June 13th: RE SUMMARY

Keenan Coit, Coldwell Banker Distinctive Properties

Author

Keenan Coit
June 13, 2022

Out of control inflation, slumping stock market, recession talk, drastic rate hikes, tanking crypto market, and real estate uncertainty.

What does it mean for real estate? The good news is that prices should not continue to soar at the unsustainable pace we've seen the last two years. The active inventory on the market is still lower than where it was before the pandemic. This shows that prices won't have any drastic declines. The real estate market is shifting into a more balanced market and is continuing to show why it's historically one of the safer investments.

While I understand why the FED is raising rates, it unfortunately is having the biggest negative impact on first time home buyers. I've personally already seen many buyers get priced out of the market. Luckily for sellers, the buyer pool is still larger than the amount of homes on the market.

  • There are currently 389 active homes on the market in Mesa County. This is a 5% increase compared to last week

  • The average sold price YTD is $418,350 and the median sold price YTD is $380,000.

  • There have been 111 price reductions in the last 7 days.

  • The average DOM for the active homes is 44.