What Happened in 2018? – Recap of the Montrose Housing Market
The Montrose real estate market just finished a phenomenal 2018. Although some tapering was felt in the moderate to mid-price ranges mid-year, the number of homes sold in the Montrose region was up 5% from the 2017 calendar year. The median sales price of homes sold in Montrose increased 9.6% in 2018, compared with a 6.5% gain in 2017. Housing inventory levels, when including all price ranges, also increased 5.1%.
Oddly, there was a 5.7% increase in days homes sat on the market; an explanation for this may be attributed to the increased days on market in the $400-500K range compared with 2017. The $400-500K range and the $200-300K range both experienced a 5% increase in share of total market sales, while the $400-500K market doubled in homes sold this year from 42 units in 2017 to 81 units sold in 2018.
The $100-200K market appears to be evaporating; this price range experienced an 8% decrease in share of total market sales. Total number of homes sold in this price range fell 27% from the previous year; in 2018, the total number of units sold in this price range was 151 compared with 206 homes sold in 2017.
The National real estate market has slowed substantially through 2018. Factors affecting the market slowdown range from rising mortgage rates to lower-inventory volumes in the moderate to mid-price ranges. The largest decline in units sold, since May of 2011, occurred in November (year-over-year) of 2018 with a 7% decrease from the previous November (Home Sales Post Steepest Decline in Over Seven Years).
Existing home prices experienced a gain of 4.2% in 2018, which is a slower gain on equity from the previous few years. Inventories dropped 5.9% in 2018, while the median sales price increased to $257,700. Even with the number of home sales tapering, National demand for moderate to middle income properties is still high. Interest rates are down a bit, and currently sit at their lowest rate in 8-months, hovering at 4.51% for a 30 year fixed rate mortgage (Existing-Home Sales Increase for Second Consecutive Month).
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Statistics gathered from CREN MLS, criteria is all residential not including mobile or manufactured housing in Montrose. Copyright 2019 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 2019. All Rights Reserved.