January 16th: Real Estate Update

Keenan Coit, Coldwell Banker Distinctive Properties

January 16, 2023

Happy MLK day!

Real estate volume remains low across the country. Potential home sellers are holding off until conditions improve. Buyers are holding off until interest rates go lower or until prices drop more.

CRAZY STAT ALERT! If interest rates were to decline by 1%, it would equate to an 11% drop in home prices.

In Mesa County

  • There are currently 515 active homes on the market in Mesa County. This is a 1.5% decrease from 523 last week.

  • The average sold price YTD is $372,136 and the median sold price YTD is $360,00.

  • There have been 76 price reductions in the last 7 days.

  • There have been 76 new listings in the last 7 days.

  • There have been 78 pending listings in the last 7 days.

  • The average DOM for the active homes is 93.

NATIONAL MARKET UPDATE

The Mortgage Bankers Association CEO said he expects mortgage rates to move lower over the course of the year, as the Fed’s rate hikes have started to cool down the economy. That should bring more buyers back to the market.

Freddie Mac notes: “While mortgage rates have resumed their decline, the market remains hypersensitive…. Over the last few weeks latent demand has been on display with buyers jumping in and out of the market as rates move.”

Realtor.com reports that 2022 ended with listings up nearly 55% versus a year ago, homes selling faster compared to 2019 pre-pandemic levels, and home price growth in single-digit territory for the first time in 12 months.

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