Phil Castle, The Business Times

Real estate sales slowed in Mesa County in July, but overall activity so far this year remains well ahead of last year.

Robert Bray, chief executive officer of Bray Real Estate in Grand Junction, remains optimistic. “I still think it’s going to be a very good year.”

Annette Miller, administrator coordinator at Heritage Title Co. in Grand Junction, said she expects neither a big decrease nor big increase in the market. “I don’t see any red flags that it’s going to change dramatically either direction.”

Miller said 595 real estate transactions worth a total of $242 million were reported in Mesa County in July. Compared to the same month last year, transactions slipped
1.5 percent, but combined dollar volume rose 24.7 percent.

Miller said low inventories continue to hamper sales, but real estate activity typically slows in July given the holiday and summer vacations. 

Eighteen transactions worth a combined $48.9 million bolstered dollar volume in July, she said. The transactions included the sale of the Peppermill Lofts apartments for more than $7 million, Liberty Center office building for nearly $6.3 million and a 72-unit apartment building for $5.5 million.

Through July, 3,657 transactions worth a total of more than $1.3 billion were reported in 2021. Compared to the same span last year, transactions increased 23.3 percent and dollar volume jumped 43.3 percent. The increases reflect in part the effects of the COVID-19 pandemic and related restrictions in 2020.

If the current pace of activity continues, 2021 would end with 6,269 transactions worth a total of $2.2 billion, exceeding what ultimately was a record year in 2020.

According to numbers Bray Real Estate tracks for the residential market, 365 transactions worth a total of more than $140.5 million were reported in July. Compared to the same month last year, transactions dropped 17.2 percent and dollar volume edged down three-tenths of a percent.

Through the first seven months of 2021, 2,388 residential transactions worth a total of more than $862.7 million were reported. Compared to the same span in 2020, transactions increased 8.8 percent and dollar volume jumped 30.8 percent.

Bray said the year-to-year decrease in closed transactions in July reflected some slowing in sales for that month and the previous two months.

Low residential inventories continue to pose a challenge, he said. As of the end of July, there were 348 active listings. That’s a decrease of 19.3 percent from the same time last year.

Low supplies and high demand continue to push prices upward. The median price of homes sold through the first seven months of 2021 increased 18 percent to $325,000.

As for new construction, 72 building permits for single-family homes were issued in Mesa County in July, down from 79 for the same month last year. Through the first seven months of 2021, however, 585 permits were issued. That’s up 39.6 percent from the same span in 2020.

Bray said residential activity could remain soft in August, but the overall market remains strong in Mesa County with dollar volume that will soon pass the $1 billion milestone.

Meanwhile, property foreclosure activity continues to decrease in Mesa County, Miller said 13 foreclosure filings and 13 completed sales were reported during the first seven months of 2021. During the same span in 2020, 73 filings and 21 sales were reported. The seven resales of foreclosed property during the first seven months of 2021 constituted a fraction of all transactions and the 10 percent threshold Miller considers indicative of a healthy market.