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Grand Junction/Mesa County Market Update – September 2020

Commercial Real Estate sales volume of $62M with 82 transactions through the first half of 2020 is down 24% compared to sales in 2019 with 126 transactions worth $81.3M. Residential Real Estate sales for Mesa County in the first six months of 2020 of $512M are down 1% compared to sales in the first half of 2019 of $519M. Sales Taxes in the first six months of 2020 were down 6.1% compared to taxes collected in the first two quarters of 2019. New commercial real estate projects include the development of 734 Main in downtown Grand Junction. BLM headquarters is now open and hiring. Recreation industry was seeing a spike in sales in May and June. The highest number of commercial building permits were pulled since 2009, largely due to multi-family projects.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item
2nd Qtr 2019
2nd Qtr 2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Mesa County Assessor)
Item :
2nd Qtr 2019
2nd Qtr 2020
% +/- :
Commercial Sales Volume
$81.3M
$62M
-24%
Item :
2nd Qtr 2019
2nd Qtr 2020
% +/- :
Commercial Transactions
126
82
-35%
MESA COUNTY SALES TAX INDICATORS:
Item :
2nd Qtr 2019
2nd Qtr 2020
% +/- :
Total Sales Taxes
$28.4M
$26.7M
-6.1%
Item :
2nd Qtr 2019
2nd Qtr 2020
% +/- :
Lodging Taxes
$658K
$428K
-35%
CAP RATE
2nd Qtr 2019
2nd Qtr 2020
% +/- :
CAP RATE
7.5%
8%
6.6%
MESA COUNTY RESIDENTIAL REAL ESTATE
Item:
2nd Qtr 2019
2nd Qtr 2020
% +/- :
Residential Total Sales
$519M
$512M
-1%
Item:
2nd Qtr 2019:
2nd Qtr 2020
% +/- :
Residential Average Price
$250,000
$272,000
8.8%
Item:
2nd Qtr 2019:
2nd Qtr 2020
% +/- :
Residential Days On Market
58
60
3.4%
Item:
2nd Qtr 2019:
2nd Qtr 2020
% +/- :
Residential Listed for Sale
790
496
-37%
DEVELOPMENTS
  • Development of 734 Main St. in Downtown Grand Junction
  • BLM headquarters is now open and hiring
  • Recreation industry was seeing a spike in sales in May and June.
  • The highest number of commercial building permits were pulled since 2009, largely due to multi-family projects.

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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.