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Montrose County Market Update – August 2018


Commercial Real Estate sales volume of $8.7M with 35 transactions YTD in 2018 is up 39.1% compared to sales Jan-July 2017 with 16 transactions worth $5.3M. Residential Real Estate sales for $194M YTD in 2018 is slightly up compared to sales Jan-July 2017 of $190M. Sales Taxes are up 5.8% YTD compared to taxes collected Jan-July 2017. New commercial real estate development projects include Colorado Outdoors 165 acre river development, Montrose County 93,000 SF Event Center making it the largest in Western Colorado, Dunkin Donuts purchase of 1803 and 1805 South Townsend sites, Columbine Middle School to open Fall 2018, Columbine Middle School $33M construction project and ISO Technologies purces of 2520 N. River Rd. property for industrial hemp manufacturing plant.

MONTROSE MARKET UPDATE

Item
2016 YTD
2017 YTD
% +/-
——————————————————————————————————————————————————————————————————
(Source – MLS)
Commercial Sales Volume
SC Commercial Transactions
$5,300,000
16
$8,700,000
35
39.1%
54.2%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose)
All Sales Taxes
$15,750,000
$16,660,000
$5.8%
Retail Taxes
$319,101
$326,179
2.2%
Restaurant Taxes
$385,911
$408,117
5.8%
Lodging Taxes
$484,296
$515,424
6.4%
MONTROSE VACANCY RATE
MONTROSE CAP RATES
6.9%
6.54%
-5.5%
RESIDENTIAL REAL ESTATE
Residential Total Sales
Residential Average Price
Residential Days On Market
Residential Listed for Sale
$190,133,451
$226,349
114
840
$194,804,259
$241,393
93
807
2.3%
6.2%
-22.5%
-4%
PUBLIC POLICY CHANGES
  • Colorado Outdoor – MURA (Montrose Urban Renewal Authority) Approved
  • GoCo – $2,000,000 for River Trail System
  • DORA, ADA, DMEA grant $80,000,000 Fiber Community Grant – Fiber to the home
DEVELOPMENTS
  • Colorado Outdoors Project – 165+ acre river development
  • County Montrose Event Center – 93,000 sf – Largest in Western Colorado
  • Dunkin Doughnuts purchased site located at 1803 and 1805 South Townsend
  • Columbine Middle School will open this Fall
  • Columbine Middle School – $33,000,000 Construction Project
  • ISO Technologies purchased 2520 N River Rd. – Industrial Hemp Manufacture Facility

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About The Author

John Renfrow, Renfrow Realty

A real estate professional since 2003, John Renfrow is owner of Renfrow Realty in the Montrose-Delta area. Now in its fourth generation, Renfrow Realty has been a trusted real estate source since 1986. John and his father, Jim Renfrow, bring a combination of business expertise and a lengthy track record in real estate to every real estate transaction.