Real Estate Summary: January 17

Keenan Coit, Coldwell Banker Distinctive Properties

Author

Keenan Coit
January 17, 2022

Happy Martin Luther King Jr. Day!  This is the third straight week to start the year where our active listings have gone down. This week by a whopping 8%. With the rising inflation and interest rate hikes coming, only time will tell if that will have an impact on inventory levels. For now, the historically low inventory is here to stay. Great news for sellers. Tough reality for buyers.

Let’s dive in,

  • There are 201 active listings in Mesa County. Down 8% from last week.

  • The current market absorption rate is .58/months. That means if nothing new was listed, we would run out of active inventory in just over 2 weeks.

  • Fun Fact. There are only two foreclosure properties for sale in Mesa County. A wave of foreclosures is not expected and that seems to be holding true.

How to find a home when there is low inventory? One way, is to look through the expired and cancelled listings. A property that didn't sell 3-6 months ago, may sell very quickly now because of the low inventory and the fact the prices have risen. Check out all the withdrawn, expired, and cancelled listings from the last 3 months below.

View Property Details and 149 others

Your own private paradise perched on top of Log Hill in the beautiful San Juan Mountains. Boasting 40 acres of land, this impressive property offers an escape from the hustle-and-bustle of the city “where the blacktop ends”. You will immediately notice the freshness of the air and the beauty of the Cimarron Mountain Range that surrounds you. Situated conveniently near Montrose, Ridgway, Ouray and Telluride, this residence emulates the finishes of high-end Telluride real estate. Upon entering the residence, there is a well-appointed mud room to kick off your shoes and hang up your coat. The open and airy great room area is a fantasy for family gatherings because of the high ceilings and wonderful flow. Large family meals can be enjoyed in the oversized dining area that allows for a sprawling dining table.

https://gjara.paragonrels.com/CollabLink/?id=0b96a527-4d4e-4b6f-a184-a60ea4c162ee&forMlsId=GJARA

State and National News

  • The first real estate NFT in the U.S. is coming soon. Link

  • Developers convert unused office space into apartments at record pace.

Developers convert unused office space into apartments at record pace

CNBC's Diana Olick reports on the increasing number of developers changing unused office space into high-demand apartment space.

https://www.cnbc.com/video/2022/01/14/developers-convert-unused-office-space-into-apartments-at-record-pace.html

Mesa County News

  • Mesa County Commissioners Address Mental Health Link

  • 7th Street Deli needs to raise $31,000 in January Link

  • District 51 bringing back mask mandate for 9 schools Link 

Check out this insane buzzer beater that Metro State hit to beat CMU in overtime!

Mavericks lose on incredible 70-foot buzzer beater

Tyrei Randall fired up a 70-foot prayer to beat CMU at the buzzer.

https://www.nbc11news.com/2022/01/15/mavericks-lose-incredible-70-foot-buzzer-beater/

"Don't wait to buy land. Buy land and wait. "