Mesa County Colorado Real Estate Market Update For the Year 2013
Information provided courtesy of Heritage Title Company tells us that sales in Mesa County were up 4.2% in 2013 as compared to 2012 with a total of 3,589 real estate sales totaling $770 million, which was 13% higher than the $681 million in sales for 2012. In addition, the Grand Junction Area Realtors Association reports that the median price of a residential property was up in 2013 to $166,753 from $160,000 in 2012. The average sales price for the year 2013 was up nearly $10,000 in 2013 at $190,091. We did see a longer average days on the market in 2013 of more than 6% which is likely due to the heavier listing inventory which depicted an 8.5% increase in 2013 over 2012 giving buyers more options.
Foreclosures decreased 30% in 2013 but still represented about 18% of our market. The decrease in foreclosure activity will continue to positively impact the overall market. We hope to see foreclosure activity reduce this year to a healthier 10% level.
Although 2013 outperformed 2012, we did see a slowing in the 4th quarter of 2013. This is likely due to uncertainties with the new health care and other changing laws that can affect household budgets. 2014 should remain steady with levels near those of 2013. We should get a little more market clarity for 2014 over the next few months.
For more details and information about YOUR Mesa County and Grand Junction, Colorado real estate market, feel free to call me anytime at 970-985-1525.
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