No more active listings for homes in July, but inventory remains low | Western Colorado
There were more active listings for homes in Mesa County in July than there were all year round, but the housing stock is still low and prices are still on the rise, the report says Bray.
In July, there were 356 active registrations, which was better than the 293 active registrations in June, but still below what the county should be.
Bray Real Estate Real Estate Westin Pease said a normal market would have three to four months of inventory. In July, the county had about two months.
While the housing supply remains low, demand remains high and this has led to price increases, Pease said.
“The overall median selling price is now $ 325,000, up 18% from July 2020,” Pease said.
“So home values are going up. It’s a good thing for sellers. There are a lot of people moving here from all over the country and from the Front Range. “
The higher prices don’t drive buyers away either. Overall sales are up 9% from the same period last year, Pease said.
“The main reason for this is that there is just a lot of demand for housing right now, and with the low interest rates there are a lot of buyers who can qualify for prices they don’t have. may not have been able to qualify before, “Pease mentioned.
While the market is still warm, Pease said there was evidence it could stabilize.
He pointed to a recent increase in the number of homes lowering their prices as evidence.
“The market has started to stabilize a bit compared to the spring craze,” Pease said.
“For example, we’ve had 156 price drops in the past two weeks in Mesa County. This directly indicates that the market is stabilizing a bit, but also keep in mind that if your home is priced correctly at the start, there would be no need for a price drop.
While the market may stabilize, it is still booming, Pease said.
For homes that are rightly priced, they are selling quickly, he said, about 22% faster than last year.
New building permits are also on the rise, with 585 building permits, which is more new permits since the start of the year than in any year since 2008, according to the Bray report.
“Builders are doing whatever they can to meet demand, building houses as fast as they can, basically,” Pease said.