April Market Minute – Ouray & Montrose Co Real Estate Update
Montrose Co Real Estate Market
The Montrose Co Real Estate Market is beginning to feel like a seller’s market of the Wild West. I’ve had a huge number of multiple offer bidding situations over the last two months. The demand for houses has surpassed the supply and our prices are rising faster than they have in a long time. Buyers are getting frustrated because they keep seeing houses come on the market only to find them going under contract before they even get a chance to see them and make an offer. This trend is still mostly in the $250,000 and under price range, but I am starting to see more competition for the higher-end houses as well.
Here are the numbers:
- We currently have 454 residential homes on the market right now.
- 103 of those homes are under contract.
- We had approximately 134 sales in the 1st quarter of 2015, which is 17 more sales this year over last.
- The median sales price for March of 2015 was $190,250, which is up from the $159,950 from March of last year.
- We’re seeing more homes sell in the price range between $200-$300k this year. That tells me the higher price ranges are slowly but surely starting to move again.
New Montrose Colorado Homes
We are in dire need of builders to start building spec homes again so that we have a healthier inventory for homes under the $250,000 mark. We want prices to rise, but not so fast that our wages can’t catch up. Builders are still having trouble obtaining construction financing, but I am hoping this issue will not continue as the market continues to improve.
Ouray Co Real Estate Market
In Ouray County, the market experienced notable improvement in the 1st quarter of 2015.
- We had approximately 34 residential sales in the 1st quarter of 2015, which is up by over 50% from last year.
- The median sales price is also up from $260K in 2014 to $323K in 1st quarter of 2015.
National Real Estate Market
On a national level, the median sales price of used homes hit $202,600, which is up 7.5% from the same time last year. Leading economists believe that the recent and large price increases are unhealthy for the economy. Higher prices are good for homeowners, but this increase in equity also reduces affordability for many new home buyers.
Some markets (specifically Denver and Dallas) have recovered from the recession and continue to skyrocket, while other markets still have 2-10 years before achieving pre-recession peak prices.
Interest rates on a 30-year mortgage are still low, hovering near 3.78%. Mortgage rates did precisely the opposite of what Wall Street expected in 2014 by staying low, but most expect rates to rise this year.
Now is the time to sell
The Montrose Co Real Estate Market is beginning to favor sellers. Don’t wait any longer to sell your home;
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That’s all for now! I hope you have a wonderful spring, and as always, I’m here if you have any real estate needs!
Copyright 2015 Keller Williams Realty, Inc. 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 2015. All Rights Reserved.