Montrose County Market Update – May 2021
Commercial Real Estate sales volume of $7M with 10 transactions in Q1 2021 is up 483% compared to sales in Q1 2020 with 5 transactions worth $1.2M. Residential Real Estate sales of $68.1M in Q1 2021 is up 46% compared to sales in Q1 2020 of $42.3M. Sales Taxes are up 16% compared to taxes collected in Q1 2020. Commercial real estate development projects include Bicycle Outfitters purchase of building at 105 Merchant Drive, Russell Stover properties are under contract and several residential developments are starting to break ground.
MONTROSE MARKET UPDATE
Item
Q1 2020
Q1 2021
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
Q1 2020:
Q1 2021:
% +/- :
Commercial Sales Volume
$1.2M
$7M
483%
Item:
Q1 2020:
Q1 2021:
% +/- :
SC Commercial Transactions
5
10
100%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose):
Item:
Q1 2020:
Q1 2021:
% +/- :
All Sales Taxes
$1.4M
$1.6M
15.9%
Item:
Q1 2020:
Q1 2021:
% +/- :
Retail Taxes
$1.2M
$1.4M
19%
Item:
Q1 2020:
Q1 2021:
% +/- :
Restaurant Taxes
$36.6K
$37.1K
1.5%
Item:
Q1 2020:
Q1 2021:
% +/- :
Lodging Taxes
$5.7K
$4.7K
-17.3%
MONTROSE CAP RATES
Q1 2020:
Q1 2021:
% +/- :
MONTROSE CAP RATES
6.8%
6.2%
-8.8%
RESIDENTIAL REAL ESTATE
Item:
Q1 2020:
Q1 2021:
% +/- :
Residential Total Sales
$42.3M
$61.8M
46.1%
Item:
Q1 2020:
Q1 2021:
% +/- :
Residential Total Transactions
140
172
22.9%
Item:
Q1 2020:
Q1 2021:
% +/- :
Residential Average Price
$302,413
$359,619
18.9%
Item:
Q1 2020:
Q1 2021:
% +/- :
Residential Days On Market
99
91
8%
DEVELOPMENTS
- Bicycle Outfitters purchased the building at 105 Merchant Drive.
- Russell Stover properties are under contract.
- Several residential developments are starting to break ground.
