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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Thinking about Buying or Selling? Call or Text: 970-417-9375

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.

Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

June 2017 – Montrose Colorado Real Estate Market Update

A Tight Spring Market

The Montrose Colorado Real Estate Market has tightened this spring while sale prices continue to increase. The number of homes for sale in Montrose has floated around 250 units for the past few months, reflecting a decrease of about 50 units (20%) from the same time last year. New homes are indeed coming onto the Montrose market, but near the same rate as those being sold. This is great news for Sellers and local home builders looking to meet demand.

Different Prices – Varying Activity

Comparing the last 3-months from a year ago, the sales volume in Montrose has decreased 4% while prices have increased 4%. The first quarter of 2017 experienced a 9% increase in sale prices along with a 15% drop in sales volume, relative to the same period last year.

Inventory levels and sales volume drastically differ in Montrose Colorado depending on the price range. Homes between the $400,000-$500,000 rage have the highest saturation rate, reflected in a 1.2-year (14.46 month) inventory of homes. There are currently 45 homes actively for sale in this price range with only 18 selling within the last 6-months.

The housing hot spot is within the $150,000-$300,000 range, reflected in the low median days-on-the-market (51 days). By subtracting (40 days) the typical time it takes for a home to close, one can observe that homes in this price range are going under contract within the first 11 days of going active on the market. This is fantastic news for those looking to sell in this price range. Some sellers in this price range have even experienced not only multiple offers but multiple backup offers!

National Shift –  Renters Are Now Buyers

Nationally, there has been a shift from renting to buying. This is the first time in 10-years that new home formations (home purchases) are outpacing new rental agreements. These first-time home buyers now account for 42% of the total buyer market, up 11% from 2015. (Fannie-Mae defines first-time home buyers as those who have not owned a home in the last 3-years). (The Next Hot Housing Market: Starter Homes)

 

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Thinking about Buying or Selling? Call or Text: 970-417-9375

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.

 

Montrose Co Real Estate
Montrose CO Real Estate Blog

4 Ways to Determine If a Montrose CO Home Is Affordable

montrose COBuying a house in Montrose CO is exciting, and ideally, you will enjoy it for years to come. Many aspiring homeowners wonder just how much they can afford to spend. The answer is different for everyone, so you’ll have to crunch the numbers and take an honest look at your budget. There are some general rules of thumb to follow, so try these tips to make sure you choose a house that you’ll be able to make payments on comfortably.

1. Make a Complete Household Budget

If you don’t already have a budget for your monthly income and expenses, you need to sit down and hash this out. Use a budget template to get focused, and enter the amounts you spend for important items such as rent, car payments, student loans, food, entertainment and so on. Once you have these numbers in hand, consider how much you feel comfortable spending on a monthly mortgage payment. You may wish to trim certain areas to boost your housing line, but just make sure everything balances out.

2. Keep Your Mortgage Payment Under 28 Percent of Your Income

Experts recommend that your total housing costs come to no more than 28 percent of your total take-home pay. Keep in mind, though, that this number isn’t just the mortgage payment: It should also include taxes and homeowners insurance payments. Your real estate agent can help you estimate the full cost as you shop around.

3. Experiment With Online Calculators

To get a sense of how house prices and real estate taxes in your area influence your buying power, try using an online affordability calculator to get a ballpark figure for what you can afford in Montrose Colorado. It’s also worthwhile to play with a mortgage calculator to see how different down payments and interest rates affect your bottom line.

4. Talk to Your Lender

The mortgage company you choose will have the final say on how much you can borrow, so it’s worth getting prequalified and preapproved before you get serious about house hunting. Your lender may also help you come up with creative ways to boost your down payment or take advantage of special lending programs.

Once you know your number, you’re ready to hit those open houses and showings! Having an accurate budget in mind will make your real estate search in Montrose much easier and allow you to focus on the right houses for you.

Thinking about Buying or Selling? Call or Text: 970-417-9375

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.

Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

Montrose Housing Market Stats – February 2017

Montrose Housing Market

Montrose Colorado’s housing market experienced a dip during the last quarter of 2016, but nothing like previous years. January experienced a slight lull (which correlated with colder weather and snow), but homebuyers are again quite active for early February, which is traditionally a slow month in Montrose.

Many Buyers are choosing to build rather than purchase existing home inventories. This has provided life to the lagging lot and land markets in Montrose. January’s numbers reflect the seasonal lull; downward median selling prices should not be confused with the overall upward drive of the market. The days-on-the-market decreased by 32% in January from the same time last year, giving further evidence of the driving demand for homes.

The upper-end price range is experiencing painfully low inventory levels right now; homes that are on the market, and in the upper-end price range, have seen an increased amount of action. This is especially true, considering that Montrose is still in the dead of winter.

The majority of new construction in Montrose is still owner carried (ie. not speculation home builds). The market as a whole is grateful to see any new added inventory, may it be speculation or custom builds.

If you’re looking to get an edge on the market in 2017, consider giving the Atha Team a call to list your lot or residential property. The Montrose housing market is unusually warm for this time of year, as is the weather.

National Market

In the National Real Estate Market, housing experienced a continued growth trend in the last quarter of 2016. This growth in housing sales was strong despite interest rates on home mortgages rising nearly a full percentage point. Consumer sentiment reached a 10-year high in January, but has shrugged away somewhat this month now that the, “Trump Bump” has faded. Low housing inventory is still driving consumer demand despite blue-state blues and expensive housing costs. National housing inventories are at a 17-year low according to Market Watch Economists. (U.S. Consumer Sentiment Steps Back From Last Month’s High).

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Montrose Housing Market

Thinking about Buying or Selling? Call or Text: 970-417-9375

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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 2016. All Rights Reserved.