There were more active listings for homes in Mesa County in July than there have been all year, but the housing inventory is still low and prices are still up, according to the Bray Report.
In July, there were 356 active listings, which was better than June’s 293 active listings, but still lower than where the county needs to be.
Bray Real Estate Realtor Westin Pease said a normal market would have three to four months worth of inventory. In July, the county had about two months.
While the supply of homes remains low, demand remains high and that has led to price increases, Pease said.
“Overall median sale price is now $325,000 and that’s up 18% year-to-date from July 2020,” Pease said.
“So home values are up. That’s a great thing for sellers. There are lots of people moving here from all over the country and the Front Range.”
The higher prices aren’t keeping buyers away, either. Overall sales were up 9% compared to this time last year, Pease said.
“The main reason for that is there’s just a lot of demand for housing right now, and with the low interest rates there are a lot of buyers out there that can qualify for prices that maybe they couldn’t have qualified for before,” Pease said.
While the market is still hot, Pease said there is some evidence it may be leveling off.
He pointed to a recent increase in the number of homes dropping their prices as evidence.
“The market has started to level off a little bit from how crazy it was in the spring,” Pease said.
“For instance, we’ve had 156 price drops in the last two weeks in Mesa County. That directly indicates that the market is leveling off a bit, but also keep in mind if your home is priced correctly in the beginning, there would be no need for a price drop.”
While the market may be leveling, it is still booming, Pease said.
For homes that are priced correctly, they are selling quickly, he said, about 22% faster than last year.
New building permits are also up, with 585 building permits, which is more new permits year-to-date than in any year since 2008, according to the Bray Report.
“Builders are doing everything they can to keep up with demand, building homes as fast as they can, basically,” Pease said.
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August 23, 2021 at 01:15PM
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More active listings for homes in July, but inventory still low - The Grand Junction Daily Sentinel
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