GRAND JUNCTION, Colo. (KKCO/KJCT)-- If you’re looking for a new home, be prepared to wait a while. According to the recent Bray Real Estate Report, demand is outpacing supply.
There's been a 16 percent decrease in homes for sale this past March compared March of 2018.
This low inventory goes for both home buyers and renters. Ashley Miller just moved to Grand Junction from Chicago. She says there wasn’t much on the market when she was searching online.
“There isn't a lot in this area that I felt was a little bit more move in ready, something that I felt like I could come home to and be in my place,” said Ashley Miller.
After hours of searching online, she settled on a rented townhome off Patterson. She says homes she found were often too expensive or had too many rooms for what she needed.
"It was pretty easy to find what I wanted but ended up going with something bigger because there was not a lot on the market that was good for just a single person,” said Miller.
Ashley isn’t alone. According to the latest Bray Real Estate report low inventory continues to drive demand even higher. There are currently 626 active listings for homes in Mesa County. The Redlands has the most to offer with 85 homes available.
"Oh, definitely more demand than supply because we have people waiting… here it comes, here's the houses on the market now and then they will have multiple offers that day so it can be gone within minutes,” said Michael Burkhard, Sales Manager, Bray Real Estate.
New home construction is also taking a dip. Building permits are down by 25 percent compared to last year.
"Winter, in terms of sales was actually pretty slow,” said Cody Davis, owner of Chronos Builders, LLC.
"Building permits are down so we don't have as many building permits coming out, that could be because of the weather this winter,” said Burkhard.
The demand has caused the average price of houses to rise too. The median sale price is at $250,000. That’s up by 9%.
"Number one, hiring a professional real estate agent whose continually got their fingers on the markets working full time on the market because then they can see when a house comes on the market and it meets your guidelines then you can get a contract on it right away,” said Burkhard.
If you want to build or buy a new home there are some opportunities. Check out Bray’s listings, they can be found by clicking the link to the right of this article.