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Montrose County Market Update – September 2021

Commercial Real Estate sales volume of $17.6M with 26 transactions in Q2 2021 is up 425% compared to sales in Q2 2020 with 10 transactions worth $3.4M. Residential Real Estate sales of $178.2M in Q2 2021 is up 83.9% compared to sales in Q2 2020 of $96.9M. Sales Taxes are up 25.7% compared to taxes collected in Q2 2020. Commercial real estate development projects include Bluecorn Beeswax purchase of building at 1842 S. Townsend Avenue, Adreneline Van has expanded a new facility and several residential developments are starting to break ground.

MONTROSE MARKET UPDATE

Item
Q2 2020
Q2 2021
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – MLS)
Item:
Q2 2020:
Q2 2021:
% +/- :
Commercial Sales Volume
$3.4M
$17.6M
425%
Item:
Q2 2020:
Q2 2021:
% +/- :
SC Commercial Transactions
10
26
160%
MONTROSE SALES TAX INDICATORS (Source – City of Montrose):
Item:
Q2 2020:
Q2 2021:
% +/- :
All Sales Taxes
$7M
$8.8M
25.7%
Item:
Q2 2020:
Q2 2021:
% +/- :
Retail Taxes
$6.4M
$7.9M
23.2%
Item:
Q2 2020:
Q2 2021:
% +/- :
Restaurant Taxes
$166K
$211K
27.3%
Item:
Q2 2020:
Q2 2021:
% +/- :
Lodging Taxes
$23K
$36K
58.2%

MONTROSE CAP RATES
Q2 2020:
Q2 2021:
% +/- :
MONTROSE CAP RATES
6.8%
6.2%
-8.8%
RESIDENTIAL REAL ESTATE
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Total Sales
$96.9M
$178.2M
83.9%
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Total Transactions
332
472
42.2%
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Average Price
$291,950
$377,633
29.3%
Item:
Q2 2020:
Q2 2021:
% +/- :
Residential Days On Market
102
92
-9.8%
DEVELOPMENTS
  • Bluecorn Beeswax has purchased building at 1842 S. Townsend Avenue.
  • Adreneline Van has expanded a new facility.
  • Several residential developments are starting to break ground.

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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.