2014 Second Quarter Real Estate Report For Mesa County

The real estate numbers are out for the 2nd Quarter of 2014 and here is what is going on in Mesa County! A total of 1028 real estate sales occurred during the 2nd Quarter. Sales increased 2%  compared to the same quarter number of 1004 sold in 2013. During the first half of 2014 there has been a total of 1677 sales and when compared to 2013's 1725 sales there actually is a 3% decrease in the total number of sales for the current year. The dollar volume however has increased 15% in the 2nd Quarter with 233.7 million in volume compared to 2013's 202.6 million, and has increased 5.5% for the first half of of 2014 when compared to 2013. This increase was helped by 13 sales in the 2nd quarter that were over $1 million totaling 25 million. Year to date there have been 22 transactions over $1 million totaling 40.6 million which is significantly more when compared to the 13 sales totaling $25 million in the same period for 2013. 

According to the Grand Junction Area Realtor Association the monthly median price for residential property in the 2nd Quarter was $180,500 for April, $185,000 for May, and $194,950 for June. We have seen median price continuing to trend upward for residential properties sold through the Multiple Listing Service. 

Foreclosure filings continue to decrease. When compared to 2013's 1st Quarter filings of 375, the 2nd quarter represented 295 filings and decreased 21%. Hopefully if this trend continues we will see the lowest filing numbers in the past 5 years. The record for foreclosure filings for Mesa County occurred in 1985 during the oil shale bust with 1600 and we came close to breaking that record during 2010 recession with 1580 filings for that year. Actual completed foreclosures also decreased to 232 when compared to the same period in 2013. The resale of foreclosed homes accounted for only 12% of the overall real estate transactions for the first half to 2014 and is a welcome sight when 2013's 1st half comprised 21% of that market. We are happy to see the downward trend we have been experiencing for the last 3 years of foreclosed sales. 

Home building has slowed slightly with 113 single-family permits pulled 2Q when compared to 120 permits pulled during the same time in 2013. It really hasn't slowed though. Year to date there have been a total of 210 permits pulled and that number is identical to 2013's during the same period. Commercial building permits dropped slightly to 6 for 2014 when compared to 7 in 2013 and 13 for 2012. 

What does this report indicate? It is still a great time to buy and sell real estate in the Grand Valley! Buyers can still take advantage of great interest rates and have the opportunity to still find decent deals while to market continues to improve. Sellers have the opportunity to sell at a higher price than we have seen in recent years. Contact us today if you would like to know what your home is worth or would like to have a free buyers consultation. Special thanks to Heritage Title & the Grand Junction Area Realtor Association for number compilation.