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Grand Junction/Mesa County Market Update – November 2018

Commercial Real Estate sales volume of $131.7M with 208 transactions YTD in 2018 is up 34% compared to sales January-October 2017 with 151 transactions worth $98M. Residential Real Estate sales for $901M YTD in 2018 are up 13% compared to sales January-October 2017 of $797M. Sales Taxes are up 1.2% YTD compared to taxes collected January-October 2017. New commercial real estate development projects include 30,000 SF Strive construction project almost complete, new medical office building construction project underway at 360 W. Park, Assisted Living project at 2656 Patterson Rd. nearly complete, newly constructed ANB Bank branch and new 100+ unit apartment complex underway at 12th and Patterson along with multiple downtown redevelopment projects underway.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Mesa County Assessor)
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Sales Volume
$98,090,000
$131,700,000
34.3%
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Transactions
151
208
37.7%
MESA COUNTY SALES TAX INDICATORS:
Item :
2017 YTD :
2018 YTD :
% +/- :
Mesa County Use Tax
$2,589,000
$2,851,000
10.12%
Item :
2017 YTD :
2018 YTD :
% +/- :
Mesa County Sales Tax
$25,101,000
$27,392,000
9.13%
Item :
2017 YTD :
2018 YTD :
% +/- :
Grand Junction City Use Tax
$1,279,000
$1,116,000
-12.74%
Item :
2017 YTD :
2018 YTD :
% +/- :
Grand Junction City Sales Tax
$33,097,000
$35,741,000
7.99%
Item :
2017 YTD :
2018 YTD :
% +/- :
Total Taxes
$62,066,000
$67,100,000
8.11%
VACANCY RATE
2017 YTD :
2018 YTD :
% +/- :
VACANCY RATE
MESA COUNTY RESIDENTIAL REAL ESTATE
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales
$797,089,755
$901,612,992
13%
Item :
2017 YTD :
2018 YTD :
% +/- :
Transactions
3,283
3,429
4%
RESIDENTIAL DEVELOPMENTS
  • North Grand Junction – 20 projects/106 lots
  • Southeast Grand Junction – 15 projects/114 lots
  • City of Grand Junction – 8 projects/54 lots
  • Fruita – 18 projects/74 lots
  • Orchard Mesa – 13 projects/83 lots
  • Northeast Grand Junction – 6 projects/27 lots
  • Redlands – 26 projects/30 lots
  • Northwest Grand Junction – 1 project/4 lots
  • Clifton – 3 projects/21 lots
COMMERCIAL DEVELOPMENTS
  • 30,000 SF Strive Medical Office Project almost complete
  • New Medical Office building underway at 350 W. Park
  • Assisted Living project almost complete at 2656 Patterson Rd.
  • Newly constructed ANB Bank and 100+ unit apartment complex underway at 12th and Patterson
  • Multiple downtown redevelopment projects underway

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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.