News
Coming off one of its poorest seasons in recent history, the Grand Junction housing market bounced back with a 13 percent increase in sales for the first quarter of 2010.
A report released by the Colorado Association of Realtors showed sales of single-family homes climbed to 346 in the first three months of the year. In the same period of 2009, a total of 306 homes were sold.
“I am very encouraged by the first quarter,” said Erika Doyle of Doyle & Associates and president of the Grand Junction Area Realtor Association.
She credited the increase in single-family homes sales to several factors, including lower prices and interest rates. The median price of a single-family home in the Grand Junction market eased to $192,222 in the first quarter from $206,667 in the same period last year. That marked a decrease of 7 percent.
Doyle said a soon-to-expire federal tax credit for first-time buyers also helped bring some people into the market during the period.
The tax break, which is worth up to $8,000, applies to sales happening on or before April 30. The credit is available through June, as long as a first-time buyer signs a binding sales contract by April 30.
Qualified existing homebuyers can receive a credit of $6,500.
“I know that it definitely helped,” said Doyle on the federal tax break.
Single-family home sales were also up statewide, as the total rose to 11,727 in the first quarter of the year from 11,161 in the first quarter of 2009. At the same time the median price advanced 2.8 percent to $212,500 from $206,667.
The Telluride market posted the largest percentage gain in sales, nearly 267 percent in the first quarter, the association report showed. Durango ranked second with sales up about 108 percent followed by Glenwood Springs at 90 percent.
The Montrose market, which posted an 11 percent increase in sales in the first quarter of the year, recorded the largest percentage price increase in the state.
The median price of a single-family home in Montrose advanced roughly 131 percent to $212,500 in the first quarter from $92,143 in the same period of 2009.
On the downside total sales of single-family homes in the Grand Junction marked slipped about 3 percent to 124 in March from 128 in March 2009. The median price dropped 6.4 percent to $192,500.
“Slower in sales, more interest in buyers to be honest,” said Mark Abbott, a broker associate with Benchmark Real Estate, on activity in March.
A report released by the Colorado Association of Realtors showed sales of single-family homes climbed to 346 in the first three months of the year. In the same period of 2009, a total of 306 homes were sold.
“I am very encouraged by the first quarter,” said Erika Doyle of Doyle & Associates and president of the Grand Junction Area Realtor Association.
She credited the increase in single-family homes sales to several factors, including lower prices and interest rates. The median price of a single-family home in the Grand Junction market eased to $192,222 in the first quarter from $206,667 in the same period last year. That marked a decrease of 7 percent.
Doyle said a soon-to-expire federal tax credit for first-time buyers also helped bring some people into the market during the period.
The tax break, which is worth up to $8,000, applies to sales happening on or before April 30. The credit is available through June, as long as a first-time buyer signs a binding sales contract by April 30.
Qualified existing homebuyers can receive a credit of $6,500.
“I know that it definitely helped,” said Doyle on the federal tax break.
Single-family home sales were also up statewide, as the total rose to 11,727 in the first quarter of the year from 11,161 in the first quarter of 2009. At the same time the median price advanced 2.8 percent to $212,500 from $206,667.
The Telluride market posted the largest percentage gain in sales, nearly 267 percent in the first quarter, the association report showed. Durango ranked second with sales up about 108 percent followed by Glenwood Springs at 90 percent.
The Montrose market, which posted an 11 percent increase in sales in the first quarter of the year, recorded the largest percentage price increase in the state.
The median price of a single-family home in Montrose advanced roughly 131 percent to $212,500 in the first quarter from $92,143 in the same period of 2009.
On the downside total sales of single-family homes in the Grand Junction marked slipped about 3 percent to 124 in March from 128 in March 2009. The median price dropped 6.4 percent to $192,500.
“Slower in sales, more interest in buyers to be honest,” said Mark Abbott, a broker associate with Benchmark Real Estate, on activity in March.
