include Railyard at Rimrock Apartments with 200 studio, 1BR and 2 BR apartments which are under construction near Walmart. $9M in improvements including reconstruction of the north stands at Suplizio Field and west stands at Stocker Stadium are underway. Construction is underway for infrastructure at Dos Rios Riverfront project. Construction is to begin April 2021 on improvements to the 1st and Grand intersection. Street Construction Projects for Summer 2021 include widening of 24 Road and improvements to G Road from 23 1/2 to 24 1/2 Roads at a cost of $12.2M.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item
2019
2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Mesa County Assessor)
Item :
2019
2020
% +/- :
Commercial Sales Volume
$188M
$142.5M
-24.2%
Item :
2019
2020
% +/- :
Commercial Transactions
229
207
-9.6%
MESA COUNTY SALES TAX INDICATORS:
Item :
2019
2020
% +/- :
Total Sales Taxes
$48.6M
$57.1M
17.4%
Item :
2019
2020
% +/- :
Lodging Taxes
$1.6M
$1.1M
-31.3%
CAP RATE
2019
2020
% +/- :
CAP RATE
7.5%
7.5%
MESA COUNTY RESIDENTIAL REAL ESTATE
Item:
2019
2020
% +/- :
Residential Total Sales
$1.1B
$1.3B
18%
Item:
2019:
2020
% +/- :
Residential Average Price
$256,000
$287,000
12%
Item:
2019:
2020
% +/- :
Residential Days On Market
59
56
-5%
Item:
2019:
2020
% +/- :
Residential Listed for Sale
585
281
-52%
PUBLIC POLICY CHANGES
  • City of Grand Junction released a new Comprehensive Plan and City Council members are taking more ownership of that than in the past.
  • Grand Junction City Council voted to include two measures that will allow retail marijuana businesses to operate and be taxed within city limits.
DEVELOPMENTS
  • Construction is to begin April 2021 on improvements to the 1st and Grand intersection.
  • Street Construction Projects for Summer 2021 include widening of 24 Road and improvements to G Road from 23 1/2 to 24 1/2 Roads at a cost of $12.2M.
  • Construction is underway for Railyard at Rimrock Apartments with 200 studio, 1BR and 2 BR apartments near Walmart.
  • $9M in improvements are underway including reconstruction of the north stands at Suplizio Field and west stands at Stocker Stadium.
  • Construction is underway for infrastructure at Dos Rios Riverfront project.

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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.