Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

What Happened in 2017? – Recap of the Montrose Housing Market

2017 Recap of the Montrose Housing Market

The Montrose Colorado real estate market held par with the previous 4 years of growth through 2017. The market experienced price gains of approximately 7% over the calendar year, keeping up with the previous annual gains of 7%, median year-over-year, since 2012. In total, 742 homes sold in 2017.

 

Homes sold according to price range in Montrose ColoradoThe hot spot in the Montrose market continues to reside under $300,000; 74% of sales occurred in this price range, keeping pace with 2016. Prices jumped 7.3% in sales under $300,000, while the number of homes sold was relatively flat in comparison to 2016. An interesting note to mention: paralleling 2016 to 2017, the $0-200,000 market saw a 22% drop in the number of homes sold, while the $200,000-300,000 felt a 14% increase in units sold.

 

The upper-end real estate market is still soft, but a few trends are worth mentioning. The $500,000-600,000 range had 45% more sales in 2017, while the $600,000 plus market saw a 29% decrease in homes sold. The $400,000-$500,000 market was quite soft this year due to a flood of inventory in this price range. Inventory levels/saturation rates were over a year in this range as well.

 

Moving Forward – 2018

 

City and county building permits Montrose ColoradoThe real estate market, continuing momentum from the busy fall, started strong going into the New Year. A spike in December activity (which is typically unheard of) is translating into a robust January. Lack of housing inventory is an obvious concern for the real estate market moving into 2018. The 3.4-month supply inventory of existing homes in November was a record low nationally.

Affordability is still a concern as prices are driven up by strong demand with wage growth lagging behind. Nationally, even as new-construction numbers are trending upward toward pre-recession levels, “demand is expected to continue to outpace supply until 2023, even after demand has reached its peak” (A Bullish Year For New Home Building).

 

Montrose Colorado city and county building permit valuationFigures 5 and 6 illustrate building permits and building permit valuation in Montrose. Total building permits are up to 158 from 136 the previous year. Total building permit valuation has increased to $14,951,843 from $9,410,657. Single family home permits are up to 50 from 33, and single family home permit valuation has increased to $8,739,080 from $5,477,563.

 

 

 

 

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, CMU Department of Business and Economics, 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

December 2017 – Montrose Colorado Real Estate Market Update

Fewer Foreclosures and a Strong Sellers Market – Seize the Market!

Local Real Estate Indicators

 

Montrose Colorado City and County Building PermitsThe local real estate market is performing at a solid pace.  It is not as strong as the Mesa County or general Colorado market but population and labor force growth prohibit a large expansion of housing in Montrose.  The average number of days on the market for homes has fallen from 70 days to 53 days, indicating a strong seller’s market.  Home values are up, with the median home price for Montrose County increasing to $219,000 from $215,000, or an increase of 1.9%.  Foreclosure filings have fallen from 18 to 16, Single family home sales are up 5.1%.  Of the homes that sold in the 3rd quarter, 30.6% were cash transactions.

Montrose Colorado Foreclosure Filings and SalesThe best news for Montrose County real estate is in the building permit and building valuation.   Figures 4 and 5 illustrate building permits and building permit valuation.  Total building permits are up 180 from 106 the previous year.  Total building permit valuation has almost doubled from $12,499,616 to $24,065,436.  Single family home permits are up 75 from 35, and single-family home permit valuation has more than doubled to $12,257,860 from $5,687,202.

National Market

The national real estate market has some backlash for buyers purchasing with a mortgage. 28.8% of U.S. home sales this year have been cash transactions, up from 28.6% last year. Why does that make it difficult for buyers with a mortgage? Sellers are more attracted to cash transactions for quicker closings and lower risks. However, most buyers purchasing with a mortgage are aware of the many cash buyers and are willing to offer thousands above asking price to get in the game. Being pre-approved and doing your homework upfront can alleviate some time consuming tasks and therefore help level the playing field for mortgage buyers.

 

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

Is Refinancing Right for You? 5 Questions to Ask Yourself

Refinancing Your Home - Atha Team Real Estate Montrose ColoradoWhen discussing real estate in Montrose, CO, you’ll find it’s almost always more exciting to talk about buying a house than it is to think about the money. Still, refinancing is a topic worth discussing, especially since it can save significant sum over the years. Those savings could even lead you to a bigger and better house later, if that’s what you want.

Should you refinance? Consider your answers to these five questions to see if it makes sense for you.

1. Can You Get a Lower Interest Rate?

Interest rates have been on the increase lately. For most people, however, a refi only makes sense if it lowers the rate by at least 0.75 percent over the current rate. Doing so will cut your costs enough (in the long run) to make the closing costs and hassle worthwhile.

2. Can You Get Rid of Your PMI?

If you have an FHA loan and are paying monthly insurance premiums, having your home appraised may boost your equity. If you can get a high enough valuation that you have 20 percent equity, you may be able to get a conventional loan and kiss that extra payment goodbye. This could save you thousands of dollars per year.

3. How’s Your Credit Score?

If you don’t have an excellent credit score, you likely won’t get a good interest rate — and that can make your refinance much less valuable to you. If your credit score has room for improvement, continue making perfect payments to boost your score and reassess in six months.

4. How Long Will You Stay in Your Home?

It does cost money to refinance your loan, and those costs may or may not be rolled into the principal. Either way, it takes most people about 15 months to break even on the closing costs. If you plan to move sooner than that, your choice to refinance could actually end up costing you.

5. Do You Have a Home Equity Line of Credit?

Since a HELOC is also based on the equity built up in your house, you might need that lender’s permission to refinance. It gets complicated once you have more than one claim on the house as collateral, so you’ll need to do some research about your existing terms if you’re in this situation.

If you’re considering refinancing your Western Slope home, make sure you get great advice from a qualified loan officer. Just as you would work with a real estate agent to buy a house, so too should you work with a professional to get a clear picture of your finances before making the leap.

 

Gaye CoxGaye Cox NuVista Credit Union Montrose Colorado

NuVista Federal Credit Union

SVP of Construction and Morgage Lending

2711 Commercial Way, Montrose, CO 81401

970-497-5328

Email Gaye

NMLS: 502132

 

Atha Team Montrose CO Keller Williams Real Estate AgentsCopyright 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

September 2017 – Montrose Colorado Real Estate Market Update

Local Market

Real Estate Montrose Colorado - Atha Team Keller WilliamsThe Montrose Colorado Real estate market is still in high gear as homes continue to gain in value and sell with minimum days-on-market, reflecting the ever-tightening housing inventory. The marketplace saw a back-to-school lull but picked right back up; 30 homes went under contract in Montrose County September 1st through 8th. They ranged from a $142,000 charming downtown house on a corner lot, to a $795,000 luxury home on 20+ acres with mountain views.

Residential properties that sold in Montrose County between September 1st and 8th ranged from a spacious doublewide in Cimarron Creek at $107,500 to a $315,000 Waterfall Canyon home with 3,000+ sq. ft. The majority of recent activity is occurring within the $200,000 – $300,000 price range.

The month of August experienced an astounding gain of 14.5% in sales price relative to last August. This gain gets ironed out when the quarterly and yearly gains are taken into consideration as a whole. Comparing Q2 of 2017 with Q2 of 2016, a more holistic gain of 6% can be observed.

Several note worthy trends are worth mentioning when comparing Q2 2017 with Q2 2016: a substantial decline of 9% in housing inventory, paired with an impressive 24% drop in median days on market, both pointing to an increasingly heated market.

Comparing the last 3 years, the number of homes sold in August is relatively flat.

National Market

Atha Team Property for Sale - Sold Atha TeamThe National real estate market is gaining in equity quickly as well due to the shortage of inventory. Sellers in select US housing markets are making profits of over 50% on the sale of their homes within 7 years of original purchase. The metro area of Oakland California, experienced gains of 78% when homes owners recently sold their properties that were purchased during the bottom of the housing crash (2009-2010). Other note worthy areas with astounding equity increases are Portland Oregon at 65% over a 9-year period and San Jose California with a 57% gain in approximately 10 years (These Americans made a profit of 50% or more selling their homes).

 

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Monthly market stats for real estate market in Montrose, Colorado by the Atha Team

 

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.