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How COVID-19 has impacted inventory market for homes

Virtual tours and low interest rates have increased business, but prices are still increasing...
Virtual tours and low interest rates have increased business, but prices are still increasing here in Mesa County due to low inventory.(KKCO/KJCT)
Published: Jan. 14, 2021 at 12:39 AM MST
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GRAND JUNCTION, Colo. (KKCO) - COVID-19 was a wild card for the housing market in 2020. While more people were having trouble paying their mortgages - there was also plenty of people looking to buy a home and relocate.

Virtual tours and low interest rates have increased business, but prices are still increasing here in Mesa County due to low inventory.

The City of Fruita and Grand Junction have already created a plan to help private builders contribute to the growth, but according to Bray Properties we most likely won’t see increased new inventory until 2023.

“Inventories are extremely low because there’s so much activity. The actual number of sales last year was more than the prior year. So we aren’t down it’s just the demand is out placing the supply. So we’re not seeing properties sitting on the market for as long there’s not as many choices for buyers that are looking,” says Owner Kevin Bray, Bray Property.

The median sales price for homes is now at 287,000 dollars which is up 12 percent from 2019.

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