Status of housing market in Grand Valley

GRAND JUNCTION, Colo. (KKCO) - It’s a double-edged sword. Mesa County home prices are up, but so is the number of homes on the market.

Bray Real Estate Agency released its March 2023 report. The total number of homes sold compared to last year is down -29 percent, and homes are staying on the market longer.

The median price is up .5 percent compared to last year. Call it supply and demand, the number of homes for sale jumped 86 percent.

That keeps prices in check. The median house value is now $370,000.

“So it’s actually a good time for the buyer because at the same point in time last year, it was a buyer frenzy out there,” said Brian Donaldson. “If you were actually involved in that, you know, and so, right now, we’re already starting to see multiple offers in the marketplace.”

The first quarter of 2023 showed a 29 percent decrease in overall residential sales compared to 2022.