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Montrose County Market Update – September 2020

Commercial Real Estate sales volume of $1.3M with 2 transactions YTD in 2020 is down 24% compared to sales YTD in 2019 with 5 transactions worth $1.8M. Residential Real Estate sales for $46.1M YTD in 2020 is down 28.7% compared to sales YTD in 2019 of $64.6M. Sales Taxes are down 1.8% YTD compared to taxes collected YTD 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. Culver Restaurant purchased the site in front of Target and has started construction.

MONTROSE MARKET UPDATE

Item
Q2 2019
Q2 2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
Q2 2019:
Q2 2020:
% +/- :
Commercial Sales Volume
$1.8M
$1.3M
-24%
Item:
Q2 2019:
Q2 2020:
% +/- :
SC Commercial Transactions
5
2
-60%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose):
Item:
Q2 2019:
Q2 2020:
% +/- :
All Sales Taxes
$7M
$6.9M
-1.8%
Item:
Q2 2019:
Q2 2020:
% +/- :
Retail Taxes
$6.2M
$6.4M
3.2%
Item:
Q2 2019:
Q2 2020:
% +/- :
Restaurant Taxes
$176K
$162K
-7.8%
Item:
Q2 2019:
Q2 2020:
% +/- :
Lodging Taxes
$33K
$23K
-31.9%

MONTROSE CAP RATES
Q2 2019:
Q2 2020:
% +/- :
MONTROSE CAP RATES
7.1%
7.2%
1.4%
RESIDENTIAL REAL ESTATE
Item:
Q2 2019:
Q2 2020:
% +/- :
Residential Total Sales
$64.6M
$46.1M
-28.7%
Item:
Q2 2019:
Q2 2020:
% +/- :
Residential Average Price
$287,205
$297,367
3.5%
Item:
Q2 2019:
Q2 2020:
% +/- :
Residential Days On Market
225
155
-31.1%
Item:
Q2 2019:
Q2 2020:
% +/- :
Residential Listed for Sale
92
92
0%

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
  • Culver Restaurant purchased the site in front of Target and has started construction

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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.