The April 2016 Montrose Co real estate market experienced an ever-tightening inventory in the lower and middle price ranges while the higher-end real estate market remained soft. The National market, as well as the local Montrose Co real estate market is undergoing what’s considered “a two market syndrome” (Housing Market Takes On Split Levels).
Two Markets
This two-market condition is being felt from Montrose Colorado to Southern California and can be described as firm (homes in the higher-end price ranges) and soft (homes in the middle and lower-end price ranges) or, a seller’s market and a buyer’s market. Homes listed between $150,000 and $250,000 in the Montrose Co real estate market are in a seller’s market while homes over $400,000 are moving at a much slower rate.
Three Ranges
There were 17 homes that sold under $150,000 in the month of April with a median of 49 days on the active market. In the $151,000 to $250,000 range, 33 homes sold in April with a median of 66 days on the market. A townhome in Crossroads Park closed in a mere 16 days. This rapid-fire sale activity is consistent with the median days on the market of last April.
In Montrose Colorado’s mid-range market, 12 homes sold in April with slightly higher median days on the market of 79. Homes sold in this price range were seen in the Preserve, American Village, and Cobble Creek neighborhoods to name a few. The $351,000 to $450,000 range saw a hopeful spike from March, which experienced a dismal 3 sales. The spike in April amounted to 7 homes selling with 2 out of the 7 selling in River’s Edge Subdivision.
The Higher-end and Luxury class real estate market saw 4 homes sell in April, including a phenomenal riverfront property selling for $850,000 with Keller Williams Colorado West Realty bringing the buyer. Sales in April of 2014 and 2015 only saw 1 property sell in this price range. This is hopeful news for the luxury class homeowner looking to sell this year.
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Copyright 2016 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 Realtors, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate but is not guaranteed. All Rights Reserved.