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Montrose County Market Update – March 2021

Commercial Real Estate sales volume of $9.6M with 25 transactions in 2020 is down 25.4% compared to sales in 2019 with 31 transactions worth $12.9M. Residential Real Estate sales of $266.1M in 2020 is up 18.8% compared to sales in 2019 of $224M. Sales Taxes are up 6.8% compared to taxes collected in 2019. Commercial real estate development projects include Telluride Ski Resort purchase of 2 large development properties on South Townsend. Several out of area commercial real estate buyers are moving cash from metro markets to rural areas of Western Colorado. Construction has been completed for Culver Restaurant and is now open.

MONTROSE MARKET UPDATE

Item
2019
2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
2019:
2020:
% +/- :
Commercial Sales Volume
$12.9M
$9.6M
-25.44%
Item:
2019:
2020:
% +/- :
SC Commercial Transactions
31
25
-19.4%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose):
Item:
2019:
2020:
% +/- :
All Sales Taxes
$16.5M
$17.6M
6.8%
Item:
2019:
2020:
% +/- :
Retail Taxes
$14.8M
$15.9M
7%
Item:
2019:
2020:
% +/- :
Restaurant Taxes
$420K
$429K
2.2%
Item:
2019:
2020:
% +/- :
Lodging Taxes
$112.7K
$92K
-17.9%

MONTROSE CAP RATES
2019:
2020:
% +/- :
MONTROSE CAP RATES
7.1%
6.8%
RESIDENTIAL REAL ESTATE
Item:
2019:
2020:
% +/- :
Residential Total Sales
$224M
$266.1M
18.8%
Item:
2019:
2020:
% +/- :
Residential Total Transactions
781
813
4.1%
Item:
2019:
2020:
% +/- :
Residential Average Price
$286,817
$327,353
14.1%
Item:
2019:
2020:
% +/- :
Residential Days On Market
97
93
-4.1%
DEVELOPMENTS
  • Telluride Ski Resort purchased 2 large development properties on South Townsend.
  • Several out of area commercial real estate buyers are moving cash from metro markets to rural areas of Western Colorado.
  • Construction has been completed for Culver Restaurant and is now open.

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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.