Montrose County Market Update – April 2019
Commercial Real Estate sales volume of $5.1M with 9 transactions YTD in 2019 is down 43% compared to sales YTD in 2018 with 11 transactions worth $7.4M. Residential Real Estate sales for $34.3M YTD in 2019 is down 8.9% compared to sales YTD in 2018 of $37.6M. Sales Taxes are up 3.8% YTD compared to taxes collected YTD in 2018. Commercial real estate development projects include Colorado Outdoors Ross and Abel headquarters construction project is now completed, Dunkin Donuts is now open and Freddie Hamburger to complete construction and to open in May 2019.
MONTROSE MARKET UPDATE
Item
Q1 2018
Q1 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
Q1 2018:
Q1 2019:
% +/- :
Commercial Sales Volume
$7.4M
$5.1M
-43.2%
Item:
Q1 2018:
Q1 2019:
% +/- :
SC Commercial Transactions
11
9
-22.2%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose):
Item:
Q1 2018:
Q1 2019:
% +/- :
All Sales Taxes
$2.4M
$2.5M
3.8%
Item:
Q1 2018:
Q1 2019:
% +/- :
Retail Taxes
$2.2M
$2.3M
3.7%
Item:
Q1 2018:
Q1 2019:
% +/- :
Restaurant Taxes
$62K
$63.5K
1.4%
Item:
Q1 2018:
Q1 2019:
% +/- :
Lodging Taxes
$70K
$73.5K
4.1%
MONTROSE CAP RATES
Q1 2018:
Q1 2019:
% +/- :
MONTROSE CAP RATES
6.6%
6.8%
3%
RESIDENTIAL REAL ESTATE
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Total Sales
$37.6M
$34.3M
-8.9%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Average Price
$263,0333
$257,597
-2.1%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Days On Market
95
90
-5.3%
Item:
Q1 2018:
Q1 2019:
% +/- :
Residential Listed for Sale
143
133
-7%
DEVELOPMENTS
- Colorado Outdoors Ross and Abel headquarters construction project is now completed
- Dunkin Donuts is now open
- Freddie Hamburger to complete construction and to open in May 2019
