January 9th: Real Estate Update

Keenan Coit, Coldwell Banker Distinctive Properties

January 09, 2023

In Mesa County

  • There are currently 523 active homes on the market in Mesa County. This is a slight decrease from 525 last week.

  • The average sold price YTD is $433,595 and the median sold price YTD is $397,000.

  • There have been 66 price reductions in the last 7 days.

  • The average DOM for the active homes is 87.

NATIONAL MARKET UPDATE

Construction Spending on residential projects in November was a tick below October’s annual rate but 5.3% higher than a year ago. The slowdown was in single-families. Multifamilies were up 2.4% for the month.

Freddie Mac: “inflationary pressures are easing and should lead to lower mortgage rates in 2023.” Then, “a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market.”

Zillow reports that, with conforming loan limits going up to $1,089,300 in high-cost counties, more than 2 million homes nationwide no longer need jumbo financing, which often comes with higher credit criteria and fees.

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