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Montrose County Market Update – November 2018

Commercial Real Estate sales volume of $15.67M with 33 transactions YTD in 2018 is up 55.5% compared to sales January-October 2017 with 35 transactions worth $8.7M. Residential Real Estate sales for $211.6M YTD in 2018 is up 8% compared to sales January-October 2017 of $194.8M. Sales Taxes are up 7.3% YTD compared to taxes collected January-October 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. and last bank owned subdivision in Montrose now under contract.

MONTROSE MARKET UPDATE

Item
2017 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Sales Volume
$8,700,000
$15,670,000
55.5%
Item :
2017 YTD :
2018 YTD :
% +/- :
SC Commercial Transactions
35
33
-6%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose):
Item :
2017 YTD :
2018 YTD :
% +/- :
All Sales Taxes
$10,700,000
$11,500,000
7.3%
Item :
2017 YTD :
2018 YTD :
% +/- :
Retail Taxes
$9,500,000
$10,200,000
7.3%
Item :
2017 YTD :
2018 YTD :
% +/- :
Restaurant Taxes
$272,155
$295,465
8.6%
Item :
2017 YTD :
2018 YTD :
% +/- :
Lodging Taxes
$73,822
$71,037
-3.8%
MONTROSE VACANCY RATE
2017 YTD :
2018 YTD :
% +/- :
MONTROSE VACANCY RATE
MONTROSE CAP RATES
2017 YTD :
2018 YTD :
% +/- :
MONTROSE CAP RATES
6.54%
6.6%
0.1%
RESIDENTIAL REAL ESTATE
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales
$194,804,259
$211,625,020
8%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Average Price
$241,393
$273,771
13.4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Days On Market
93
90
-3.3%
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Listed for Sale
807
773
-4%
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
  • Last bank owned subdivision in Montrose in under contract

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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.