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Montrose County Market Update – November 2019

Commercial Real Estate sales volume of $7.8M with 20 transactions YTD in 2019 is down 41% compared to sales YTD in 2018 with 24 transactions worth $13.1M. Residential Real Estate sales for $161.8M YTD in 2019 is relatively flat compared to sales YTD in 2018 of $162.8M. Sales Taxes are up 3.8% YTD compared to taxes collected YTD in 2018. Commercial real estate development projects include Harbor Freight opened their new store July 2019, Life Choices Pregnancy Center has moved to 155 Merchant Drive and Maverick has closed on a commercial property at 1150 N. Townsend. Trailer Made Custom Trailers has moved from Denver to 1001 Industrial Blvd. in Olathe.

MONTROSE MARKET UPDATE

Item
Q3 2018 YTD
Q3 2019 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Commercial Sales Volume
$13.1M
$7.8M
-41%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
SC Commercial Transactions
24
20
-17%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose):
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
All Sales Taxes
$10M
$10.3M
3.8%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Retail Taxes
$8.9M
$9.3M
5.4%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Restaurant Taxes
$254K
$268K
5.5%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Lodging Taxes
$311K
$334K
7.4%

MONTROSE CAP RATES
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
MONTROSE CAP RATES
6.6%
6.5%
-1.5%
RESIDENTIAL REAL ESTATE
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Total Sales
$162.8M
$161.8M
0%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Average Price
$273,997
$284,375
3.8%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Days On Market
89
93
4.5%
Item:
Q3 2018 YTD:
Q3 2019 YTD:
% +/- :
Residential Listed for Sale
594
569
4.2%

DEVELOPMENTS
  • Harbor Freight opened their new store July 2019
  • Life Choices Pregnancy Center has moved to 155 Merchant Drive
  • Maverick has closed on a commercial property at 1150 N. Townsend
  • Trailer Made Custom Trailers has moved from Denver to 1001 Industrial Blvd. in Olathe

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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.