August 15th: Real Estate Summary

Keenan Coit, Coldwell Banker Distinctive Properties

Author

Keenan Coit
August 15, 2022

If you didn't listen last week, here is a link to my first single from the album! A new single will be released tomorrow and you can use the same link if you'd like to check it out. Thanks for your support! 

Keenan Coit - Listen on Spotify - Linktree

View keenancoit’s Linktree. Listen to their music on Spotify here.

https://linktr.ee/keenancoit

My Thoughts From The Week

  • Home prices are still appreciating in most markets but they’re climbing at a slower pace because rising rates have created less buyer demand.

  •  It’s now more important to look at active competition rather than sold comparable properties when pricing your house. You need to think from a buyer’s perspective. How does your home compare to other active homes in your neighborhood, price point, area, or demographic. 

  • Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers

In Mesa County

  • There are currently 573 active homes on the market in Mesa County. This is a 7 percent increase compared to last week

  • The average sold price YTD $428,133 and the median sold price YTD is $385,000.

  • There have been 116 price reductions in the last 7 days.

  • The average DOM for the active homes is 61.

National Headlines

Realtor.com reports active inventory continues to grow, up 30% from a year ago. This jump in supply gives today’s shoppers an extra home to consider for every three that were on the market this time last year.

Freddie Mac tells us: “Declines in purchase demand continue to diminish while supply remains fairly tight….The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.”

Home price growth may be slowing, yet the National Association of Realtors reports 148 of 185 metros still saw double-digit annual price growth in the second quarter—that’s 80% of the markets, up from 70% in the first quarter.

Stocks Before The Bell

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