We are experiencing a correction at this time across all price ranges. Our housing inventory is healthy in the range 250k to 350K with approx. 7 to 8 months of saturation. Properties from 350k to 475k are saturated at 12 - 14 months and 475k and higher has 24+ months of saturation. This is a slower time of year by our historical data and should show it picking up a little by mid November through December with the beginning of ski season and the winter wonderland activities. The January and February historical statistics show a typical decline and than the market begins to accelerate through the spring and summer months. It is a great time for a close eye on a good buy with premium pickings. It is obviously a strong buyer's market. You baby boomers that want to fly the coup, take a look at the market here. We have an incredible assortment of upscale homes waiting to be enjoyed. The area continues to grow and becoming increasingly service hungry for everyone.
Currently, major contributors to the economy are health care, tourism, agriculture, livestock, and service. Natural gas production is much more prevalent taking the larger slice of energy production. The energy industry production graphs share a parallel with Southwest Colorado's economic growth as well as the Front Range economic factors which are expected to continue with land leases extending through 2010 and being renewed beyond that inevitably. The new 24" gas pipeline has been completed to Cheyenne and will continue to Ohio and beyond to the Northeast. This will impact many and also benefit on a larger scale.
The projection for development within three years is heading towards the Northwest and Southeast where several developers are projecting 5 to 7,000 rooftops with an increased population to 14,000. Mesa County is gearing up for the projected utility needs through 2035.
Rentals are in high demand and supply is pretty much to zero so the market can use some investment property for the rental market. We are beginning to see a higher foreclosure rate here however not as prevalent and volatile as many parts of the country. Repo's are a much better deal and have a much higher potential for profit.
Land development for multi-family dwellings are packed with incentives. Investors and developers are needed to quench the demand. Please call me for new lucrative developments. We are also beginning to see heavier builder incentives for buyers of brand new single family homes.
The Grand Junction area offers a milder winter climate and a central location for every venue of outdoor activity there is. We have the largest display of outdoor sculptures in the nation and a great artist community. Grand Junction is a beautiful place to live and I am proud to be a part of it. You cannot find a more spectacular and centralized place for a milder winter in "The Rockies". Our council supports esthetics 100% and wouldn't be surprised if you start to see "Trolley Cars" and "Stagecoaches".
There is always something going on that proves to be very interesting and fun for folks of all ages.