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August 2016 Montrose CO Real Estate Stats – Sales & Available Foreclosures

August 2016 Montrose CO Real Estate Stats – Sales & Available Foreclosures
Numbers Thinning

25frontThe Montrose real estate market continues to climb in value as inventory numbers thin. The month of August experienced an 8% gain in price from August of 2015 while the median days on the market dropped 22% from the same time last year. Inventory has decreased since July as homes have sold or expired.

The rising home prices coupled with security values (in Montrose Colorado and the Nation) are being attributed to the record high US household net worth (U.S. Household Wealth Rises to Record).

There were 39 homes that sold between $150 and $250K in August. This price range accounted for half of all homes sold this past month. In the middle to upper-end price range, Cobble Creek experienced some improved action as 33% of the homes between $300 and $400K that sold in August were in Cobble Creek. Only 2 homes over $400K (and under 2 acres) sold this past month. Though the upper-end price range in still soft nation wide, homes in this price range are still moving considerably relative to last year.

Home Appraisals

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Some home appraisals have been coming in above or below market value. The former is making for sticky negotiations as homes continue to gain equity value due to supply and demand while appraisers struggle to find adequate comparables to justify purchase prices. Most home appraisals though are coming in near negotiated purchase prices.

New builds are continuing to speckle the Uncompahgre valley, mostly in the form of custom builds. New speculation homes in Montrose are beginning to pop-up in American Village, Bear Creek, Riverstone, Woodlands Pond, Eagle Landing and Waterfall Canyon subdivisions.

Montrose CO Real EstateRental Market

Rental markets are also feeling the squeeze of low inventory. Rents have sky rocked since the crash. Homes that once rented for $800 are now renting for $1200 and $1300. Realistically, it’s a much better decision to purchase a home now, rather than rent, if one plans on staying in Montrose for longer than 2.5 years (which is the break-even point average to recoup fees incurred from purchasing a home).

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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 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 2016. All Rights Reserved.

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Diana Atha

Diana Atha is a seasoned agent in the Montrose, Colorado real estate industry. She has served within the Montrose professional market since 2006 and is part of Keller Williams Colorado West Realty. Diana has extensive experience as a real estate agent and is naturally gifted in customer service. She has passed on this knowledge and mentored rising stars in the Atha Team. Diana and her team have achieved many awards serving as buyer's and seller's agents in Montrose, Ridgway and Ouray. “Top Residential Sales Team” in 2017 “Top Residential Sales Team” in 2016 “Top Listings” and “Top Producer” in 2016 “Top Residential Sales Team” in 2015 “Realtor of the Year” in 2013 Recognition for ranking 3rd in real estate sales volume in 2013 Diana has served as a volunteer in many different aspects of the community throughout her over 25 years of Montrose residency. Growing up, Diana was modeled in the discipline of servant leadership. Her father, Rick Weaver of Del-Mont Consultants and Samaritans Aviation, included Diana in many community projects serving the needy. As Diana grew older, she traveled to Kenya, Papua New Guinea, Australia, New Zealand, Hungry, Romania, and Japan to help serve others in a Christian Humanitarian context. Diana now volunteers her time at the Magic Circle Theatre, Grace Community Church, Rotary International – Montrose CO, and served on the Board of Directors for the Montrose Association of Realtors. Diana is married to Ian Atha the Listing Specialist for the Atha Team and happily resides in Montrose Colorado.

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