Phil Castle, The Business Times

Robert Bray keeps a close eye on statistics for the Mesa County real estate market. He just has trouble believing what he’s seeing.

“I’ve never seen anything like it,” said Bray, chief executive officer of Bray Real Estate in Grand Junction. “These numbers are off the chart.”

Annette Miller, administrative coordinator at Heritage Title Co. in Grand Junction, was less effusive, but no less upbeat in her assessment. “We’re still growing some in 2021.”

The latest year-over-year increases in real estate transactions and sales volume reflect in part lower numbers in 2020 related to the COVID-19 pandemic. But the increases also reflect growing demand that’s surpassed supply and driven up prices.

If the pace continues, Bray expects 2021 will be a record-breaking year.

Miller said 504 transactions worth a total of $185 million were reported in  April in Mesa County. Compared to the same month last year, transactions rose  34.8 percent and dollar volume jumped 58.1 percent.

Ten large transactions accounting for a collective $29.6 million bolstered dollar volume, including the sale of 177 acres of vacant land south and west of Community Hospital for $10.32 million and the sale of the West Lake mobile home park for $2.6 million. The building housing PetSmart in Grand Junction sold twice, once for $4.25 million and then for $4.8 million, Miller said.

For the first four months of 2021, 1,837 transactions worth a total of $623 million were reported. Compared to the same span in 2020, transactions increased 25.2 percent and dollar volume rose 38.1 percent.

Miller said gains, especially for April, were larger in part because of the effects of the COVID-19 pandemic and related restrictions on real estate activity a year ago. For a while, real estate showings and open houses were prohibited. Heritage Title conducted some closings in the parking lot, passing documents through car windows, she said.

At the same time, gains also reflect accelerated real estate activity this year, Miller said. “You’re stretching that across both issues.”

According to numbers Bray Real Estate tracks for the residential market, 316 transactions worth a total of nearly $113.3 million were reported in April in Mesa County. Compared to the same month last year, transactions rose 14.1 percent and dollar volume increased 32.1 percent.

Through the first four months of 2021,  1,200 residential transactions worth a total of almost $416 million were reported. Compared to the same span in 2020, transactions rose 11.4 percent and dollar volume jumped 29.7 percent.

Increasing sales activity defies decreasing residential inventories. At the end of April, there were just 166 active listings, down 72.6 percent from a year ago.

Bray said homes that come onto the market sell quickly, often with sellers choosing between multiple offers. Other homes are sold before they’re listed.

The combination of increased demand and decreased supply has pushed up prices. The median price of homes sold during the first four months of 2021 rose 14.5 percent to $315,000.

Meanwhile, the pace of new home construction continues to increase.

A total of 358 permits for single-family homes were issued during the first four months of 2021. That’s a 58.4 percent increase over the same span in 2020.

“I’ve never seen it,” Bray said. “This is incredible.”

Looking ahead to the remainder of the year, Bray said 2021 could set records for real estate transactions and median residential prices.

Miller said she hopes more homes come onto the market. While new construction has increased, it’s not enough to satisfy demand. Additional affordable housing is needed as well, she said.

Meanwhile, property foreclosure activity remains nearly nonexistent in Mesa County. Miller said six foreclosure filings and 11 sales were reported during the first four months of 2021. By comparison, 62 filings and 16 sales reported for the same span in 2020.