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Montrose County Market Update – January 2019

Commercial Real Estate sales volume of $16M with 30 transactions in 2018 is up 46% compared to sales in 2017 with 30 transactions worth $8.7M. Residential Real Estate sales for $263M YTD in 2018 is up 24.3% compared to sales in 2017 of $211.6M. Sales Taxes are up 7.3% YTD compared to taxes collected in 2017. Commercial real estate development projects include Colorado Outdoors Ross and Abel headquarters 165 acre river development to be completed in January 2019, Dunkin Donuts remodel in process, Freddie Hamburger to start construction next to Taco Bell, Montrose Hospital Cardiology Department move to 630 Star Ct.

MONTROSE MARKET UPDATE

Item
2017
2018
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
2017:
2018:
% +/- :
Commercial Sales Volume
$8.6M
$16M
46%
Item:
2017:
2018:
% +/- :
SC Commercial Transactions
30
30
0%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose):
Item:
2017:
2018:
% +/- :
All Sales Taxes
$15M
$16.1M
7.4%
Item:
2017:
2018:
% +/- :
Retail Taxes
$13.3M
$14.3
7.4%
Item:
2017:
2018:
% +/- :
Restaurant Taxes
$374K
$403K
7.5%
Item:
2017:
2018:
% +/- :
Lodging Taxes
$477K
$506K
6%
MONTROSE VACANCY RATE
2017:
2018:
% +/- :
MONTROSE VACANCY RATE
MONTROSE CAP RATES
2017:
2018:
% +/- :
MONTROSE CAP RATES
6.6%
6.8%
3%
RESIDENTIAL REAL ESTATE
Item:
2017:
2018:
% +/- :
Residential Total Sales
$211.6M
$263M
24.3%
Item:
2017:
2018:
% +/- :
Residential Average Price
$273,771
$265,657
-3%
Item:
2017:
2018:
% +/- :
Residential Days On Market
90
123
36.7%
Item:
2017:
2018:
% +/- :
Residential Listed for Sale
773
990
28%
PUBLIC POLICY CHANGES
  • Colorado Outdoor – Final plat to be completed December 2018
  • 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 – Mayfly (Ross and Abel) headquarters to be completed in January 2019
  • Dunkin Doughnuts (1805 South Townsend) remodel in process
  • Freddie Hamburger closed and construction has started next to Taco Bell
  • Montrose Hospital Cardiology Department move to 630 Start Ct. closed

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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.