Land Title's "Positive Perspective" 

In a sign the Grand Junction housing market could be emerging from a prolonged slump, sales of single-family homes soared about 46 percent in January when compared with the same period a year earlier.

A report from the Colorado Association of Realtors showed that 99 single-family homes were sold last month, up from 68 in January 2009. That marked the highest total for the month of January since 2008. The report was released this week.

“It's been a much better start to the year than last year (for area home sales),” said Mark Abbott, a broker associate and property manager with Benchmark Real Estate in Grand Junction.

The rise in home sales was due, in part, to a federal tax credit available for qualified first-time buyers, local real estate agents said. The tax break, which is worth up to $8,000, applies to sales happening on or before April 30.

The credit is available through June, as long as a first-time buyer signs a binding sales contract by April 30.

Qualified existing homebuyers can receive a credit of $6,500.

While transactions were up in January the median price of a single-family home dropped 7 percent to $192,222 from $206,667 in January 2009.

Statewide, the median price of a single-family home dipped to $209,161 from $215,238 in the same period.

Homes sales were also down across the state last month with a total of 3,165 residences sold, off from 3,208 in January 2009.

The biggest percentage decrease was notched in the Aspen and Glenwood Springs metro district where single-family home sales plunged about 94 percent. Craig posted a drop of nearly 64 percent, with Grand County down 60 percent.

On a brighter note, the Grand Junction market had the eighth highest percentage increase in home sales for January of the 23 markets tracked in the report.

Telluride topped the list with a 200 percent increase, although the total number of homes sold was three.

Summit and Logan each notched 100 percent increases with Summit having 26 sales for the period, up from 13. Logan notched 14 home sales in January, up from seven.

Looking ahead, the outlook for the remainder of the first quarter and start of spring in Grand Junction is positive.

“Business is picking up,” said Erika Doyle of Doyle & Associates in Grand Junction and the chairwoman of the Grand Junction Area Realtor Association. “The phones are ringing more for showings.”

Abbott was also upbeat.

“I think there are a lot of deals for buyers,” he said. “I think you are going to see a lot of activity between now and the end of April because of the tax credit. It's starting to warm up — the weather has helped.”

Reach Wyatt Haupt Jr. at whaupt@gjfreepress.com .