“Sept. was an interesting month for real estate, with 201 total sales reported, a 10% decrease compared to Sept. of 2023. However, the median price rose to $429,900, an increase of 8% over Sept. 2023, and an 11% increase over last month,” said Kevin Bray of Bray and Company Real Estate.

According to the report, the rise in median price is attributed to a significant number of high dollar sales, including 14 sales in the $1M+ category, one of which exceeded $4M. Sept.’s volume also shows a significant increase from just two sales in the $1M+ range last Sept., and a rise from eight $1M plus sales in Aug. of 2024. According to MLS reporting, half of those sales were financed conventionally, while the other half were purchased in cash.

Year-to-date, volume has surpassed 2023, increasing by 3% from $912.2M last year to $939.8M in 2024 so far. However, the total number of sales continue to lag, with 2,071 transactions recorded so far in 2024, a decrease of 2.4% to the 2,122 sold through Sept. of 2023.

Inventory continues to rise, with the market showing 3.2 months of inventory overall, ranging from 2.3 months of inventory for homes priced $200k-$300k, and 5.0 months for homes between $750k and $1M. There are currently 645 residential listings on the market, an increase of 23% to Sept. of 2023. This is the highest number of active listings the Mesa County real estate market has seen since Nov. of 2019.