Montrose Co Real Estate
Montrose CO Real Estate Blog

July 2017 – Montrose Colorado Real Estate Market Update

High Octane Summer

The Montrose Colorado Real Estate market is still running on all cylinders this summer as housing inventory shortages prove to be the prevailing headwind for 2017. The median sale price in Montrose for last month was $216,000. The number of units sold was up 15% from the same time last year while the number of days on market was down 22%, a substantial reflection of just how heated the housing market has become. The majority of homes priced under $300,000 are going under contract within 2 weeks of listing. While this is music to the ears of sellers, buyers are in a conundrum regarding limited housing options.

Real Estate Price Range Activity in Montrose Colorado
  1. $150K – $299K (assuming current homes under contract close)
    • 37 homes selling per month
    • 3.9 month supply of inventory
  2. $300K – $399K (assuming current homes under contract close)
    • 11.7 homes selling per month
    • 3.4 month supply of inventory
  3. $400K – $499K (assuming current homes under contract close)
    • 3.7 homes selling per month
    • 12.3 month supply of inventory
  4. $500 – $600 (assuming current homes under contract close)
    • 3 homes selling per month
    • 11 month supply of inventory

 

National Market

montrose-real-estate-market-statsNationally, the real estate market is very similar to Montrose, reflecting extremely tight inventories and looming concerns surrounding affordability. The national median days on market dropped to just 27 days in May. New home construction is occurring, but in the higher price ranges where builders are attracted to potentially higher profit margins. The median sale price for new construction in May was at $345,800. This new build sale price is the highest seen since the metric has been recorded. The majority of new builds in Montrose involve baby boomers constructing or purchasing new homes, which at retirement age have nest eggs to invest in new housing rather than sift through existing inventory. (Buyers Fuel Market for New Homes)

 

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Copyright 2017 Keller Williams Colorado West Realty, LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation. Equal opportunity housing provider. Each office is independently owned and operated. For sale by owner data not included in research findings. Sales data reflects sales from homes not limited to the Atha Team LLC. This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2017. All Rights Reserved.