2014 First Quarter Mesa County Real Estate Report
So how is the first quarter real estate landscape? When compared to the first quarter of 2013 sales decreased 10% from 721 real estate sales in 2013 when compared to the 649 sales in 2014. The good news is that the foreclosure activity continued to trend down as well, improving market conditions. The total dollar volume also was down 8% from 2013 of $145 million compared to $133 million in 2014. There were however 9 sales over $1.0 million dollars in 2014 compared to 6 sales over $1.0 million in 2013.
The monthly median price for residential property in January was $167,400, $181,950 in February, and $159,450 in March. To put the median price in perspective the market peaked in Mesa County in 2008 with the median price being $222,000 and for 2013 the median price averaged $167,000. We believe the dip in March could have been attributed to our unusually cold winter with less people being motivated to move. The average days on market did drop to 131 days in 2014 when compared with the 153 days in 2013. The trend seems to indicate the home prices are on the rise and they are selling in a shorter amount of time.
Getting back to foreclosures the market saw a 19% decrease in filings in the first quarter of 2014 compared to 2013. In this first quarter there were 148 filings compared to the 182 reported in 2013. In 2010's first quarter there was an astonishing 397 filings. The completed foreclosures also reduced 22% showing 2013 with 180 and 2014 with 137. The resale of foreclosed homes composed 14% of the overall real estate transactions in first quarter 2014 with 91 transactions. Compared to the same time frame in 2013 with 181 transactions representing 25% of the overall real estate transaction 14% is a great number. There were times in 2011 that the foreclosed homes comprised 35% of the market! The decreased filings in 2014 will also translate into less bank owned homes being sold in the upcoming quarters. These decreases are signaling that we are in recovery mode here in the Grand Valley and we expect this trend to continue.
Home building permits increased slightly (8%) in 2014 with 97 permits pulled compared to 90 permits pulled in the same time last year. Commercial building permits doubled from 4 in 2013 to 8 in 2014.
What does all this information tell us? We are looking at stable growth and recovery here in Mesa County. We anticipate that these trends will continue. Interest rates have crept up a little from the historic lows of 2013 and are still very attractive. If you are looking to buy or sell this upcoming quarter will be a great time to move forward. Contact us for detailed information for your property, as every area and community has their own special trends. Thanks to Heritage Title for compilation of figures.
