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Montrose County Market Update – January 2020

Commercial Real Estate sales volume of $12.9M with 31 transactions in 2019 is down 19.5% compared to sales in 2018 with 30 transactions worth $16M. Residential Real Estate sales of $224M increased 5.3% compared to sales in 2018 of $212.7M. Sales Taxes are up 3.3% in 2019 compared to taxes collected in 2018. Commercial real estate development projects include Maverik Gas Station on the corner of San Juan and N. Townsend that has started construction, Golden Gate Gas Station has closed on commercial land at Ogden and S. Townsend and Russell Stover announced that the will be closing their Montrose location in 15 months.

MONTROSE MARKET UPDATE

Item
2018
2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
2018:
2019:
% +/- :
Commercial Sales Volume
$16M
$12.9M
-19.5%
Item:
2018:
2019:
% +/- :
SC Commercial Transactions
30
31
3.3%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose):
Item:
2018:
2019:
% +/- :
All Sales Taxes
$17.9M
$18.5M
3.3%
Item:
2018:
2019:
% +/- :
Retail Taxes
$16.7M
$15.9M
-4.7%
Item:
2018:
2019:
% +/- :
Restaurant Taxes
$403K
$468K
16%
Item:
2018:
2019:
% +/- :
Lodging Taxes
$103K
$118K
13.6%

MONTROSE CAP RATES
2018:
2019:
% +/- :
MONTROSE CAP RATES
6.8%
7.1%
4.4%
RESIDENTIAL REAL ESTATE
Item:
2018:
2019:
% +/- :
Residential Total Sales
$212.7M
$224M
5.3%
Item:
2018:
2019:
% +/- :
Residential Average Price
$275,548
$286,817
4.1%
Item:
2018:
2019:
% +/- :
Residential Days On Market
92
97
5.4%
Item:
2018:
2019:
% +/- :
Residential Listed for Sale
772
781
1.2%

DEVELOPMENTS
  • Maverik Gas Station on the corner of San Juan and N. Townsend has started construction
  • Golden Gate Gas Station has closed on commercial land at Ogden and S. Townsend
  • Russell Stover announced that the will be closing their Montrose location in 15 months

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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.