(970) 445-8227

matteilers@aol.com

All posts tagged Mesa County 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

Read more

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.

Read more

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

 

 

 

 

 

Read more

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.

 

Read more