Residential real estate recovery

Local real estate report continues to show improvement in key arenas

Special to The Business Times from Bray & Company Real Estate

Robert Bray

In July’s Bray Report, Robert Bray points to continued signs of improvement in the Mesa County residential real estate market. The report shows that sales of homes continue to improve. Year-to-date sales of homes are up twelve percent from a year ago, and forty-six percent from two years ago. These numbers are also up from the June report, which showed gains of eleven percent and forty three percent, respectively.

            Additionally, the median price of homes sold in Mesa County continues to climb. The year to date median price has now risen to $165,000, up an additional one percent from Bray’s June year to date report, which also showed a one percent gain. More important, the July home sale median price rose to over $176,000, up from June’s almost $160,000. The number of days a home is on the market on average also continues to show improvement. On average, a home was on the market only 88 days, better than the June report’s average of 92 days. Both June’s and July’s average days on the market showed a marked improvement over 2011, where each month averaged over 110 days.

            Also, inventories of actual residential listings continue to shrink from the increased home sales activity. June and July showed active inventory down 32 and 33 percent, respectively from the same time a year ago. Add in the best interest rates in nearly a half century and low construction costs and the making for an extended recovery in residential housing is getting brighter according to the report.

Robert Bray is the owner of Bray and Company Real Estate