GRAND JUNCTION, Colo.- - Housing experts said that despite a low inventory of homes in Grand Junction, there is a significant increase in the amount of new construction projects being started. Bray Real Estate said there is a 44% increase in the amount of construction when compared to last year.
Those with Bray Real Estate track the number of single-family permits approved for construction and they say several factors contributed to the increase. These include the low number of homes available and the high demand for them, as well as the growing university and health care options. "The lack of inventory is concerning, but again, the economic forces correct for that with the new housing starts," said Lynn Thompson, the president of Bray Real Estate.
Bray Real Estate said the increase in construction is due to the demands of first time home buyers. The median price of a home has risen, but still falls under the peak median prices for the area. "What that means for us is that there's still a lot of room for growth, there's a lot of room for opportunity, and there's a safety factor built in that we aren't entering in an environment of overpricing," said Kevin Bray, the development coordinator for Bray Real Estate.
Bray Real Estate also said that first time buyers who decide to purchase their houses here may plan on staying in town and could end up contributing to the local economy.