May 16th: RE SUMMARY

Keenan Coit, Coldwell Banker Distinctive Properties

Author

Keenan Coit
May 16, 2022

In the wake of rising mortgage rates, homebuyers are racing to seal the deal on the minimal number of listings before another economic shift knocks them out of the market. As a result, the typical home listed between April 8 and May 8 sold within a record-smashing 15 days — a pace that could slow in the coming months.

Rising mortgage rates have taken a notable bite out of demand, but homebuyers who remain in the market are facing stiff competition, especially for the most desirable homes.

  • There are currently 319 active homes on the market in Mesa County. This is a 6% increase over last week!

  • The average list price of those active homes is $597,000 which is a 4% decrease compared to the active homes last week.

  • The average days on market for those listings is 41.