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- RE Stats: 3/27-4/3
RE Stats: 3/27-4/3
Keenan Coit, Coldwell Banker Distinctive Properties
The US housing market is now in its peak spring season, which usually sees increased activity from both buyers and sellers. However, this year the number of homes for sale is lower than expected. In March 2023, only 349,284 homes were listed for sale.
Although new listings are down, the active listing total is a better indicator of the balance in the market at any given time. Currently, active listings are down 20.1% on a year-over-year basis, while inventory is up 59.9% over the same period. This suggests that sellers are gaining power over buyers once again, although inventory levels remain well above the historically tight levels seen in spring 2022.
In Grand Junction, we are following the same patterns as most of the country. Our current active inventory is higher than 2021 and 2022 but is still well below pre pandemic levels.
In Mesa County
There are currently 411 active homes on the market in Mesa County. This is a 6% decrease from 428 last week.
The average sold price YTD is $409,117 and the median sold price YTD is $365,000.
There have been 62 price reductions in the last 7 days.
There have been 74 new listings in the last 7 days.
There have been 108 pending listings in the last 7 days.
The average DOM for the active homes is 96.
NATIONAL MARKET UPDATE
The February Pending Home Sales index of signed contracts on existing homes headed north for the third straight month. The National Association of Realtors noted, “the housing sector’s contraction is coming to an end.”
In line with this, the Mortgage Bankers Association reported demand for purchase loans moved up for the fourth week in a row, as mortgage rates continued to slide back from their 2023 highs.
Buyer demand is also growing as home prices ease. The S&P CoreLogic Case-Shiller Home Price Index in January fell month-over-month for the seventh straight month, though it’s still up modestly year-over-year.
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