Grand Junction Real Estate News

Once proposed developments back in play, commercial catches up to residential

Year in review

    •   Penny Stine

The housing market of 2018 hit several significant milestones throughout the year, including the median price of housing finally surpassing the pre-recession highs early in the year, and the number of building permits issued by the county, (796 through Dec. 26) surpassing the 2008 levels. Although there were still fewer building permits issued in 2018 than what was issued 11 years ago during the peak of the natural gas and housing boom in 2007, the current real estate and housing market is in a much healthier place than it's been in years.

"Things were strong this year," said Christi Reece with Coldwell Banker. "There were so many good things happening here."

The median sales price of a single family home rose to $235,000 through the end of 2018. Rising values and prices are good for existing homeowners, and so far, prices haven't risen too fast or too far to make it unaffordable for first-time buyers.

"Builders are super-conscious about bringing a reasonably priced product to market," Reece said. "They're not over-paying for land."

There were quite a few new filings of existing subdivisions, as well as entirely new subdivisions brought to the market this year. Many of the new subdivisions are projects that got approved back in the boom days of a dozen years ago, but never saw any action. Granite Falls, which is 52-acre subdivision in the Redlands where new homes are currently under construction, was first proposed in 2007 when it was called Redlands Place.

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