This year 2011, we have seen a trend in our market with an increase in the volume of sales but a decrease in home prices. Sales for the 1st 9 mos. of 2011 were up 5.4% over the same period in 2010. While there were a larger number of sales, the dollar volume dropped 8.7%, or $39.1 million. Looking just at October, there were 227 sales which was an increase of 8.6% from October 2010 but volume was down 6.8% for October compared to last year. More than 25% of total sales for 2011 were between the prices of $120,000 and $150,000.
As you know, our real estate market is linked directly to the economy and unemployment rate. As more people return to work, more will qualify for a home mortgage. As of September 2011, our unemployment was down to 8.5%. While we still have a ways to go, this is very much an improvement over the 10+% we were seeing through 2009/2010.
As for foreclosures, filings were way down in October by over 40% from October of 2010, while foreclosure sales were up over 36% in October from the same time last year.
I do expect to continue to see a large number of foreclosures hit our market as we go through what we hope is the final phase of clearing out the subprime and adjustable rate loans originated mainly between 2005 & 2007. We may still see a decline in prices over the next year and a drop in sales as we get closer to our next presidential election, but our current overall market conditions are showing stablization in some of the lower price ranges. Please feel free to call me for more details on the Grand Junction CO real estate market and any Grand Junction CO homes for sale.