Prices & Homes Going Up Up and Away!
Home prices across the Nation and in Montrose CO are still climbing at an incredible pace. As noted in prior blogs posts, this increase in equity is due to the diminishing inventory of homes and continued low mortgage interest rates. On a National Level, the real estate market has about 4.7 months’ worth of inventory. Montrose County has about a 5 month inventory of homes on the market. Since anything below a 6 month inventory of homes is considered a Seller’s Market, both the Nation and the Montrose CO market are considered Seller’s Markets.
The median home sales price across the country is at $437,500. This is up 4.7% from the same time last year.
Interest rates on a 30 year mortgage are historically low and at about 3.54%. To give you perspective on mortgage interest rates, the historical average is close to 8.9%!
In Montrose Colorado, Homes are selling very close to their asking price and are experiencing a mere 1.4% decrease from list-to-sold prices. The list-to-sold price difference in 2015 was closer to 5%. This tells us that real estate agents and/or consumers are listing homes closer to their market value, or that consumers are competing with other homebuyers and are therefore driving up prices closer to initial asking price. The latter is much more likely.
Of the 75 residential properties sold in June of 2016 in Montrose County, 34 of those homes were priced under $200,000. We had 25 homes sell between $200,000-$300,000 and 5 homes sell over $400,000. In the Montrose CO real estate market, the median home sales price for June is $226,000. That is up dramatically from the median home sales price for June of 2015 that came in at $177,000. While the median price is way up from last year, the number of home sales is about the same as last year.
The median days on the market in Montrose county is also about flat with last year and at 74 days. This is still considered a fast-moving market.
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Copyright 2016 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 2016. All Rights Reserved.