Grand Junction Sees Resurgence in Residential Construction
Much has changed in Grand Junction residential construction since 2007 when Mesa County’s economy and housing market were on the rise, thanks to a natural gas boom that brought jobs, workers and a housing shortage. When natural gas prices plummeted at the end of 2008, jobs disappeared, the workers left and new subdivision plans were shelved.
The real estate market began a steady dive, bottoming out in 2010 when there was only 170 new home constructed and only 1,696 homes sold. Starting in 2011, existing homes started to pick up, but the growth was slow and painful. The Front Range was booming, while Mesa County seemed to drag along.
In 2017, the real estate market broke into a sprint with homes selling in the first week they were listed, multiple offers and high demand from out of area buyers.
Today, construction is everywhere, and nowhere is it more evident than in the new home market. The map below highlights the hot spots for new home construction that began in 2017. The map shows a clustering of activity to the north near 25 and F 1/2 Road (Copper Creek North and Heritage Estates Subdivision), to the east near 30 and D 1/2 Road (Pear Park North, Apple Acres, Wexford Estates and Rivertrail Subdivisions). Also, within the Spyglass Subdivision near 27 and B Road and 29 and B 1/2 Road (Mountain View Estates Subdivision).
New home sales for 2017 totaled 445 units with a volume of $125,613,424. New home sales were 8% of the market with an average price of $281,814 and an average per square foot PPSF cost of $141.
In total, 1726 new subdivision lots were submitted for review by the City in 2017. Of those, 283 new lots were approved, 316 were withdrawn from review and the remaining 1,127 are still under review. Of those lots, 625 are attributed to the proposed Mosaic development at 23 Road and H Road.
Grand Junction residential construction in 2017 was a 12% increase over 2016.
Are you looking for a Grand Junction home? Call Sandra (970) 261-1686 for expert guidance, personal tours and professional representation.
Data courtesy of Mesa County, deemed reliable but not guaranteed.