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Montrose County Market Update – August 2019

Commercial Real Estate sales volume of $1.8M with 5 transactions YTD in 2019 is down 34% compared to sales YTD in 2018 with 6 transactions worth $2.7M. Residential Real Estate sales for $71.4M YTD in 2019 is down 7.4% compared to sales YTD in 2018 of $77.1M. Sales Taxes are up 3.1% YTD compared to taxes collected YTD in 2018. Commercial real estate development projects include Harbor Freight to open July 2019, Life Choices Pregnancy Center has moved to 155 Merchant Drive and Maverick has closed on a commercial property at 1150 N. Townsend.

MONTROSE MARKET UPDATE

Item
Q2 2018
Q2 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Sales Volume
$2.7M
$1.8M
-34%
Item:
Q2 2018:
Q2 2019:
% +/- :
SC Commercial Transactions
6
5
-16.6%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose):
Item:
Q2 2018:
Q2 2019:
% +/- :
All Sales Taxes
$6.7M
$7M
3.1%
Item:
Q2 2018:
Q2 2019:
% +/- :
Retail Taxes
$6M
$6.3M
4.5%
Item:
Q2 2018:
Q2 2019:
% +/- :
Restaurant Taxes
$171K
$176K
2.6%
Item:
Q2 2018:
Q2 2019:
% +/- :
Lodging Taxes
$28K
$33K
18.1%

MONTROSE CAP RATES
Q2 2018:
Q2 2019:
% +/- :
MONTROSE CAP RATES
6.6%
7.1%
7.5%
RESIDENTIAL REAL ESTATE
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Total Sales
$77M
$71.4M
-7.4%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Average Price
$264,844
$260,526
-1.6%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Days On Market
138
127
-8%
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Listed for Sale
291
274
-5.8%

DEVELOPMENTS
  • Harbor Freight to open July 2019
  • Life Choices Pregnancy Center has moved to 155 Merchant Drive
  • Maverick has closed on a commercial property at 1150 N. Townsend

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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.