(970) 445-8227

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All posts tagged Grand Junction Real Estate

Today, let’s take a look at how much a 3 bdrm costs around the various areas of Grand Junction as well as Fruita.

In 2016 year to date, sales of a 3 bdrm single family home (not including modulars or manufactured homes) accounted for 60.3% of the total number of sales versus other bdrm sized homes in the area.

Since a 3 bdrm single family home is the most common sized home that Buyers seek out, let’s take a look at how much a 3 brm home costs around our area.

The following chart shows the Median Sales Price of a 3 bdrm single family home in each area from Jan. 1-Nov. 17th in 2016 as well as for Jan. 1-Nov. 17th, 2015 to see how much prices have changed over the past year.

Area 2016 2015 % Change
Clifton $156,500 $139,700 12.03%
Fruita $222,300 $206,000 7.91%
Grand Junction City $173,450 $169,950 2.06%
SouthEast $175,000 $171,000 2.34%
NorthEast $184,500 $179,900 2.56%
Redlands $323,500 $293,000 10.41%
North  $249,950 $239,500 4.36%
Orchard Mesa $185,000 $175,000 5.71%

Oddly, the least expensive area as well as the most expensive area by far lead the way in terms of % change of how much a 3 bdrm costs in 2016 vs 2015.

Question: Do you think the Average Days on Market differs across the various areas & price points for a sold property in 2016?
Again, you might think there would be some differences around but there is actually very little difference.  The average Days on Market for a sold 3 bdrm single family home for the entire area is 93 days.  6 of the 8 areas listed above are within 3 days of the average.  Redlands, the most expensive area, comes in with the slowest sales rate with an average days on market of 105 days…or roughly 12 days slower than the average. The NE area comes in with the fastest sales rate with an average days on market of  83 days.

Have some numbers you want run or see in a future article, feel free to e-mail me and happy to go Inside the Numbers for you.
E-Mail: MattEilers@aol.com

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How is our market doing?
Is it a Buyers market?
Is it a Sellers market?
CHALLENGE QUESTION: C
an you name the month that has had the MOST closings each year for the past 2 years for Single family homes?  Answer at the bottom of the article.

The above are common questions for anyone that deals with real estate or is thinking about buying or selling.

To answer many of these questions, it is best to take a look at hard numbers to get your answer rather than taking someone else’s word for it. Remember, this is a BIG investment if you are a Buyer and probably your biggest asset if you are a Seller.  The more information you can get, the better personal decision you will hopefully make for yourself.

Following is a look at just the month of October for sales of Single Family home sales in Fruita and the Grand Junction area.  Modulars and manufactured homes are not included in the data.

2016

2015 2014 2013

2012

# of Sales

188 182 190 162

167

Median Sales Price

$225,250

$209,900 $210,000 $185,636

$165,000

Median. SP/LP %

98%

98.60% 98.06% 97.92%

98.15%

Median Days on Market

76

79 101.5 94

78

Avg. Days on Market

96

115 118 113

98

Median Sold Price/Sq.Ft

$135

$127.06 $121.50 $ 111.00

$107.62

The following looks at the previous 5 years sales between Jan. 1st and Oct. 31st.  Same parameters as above.

2016

2015 2014 2013

2012

# of Sales

2,149

1,985 1,789 1,747

1,751

Median Sales Price

$213,600

$204,000 $194,900 $185,000

$173,500

Med. SP/LP %

99%

98.73% 98.32% 98.24%

98.22%

Median Days on Market

74

80 91 84

82

Avg. Days on Market

98

110 119 109

111

Median Sold Price/Sq.Ft

$133

$125.30 $118.81 $113.25

$107.76

Analysis: Looking at Jan. 1-Oct. 31st over the years, you can see that 2012-2014 had almost the exact same number of sales each year.
Sales in 2015  was up ~11% vs 2014 and now, 2016 has exceed that by increasing 8.24% vs 2015.
Median sales price has been fairly consistent by increasing at around $10,000 per year.
Days on market-  median days on market has dropped by ~1 week vs prior year and the average days on market has dropped by ~10% vs previous years.

Conclusion:   Demand has been increasing by ~8-10% per year for the past 2 years.  Days on market has fallen (that’s a good thing for a Seller).  
Typically, these 2 items coming together would result in a more dramatic increase in Sales Price…but that has not happened as much as I would have guessed given the increased sales coupled with decreasing days on market.  

The question we will find out the answer to over the next 6-12 months is…will we start to see more of a dramatic jump in sales prices due to
1) lower days on market,
2) increased # of sales
3) fairly tight sales price to list price ratio (99%) which shows that Sellers feel they are in better bargaining position than Buyers  
4) really low interest rates.  

Obviously there are other BIG factors that will also steer our market such as our national as well as local economy as we transition into a new leadership and policies, will interest rates stay low (keep an eye on the bond market), and of course the state of our local job market.

Another item that is very important is to keep an eye on is interest rates which is not touched on in this article.  Rates are historically low but rates moving up or down can affect how much one can afford.  2 days after the somewhat surprising presidential outcome, interest rates had jumped 1/4% in a day.  To show how much that affected a Buyer, someone looking at a 15 year loan whose rate moved up by 1/4%, they would have been charged about 1 point to buy their rate back down to what is had been 48 hours prior had they not locked their rate in.  A point is 1% of your loan amount so a $200,000 loan, the jump in interest rate meant a $2,000 cost to buy the rate back down OR if they did not buy the rate back down, then the Buyers could now qualify for a slightly less grand total than they previously could have.

What month has the most number of closings?
Answer: May.  Each year for the past 2 years, May has had more closings than any other month but keep in mind, this is when a home sells NOT when it goes under contract.  Assuming that a typical contract is 30-45 days in length and that means most of these May closings are going under contract in Mid- March through end of April.  So, plan accordingly.

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How did real estate perform in the 1st quarter of 2015?

Let’s look at how 2015 1st quarter did vs 2014 1st quarter.
The following is for all sales on the GJ area MLS by reporting agents/companies.
This is for single family homes excluding modular and manufactured built homes.

1ST QUARTER:
# of Sales 2015:   455               # of Sales 2014: 392
Median Sales Price 2015: $186,900
Median Sales Price 2014: $180,000

Median Days On Market 2015- 109 days
Median Days On Market 2014- 104.5 days

REO/HUD/Short Sales 2015- 16.47% of total sales
REO/HUD/Short Sales 2014- 23.7% of total sales

Areas with Median Sales Price for 2015 for 1st Qtr Sales
Redlands- $277,500
North- $242,250
Fruita- $219,900
NE- $179,900
SE- $167,450
Orchard Mesa: $171,450
GJ City: $147,650
Clifton: $139,150

Observations:
*# of sales in the 1st quarter of  2015 vs 2014 was up 15.82%.  This will be interesting to see if demand stays strong for the remainder of 2015 or if this uptick in sales in the 1st quarter was somewhat aided by our warmer temperatures over the winter.
*The number of REO (bank owned), HUD, & Short sales dropped from roughly 1 in every 4 sales in 2014 to 1 in every 6 sales in 2015.  This is a positive in my opinion as the fewer bank, hud, short sales that are on the market, the less competition for the average homeowner that is selling that might have to compete against a bank pricing a tad lower than market to sell their inventory.
*With the positive news of a big uptick in # of sales and fewer REO/HUD/Short Sales, the median sales price only increased by 3.83%.  Not bad but a lot lower when you compare to the Front Range (Denver, Ft. Collins…) where real estate appears to be hot, hot, hot over there.
On the flip side, good news for those that are or will soon be in the market to buy as they can take advantage of low interest rates and still find a home at an affordable price.

Have specific real estate questions or are considering buying or selling?
Please give me a call or e-mail me.

Matt Eilers
C#970-445-8227
E-mail: MattEilers@aol.com

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Hugs & Kisses, Dragons Blood, Salty Tear, Magic Potion, Grandma’s Sweater, Potentially Purple, & Frozen in Time.

Believe it or not, these are all different type of paint colors.  No wonder when it comes time to choose a paint color, we diligently head to the paint store, grab a paint wheel to studiously review, see the insane number of selections and…..cue eyes glazing over and brain shutting  down.  With colors like Potentially Purple, can you blame a complete brain freeze?  Is that color purple….potentially.

Here are a few links to hopefully make the painting process a tad easier.

Benjamin Moore’s 2015 Color of the Year-  Guilford Green
“A neutral that’s natural. A silvery green that works with, well, everything. No worries. No second thoughts. Just a brush, dipped in a can, whooshed on a wall, and a whole lot of happily ever after.”   –Ellen O’Neill, Creative Director, Benjamin Moore With a description like that, no wonder it is the 2015 color of the year.  Makes me want to jump into a pool of Guilford Green and live happily ever after bathed in Guilford Green from head to toe.
http://www.benjaminmoore.com/en-us/for-your-home/benjamin-moore-color-trends-2015

Selling a Home? How to Stage Your Home with Color
Painting is a low cost way to visually enhance your home, freshen up the home’s look both inside and outside and make it appealing for a Buyer to walk through. On the other hand, rooms that have very
BOLD colors can be a turn off to Buyers, make some areas such as bathrooms seem smaller than they already are and potentially cost the Sellers thousands of dollars in a lower sales price as I find most Buyers are looking for a home that is nice and move in ready rather than a home that comes with a honey doo list right from the get go.  The following link has some nice tips as well as a 30 minute webinar that is worth a listen when the time comes to paint.
http://www.benjaminmoore.com/en-us/for-your-home/how-to-stage-your-home-with-color

Color Visualizer
A nice website that I have used in the past that can help you see how colors might look is found at Sherman Williams.  They have a color visualizer where you can upload your own photo (never have tried this) or choose pictures from various rooms of the house like a bedroom, kitchen…and then choosing a color, dragging it onto the wall and seeing how it looks.  Fun to play around with to at least narrow down your selection.  Use the link below and then click on the “Launch Color Visualizer” tab which can be found in the middle of the page just a short way down.
http://www.sherwin-williams.com/homeowners/color/try-on-colors/color-visualizer/

Good luck & happy painting from Dream Home Real Estate.

As always, please feel free to call me for any of your real estate needs.
Dream Home Real Estate
Matt Eilers
C#970-445-8227
MattEilers@aol.com

 

 

 

 

 

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Have you ever wondered the breakdown of what goes into building a new home?
The National Association of Builders, NAHB, earlier this year released the results of a survey from 2013 that broke down the various costs that go into new home construction.

Here are the results of where the final home’s sales price goes to (this is a national average):
62%- Construction Costs
19%- Finished Lot Costs
9.3%- Builder Profits
4%- Overhead and general expenses
4%- Sales Commissions
1%- Financing Costs
1%- Marketing Costs

Here is the breakdown of where the Construction Costs went:
29.3%- Interior Finishes
19.1%- Framing
14.4%- Exterior Finishes
13.4%- Major System Rough-ins
9.5%- Foundations
6.8%- Site Work
6.6%- Final Steps
0.9%- Other Costs

To read more on this, click or copy & paste: http://www.nahb.org/generic.aspx?sectionID=734&genericContentID=221388&channelID=311

Looking to see what is on the market in new home construction?  Please e-mail or call me and I would be happy to send you over options in your area.
Matt Eilers
MattEilers@aol.com
970-445-8227

 

 

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Brrrrrrrr!!  Starting to get cold outside.   Ski resorts are starting to open & Vail Pass had it’s 1st closure due to snow…so whether we are ready or not, winter is here.  Let’s take a look at the 1st 10 months (Jan. 1-Oct. 31) of 2014 and compare to 2013 to get an idea on how the market is doing.

OVERALL- Single Family Homes *Using areas: Fruita, North, Redlands, GJ City, NE, SE, Clifton, Orchard Mesa

  Single Family Homes  
Overall 2014 2013 % Change
# of Sales 1893 1868 1.34%
Med. Sales Price $185,000 $179,900 2.83%
Avg. Sales Price $213,183 $201,455 5.82%
Med. DOM 90 83.5 -7.78%
Avg. DOM 118 109 -8.26%
Avg SP/LP 97.47% 97.72% -0.25%

Thoughts: # of sales is basically about the same.  Prices are up 3-5.5%.  One item to keep an eye on is the Days on Market (DOM) did regress in 2014 by roughly a week.

3 Bdrm Single Family Homes Comparison    
 

2014

2013

2014

2013

Area

# of Sales

# of Sales

Med. Sales Price

Med. Sales Price

Redlands

115

123

$270,000

$280,000

North

182

131

$229,750

$239,000

Fruita

161

141

$192,500

$197,000

GJ City

129

138

$153,000

$153,430

NE

169

177

$169,000

$159,500

SE

159

174

$149,780

$140,000

Orchard Mesa

144

164

$167,500

$149,450

Clifton

98

91

$126,575

$106,000

 

 

2014

2013

Area

Avg. Sales Price

Avg. Sales Price

Redlands

$330,487

$301,800

North

$246,026

$248,915

Fruita

$207,588

$203,864

GJ City

$156,690

$144,255

NE

$166,124

$159,245

SE

$138,335

$132,006

Orchard Mesa

$178,372

$156,234

Clifton

$115,212

$102,836


 

2014

2013

2014

2013

Area

Avg DOM

Avg DOM

Med. DOM

Med.DOM

Redlands

128

115

110

81

North

112

113

100

87

Fruita

127

112

94

90

GJ City

113

108

86

76.5

NE

111

98

86

78

SE

119

94

90

69.5

Orchard Mesa

106

106

79

67.5

Clifton

107

109

78

84

Thoughts:  It appears that the Median & Average Sales Price in 2014 both rose in the areas where prices tended to be under $200K.  Although in areas that were +$200K such as Fruita, Redlands & North areas, this did not hold.  Another item to watch in 2015 is how the Days On Market which increased in 2014 vs 2013 affects the real estate market.

 

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Here is a look at how real estate sales in September 2014 did.  For this we are looking at real estate sales in the 9 major areas in and around the valley.  Fruita, Redlands, Grand Junction City, North, SE GJ, NE GJ, Clifton, Orchard Mesa & Clifton.

We will also look back and see how September 2014 Grand Junction real estate sales did vs September 2013 real estate sales.

 

  2014 September Sales Figures  
Area # of Sales Med Sales Price Avg Sales Price Median Days On Market
Fruita

26

$190,800

$240,886

92

GJ City

24

$138,000

$149,946

106.5

NE GJ

24

$166,250

$164,443

79.5

SE GJ

20

$154,450

$154,287

95

Redlands

23

$350,000

$346,948

89

North

25

$265,000

$293,117

136

Orchard Mesa

18

$179,950

$184,996

74

Palisade

3

121

Clifton

12

$142,250

$139,517

50

In September, the Sold Price to List Price came in at 98.27%

 

  2013 September Sales Figures  
Area # of Sales Med Sales Price Avg Sales Price Median Days On Market
Fruita

25

$212,000

$214,947

85

GJ City

22

$122,673

$130,641

80

NE GJ

22

$164,500

$175,764

71

SE GJ

19

$156,000

$147,854

86

Redlands

23

$290,000

$346,916

92

North

22

$287,250

$336,712

99

Orchard Mesa

30

$172,500

$178,490

72.5

Palisade

12

$186,250

$252,368

92

Clifton

10

$75,500

$84,041

74

In September, the Sold Price to List Price came in at 98.04%

OVERALL SALES through end of September for 2014

OVERALL for 2014- Using the areas above

2014

 
 

# of Sales

Med Sales Price

Avg. Sales Price

Median Days on Market

Jan.1-Sept. 30

1741

$185,000

$211,858

89

Median Sold Price to List Price as a percentage:  98.27%  

 FOR 2013

 

2013

     
  # of Sales Med Sales Price Avg. Sales Price Median Days on Market
Jan.1-Sept. 30

1751

$179,000

$201,782

82

Median Sold Price to List Price as a percentage:  98.25%  

 OVERALL ANALYISIS:
*# of Sales has remained the same in 2014 vs 2013
*Median Sales Price is up 3.35%
*Median Days on Market is ~7 days longer vs 2013

 

 

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We have all heard the phrase “cash is king”.  Various shows imply that cash talks and the inference is a discount is available if you are an all cash buyer.   Is that so?

How much do you think using all cash for a purchase might save you in negotiations with a Seller vs having to get a loan and negotiating with a Seller?

Let’s look at the numbers to find our answer.

We will be using Grand Junction single family home sales for 2013 with data from the Mesa County MLS.
*Areas used were: Redlands, North, GJ City, NE, SE, Orchard Mesa, Fruita, Clifton & Palisade

Using these parameters, here were the number of sales:
Cash- 562 Sales
Conventional: 850 Sales
FHA- 538 Sales

Now we will look at the Average Sales Price to List Price ratio (SP/LP).  This will show us how much the Buyer percentage wise was able to bring the final sales price down from the list price.
Cash- 96.46%  (in essence, an all cash buyer was able to bring the sales price down ~3.5% from the list price)
Conventional- 97.60%
FHA- 98.64%

If you were a Buyer and an all cash buyer, you did save yourself money versus a Buyer whom had to obtain financing to purchase.  Cash beat a conventional loan by ~1.1% or $1100 for every $100K purchase.  Cash beat a FHA loan by ~2.2% or $2200 for every $100K.

How did your guess match up?  Did you think using all cash would create a bigger discount?

 

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In 2013, there were 2,2439 sales combined over the following areas that were listed on the MLS.
Areas: Palisade, GJ City, NE, SE, Redlands, North, Palisade & Orchard Mesa

Let’s take a closer look at the breakdown of sales in 2013.
The following is for informational purposes only as I cannot verify the data from which I used to compile this info.

Area/2013 # Sold M- Sold Price M-DOM M-SP/LP #2 Bdrms #3 of Bdrms #4 of Bdrms #5 of Bdrms
Redlands 292 $305,000 93.5 97.33% 12 147 102 23
GJ City 295 $140,000 77 97.42% 83 154 36 11
North 295 $252,000 92 98.27% 10 154 96 32
SE GJ 258 $143,890 79.5 99.84% 18 193 42 5
NE GJ 297 $165,000 80 98.19% 23 197 69 8
Fruita 297 $220,000 92 98.51% 15 162 101 17
Orchard Mesa 288 $158,000 78.5 98.25% 27 185 67 7
Clifton 146 $100,958 84 98.20% 14 117 14 1
Palisade 71 $162,500 98 97.01% 22 32 13 2

Legend:
M-Sold Price = Median Sold Price for all single family homes sold in the area listed
M-DOM = Median Days On Market for all single family homes sold in the area listed
M-SP/LP = Median ratio of the Sold Price to List Price. Obviously the higher the %, the closer the Seller
got to receiving their full list price at the time a contract was submitted.
Bdrms Sold: Following is the breakdown of the # of bdrms sold by size in each area.

Have questions, please let me know.  When it comes time to Buy or Sell, please give me a call so I can put my expertise to use for you.
Matt Eilers- 970-445-8227

 

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Looking for a job in Grand Junction and trying to find out who the largest employers are?

The largest employers in Grand Junction are shown below:
Mesa County District #51
St. Mary’s Hospital & Medical Center
Colorado Mesa University
State of Colorado
Mesa County
City of Grand Junction
Walmart
Halliburton Energy
Star Trek USA Inc
Community Hospital
City Markets Inc
Hilltop Community Resources Inc
Veterans Health Administration
US Postal Service
Rocky Mountain Health Plans
Family Health West
West Star Aviation
McDonald’s
Mesa Developmental Services
Choice Hotels
Home Depot
Union Pacific Railroad

Relocating to the Grand Junction area and need help with buying a home in Grand Junction?  Please call me for assistance as I would be happy to help you in your Grand Junction real estate search.

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