The Montrose real estate market is still peaking with record prices and little inventory. Homes available for sale are now below the 50-unit mark for the first time. Currently, there are only 7 homes available with 3-bed, 2-bath minimum under $400K. Traditionally, the winter is slow for the Montrose real estate market, but the number of homes being placed under contract over the past 3 weeks reveals a summer season type of market.
From late January to early February, approximately 20 homes are being placed under contract per week. Compare that number to the roughly 5 homes newly listed for sale each week. Did anyone mention supply shortages? We anticipate an early spring selling season due to these factors. Sellers may realize they don’t need to wait until the “ideal month” to list their home to get a great price. Although there is snow on the ground, buyers are here and buying.
The current and projected mortgage rate increases are the buzz topics right now in the real estate industry. The 10-year T-bill is approaching the 2% yield threshold for the first time since 2019; a sign of a tightening labor market, a recovering economy, and/or investor confidence. Whichever the case, mortgage rates for the average Joe are hovering around 4%, up from December’s 3.5%. Back to the buzz: what experts and economists are asking is, “What will higher rates do to the overall real estate market?”
Although slowing in the industry is perceived as a bad word, to some, slowing in the housing market may bring a little balance back to the force. Dampening price appreciation and more inventory would allow buyers more time and less pressure when looking for a home.
I frequently tell people that it used to take 6 months to sell a home and now we’re panicking if a home is not under contract within 2 weeks! With projected rate increases, prices cannot continue upward as seen in the last 24 months during Covid. And with the economy recovering and Omicron dissipating, we may see fewer buyers fleeing the metros in the next few years.
Thinking about Buying or Selling? Call or Text: 970-417-9375
Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. 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 Realtors, CoreLogic data analysis firm, Montrose Association of Realtors, CMU Department of Business and Economics, InfoSparks, YCharts, National Association of Realtors, Cornerstone Home Lending, and the Mortgage Brokers Association. This data is considered accurate but is not guaranteed. Copyright Atha Team LLC 2022. All Rights Reserved.