Phil Castle, The Business Times

Real estate transactions continued to decline on a year-over-year basis in Mesa County in September. But the dollar volume of those deals increased, bolstered by the sales of expensive homes and commercial properties.

Stewart Cruickshank, sales manager at Bray & Co. Real Estate based in Grand Junction, said a surge in the sales of homes valued at more than $1 million offers encouraging news about the local real estate market and economy. “People with money are not afraid of this market.”

Growing residential inventories and lower interest rates on mortgages also bode well for real estate activity, Cruickshank said.

Jenn Hardy, marketing director of Fidelity National Title in Colorado, said 284 real estate transactions worth a total of $156.5 million were reported in Mesa County in September. Compared to the same month a year ago, transactions fell 5 percent, but dollar volume rose 29.3 percent.

Hardy said 20 transactions valued at more than $1 million each accounted for a total of $46.2 million in dollar volume in September 2024. They included the sale of a parcel of farmland off Interstate Highway 70 and 24 Road in Grand Junction for $12 million, the Ramada Inn on Horizon Drive for $6 million and a home in Redlands Mesa for $4.75 million.

Through the first three quarters of 2024, 2,814 transactions worth a combined $1.29 billion were reported, Hardy said. Compared to the same span in 2023, transactions increased 1.5 percent and dollar volume jumped 16.3 percent.

According to numbers Bray & Co. tracks for the residential market, 197 transactions worth a total of nearly $104 million were reported. Compared to the same month last year, transactions declined 12.1 percent, but dollar volume advanced 10.4 percent.

Through the first three quarters of 2024, 2,067 residential transactions worth a total of almost $939 million were reported. Compared to the same span in 2023, transactions decreased 2.6 percent and dollar volume increased 2.9 percent.

In September, 14 homes worth more than $1 million each were sold. For the same month last year, two homes valued at more than $1 million were sold.

Through the first three quarters of 2024, 73 homes worth $1 million or more each were sold. That’s more than double the 35 homes valued at $1 million or more each that were sold during the same span in 2023.

Cruickshank said those numbers reflect confidence in the local real estate market and the economy.

Those numbers also drive up the median prices of home sold. The median price of homes sold in September rose 9.3 percent on a year-over-year basis to $433,000. The increase was less pronounced for the median price for homes sold through the first three quarters of 2024 with a 2.6 percent year-over-year gain to $400,000.

The inventory of existing homes for sale in Mesa County continues to trend upward. At the end of September, there were 635 active listings. That was up 20.1 percent from the same time a year ago. More inventory offers more selection for buyers, Cruickshank said.

Interest rates on mortgages are expected to retreat after the Federal Reserve Cut its key short-term interest rate by a half-point in September. That will make financing more affordable, he said.

Property foreclosure activity continues to decline. Hardy said 145 foreclosure filings and 26 foreclosure sales were reported in Mesa County through the first three quarters of 2024. Compared to the same span in 2023, filings decreased 24.5 percent and sales dropped 23.5 percent.