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Grand Junction/Mesa County Market Update – November 2019

Commercial Real Estate sales volume of $121.3M with 172 transactions YTD in 2019 is down 7.9% compared to sales YTD in 2018 with 208 transactions worth $131.7M. Residential Real Estate sales for Mesa County YTD in 2019 of 841M are up 2.3% compared to sales YTD in 2018 of $822M. Sales Taxes YTD in 2019 were up 5.5% 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
Q3 2018 YTD
Q3 2019 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Mesa County Assessor)
Item :
Q3 2018 YTD
Q3 2019 YTD
% +/- :
Commercial Sales Volume
$131.7M
$121.3M
-7.9%
Item :
Q3 2018 YTD
Q3 2019 YTD
% +/- :
Commercial Transactions
208
172
-17.3%
MESA COUNTY SALES TAX INDICATORS:
Item :
Q3 2018 YTD
Q3 2019 YTD
% +/- :
Total Sales Taxes
$27.1M
$28.6M
5.5%
Item :
Q3 2018 YTD
Q3 2019 YTD
% +/- :
Retail Taxes
$7.7M
$8.1M
5.2%
Item :
Q3 2018 YTD
Q3 2019 YTD
% +/- :
Restaurant Taxes
$1.3M
$1.3M
0%
Item :
Q3 2018 YTD
Q3 2019 YTD
% +/- :
Lodging Taxes
$3.6M
$3.8M
5.8%
CAP RATE
Q3 2018 YTD
Q3 2019 YTD
% +/- :
CAP RATE
8%
7.5%
-6%
MESA COUNTY RESIDENTIAL REAL ESTATE
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Total Sales
$822M
$841M
2.3%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Average Price
$235,000
$254,000
8%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Transactions
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Days On Market
58
58
0%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Listed for Sale
949
781
-21.5%

DEVELOPMENTS
  • Tru by Hilton opened 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 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.