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- Real Estate Summary: January 24
Real Estate Summary: January 24
Keenan Coit, Coldwell Banker Distinctive Properties
Keenan Coit
January 24, 2022
Market mayhem and craziness continues. US stock indexes have had their worst month since 2020. The US housing inventory dropped below 1 million active homes which is the lowest level on record. Locally, active inventory has continued the trend and is down again this week.
Last week, I sold a property that was listed at $650,000 and it closed for $725,000. We had 8 offers and 4 of those were cash. We knew we were pricing it aggressively, but we did not expect 4 cash offers. This gives you a glimpse of the market we are dealing with.
Buyers who are on the fence about purchasing, should consider finding something sooner rather than later because of rising interest rates and prices. A $400,000 home would cost around $100/month more with a .5% interest rate increase.
Let’s dive in,
Notable Numbers:
195 active listings in Mesa County. Down 3% from last week and down 15% YTD
2021 volume of all property sales reached all-time highs ($1.52 billion)
2021 building permits reached all-time highs (911)
The average list price for homes in the Redlands is $1,080,000 and there are only 3 active homes below $500,000. (27 total active homes in the Redlands)
YTD average sale price is $411,000 in Mesa County.
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