RE Stats: 3/20-3/27

Keenan Coit, Coldwell Banker Distinctive Properties

March 27, 2023

House Bill 1115 is a major topic in the real estate world. If approved, it would allow local governments to enact local rent control policies.

So, how can real estate investors mitigate against potential risks of residential rent control?

COMMERCIAL INVESTMENTS

I believe that commercial property is undervalued in Mesa County. Instead of dealing with shorter lease terms, why not lock in a solid business tenant for 5-10 years?

The residential side of Mesa County has seen more demand in recent years from out of state buyers and eastern slopers which has increased prices. Tenants continue to gain more legal rights over landlords.

An investment into Commercial Real Estate could be a smart decision if you're tired of the current residential investment options available.

In Mesa County

  • There are currently 428 active homes on the market in Mesa County. This is a 4% decrease from 445 last week.

  • The average sold price YTD is $411,985 and the median sold price YTD is $365,000.

  • There have been 69 price reductions in the last 7 days.

  • There have been 71 new listings in the last 7 days.

  • There have been 100 pending listings in the last 7 days.

  • The average DOM for the active homes is 96.

NATIONAL MARKET UPDATE

February Existing Home Sales took everyone by surprise, rising for the first time in thirteen months--by 14.5%!--plus, we got the news that the median price fell year-over-year for the first time in 11 years.

New Home Sales also rose in February—up for the third straight month. In addition, inventories have recently made substantial gains, as the supply of completed homes has started to go up rapidly.

An online real estate database reports the median down payment percentage has dropped from 13.6% a year ago to 10% of the purchase price, while the share of cash buyers has climbed to 32.1%.

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