One source says local real estate market off 30 percent
Sales of commercial and residential real estate through August are down 30 percent compared with the first eight months of 2007, according to a local businessman.
Mesa County records are showing there have been 3,243 real estate sales through August, compared with 4,606 for the same time frame last year, said Bob Reece, president of Advanced Title Technology.
The total dollar amount of all sales is down from $1.21 billion during the first eight months of 2007 to $962 million through August this year, Reece said.
Real estate sales were down about 28 percent by June, Reece said, adding, “It’s pretty consistent the entire year. It’s stayed pretty much the same.”
Home building is down nearly 50 percent through August, he said.
There have been approximately 494 single-family home permits issued through August, compared to 982 a year ago at the same time, he said.
On a related note, Reece said, “It sounds to me that builders are still trying to use up their inventory before going out and getting more materials. Otherwise, they’d be out there with more houses to sell than they might be able to the next six to eight months.”