September Market Update – National & Montrose CO Real Estate

September 2016 – Montrose CO Real Estate Market Update

Montrose CO Real Estate Market

1front-1new-optimizedThe Montrose Colorado real estate market has been a roller coaster this year. The number of sales year-to-date for residential homes in Montrose Colorado has increased by 6% from last year. The median sales price is currently at $205,000.

First quarter prices of 2016 dipped by 2% from 2015.  The second quarter prices were up by 9% from last year, while July and August home sale prices have risen by 5%. Despite the fluctuations between quarters, the market is experiencing substantial appreciation in real estate values in Montrose for 2016.

The 2nd quarter of 2016 revealed that 41% of buyers were purchasing properties with cash and the other 59% were obtaining a loan.  This is a huge percentage of cash buyers coming into the Montrose real estate market. I am guessing that many of these cash buyers are retiring in the area. Montrose County continues to be a major draw as a retirement destination as well as a phenomenal place to slow down from city life for professionals and families.

This fall has also been abnormal in the real estate market.  Normally we see a slow-down in market activity as we get into a fall routine, but this year we haven’t seen much of a lull as of yet.  The extremely low interest rates may be influencing the strong market here.

National Real Estate Market

On a national level, the median sales price for this month is at $244,100.  This is up 5.3% from last year, but down a bit from last month.  According to the National Association of Realtors, the projected homes sales also dipped 1.6% from last year.

Colorado had the nation’s third-highest overall home price appreciation rate between July 2015 and July 2016. At 9.3% appreciation, Colorado’s appreciation rate trailed only Washington and Oregon while the national average was at 6% appreciation. In the Denver area, the change was even higher than the state average, coming in at 10%.

The average interest rate for a 30-year fixed-mortgage is up slightly from last month at about 3.47%.  This is still almost free money compared to the historical interest rate average.

Word on the street is that higher-end markets in major metro area across the nation are beginning to slow down a bit; big money players are staring to pull out of the market it seems. The nation has been coming out of this recession for over 6 years, so we anticipate that it will soon be time for another real estate cycle slow down. Montrose is usually between 1.5 and 2 years behind the Nation’s economic cycles so we may not see the market slow down for a while.

Thanks and have a fantastic start to this fall season! – The Atha Team

If you Benefited from This Blog,

Please Share on Social Media using the Share Buttons Below!

Copyright 2016 Keller Williams Realty, Inc and 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.

Stay Informed!

Get Our Hyper Local Real Estate Market Report Direct to Your Inbox

* indicates required