Montrose Q4 2023 Market Update
Developments – What is happening
Market has been extremely strong. Lots of monies from from out of state area coming into Montrose Area. There is not much inventory either for sale or lease. Several of these transactions were Owner Carry. On the downside, several other transactions were terminated due to conventional financing interest rates. Overall, the market has been strong; Montrose is on the Move!
- New airport terminal with baggage handling is now complete. Several direct flights into the area. The airport is planning a new traffic light in front of the terminal this year. The airport has been a huge economic drive for the area.
- Marriott Fairfield should be open by May of 2024.
- Several new restaurants are in the works and should be opening this year.
| 2023 Q4 | 2022 Q4 | %+- | |
| VELOCITY (Source – MLS) | |||
| Commercial Sales Volume | $15,785,000 | $4,970,000 | 68.51% |
| Commercial Transactions | 8 | 12 | 33.33% |
| VACANCY RATE | N/A | N/A | N/A |
| CAP RATE | 6.8% | 6.5% | -4.4% |
| SALES TAX INDICATORS (Source – City of Montrose ) | |||
| All Sales Tax | $18,761,252 | $21,539,900 | 12.9% |
| Lodging Taxes | $156,930 | $193,404 | 23.2% |
