The overall Montrose market remained relatively flat in homes sales for the month of August. Increases were seen in the luxury price range ($500-$800) from January through August, up 8 from last year with a few sales in August. A major shift occurred this year in the $400-500 price range with a 55% increase in the number of units sold over the last 8 months of 2018. This is fantastic news for these homeowners who were once in the softest market in Montrose. There were 27 homes sold in the $400-500 range in 2017 (Jan –Aug) and a total of 60 units sold so far this year.
Nationally, consumer confidence is still at an 18 year high. Wages are up close to 3% year-over-year while inflation has increased recently as well. American’s personal net worth is quite high due to equity gains in home values and also gains in stock portfolios. Retailers are also reporting strong numbers due to increased consumer spending. All signs point to an economy reaching its prime in the economic expansion period.
There has been a general slowing in the National housing market (price gains and sales), which the Federal Reserve commented on during their July 31st meeting. Further, the National Association of Realtors reported recent numbers illustrating a downward trend of falling home sales over the last 4-consecutive months. Keep in mind that this national housing slow down in price gains is less than 0.5% relative to the same time last year. The National housing indexes are pulling data from excessively swollen metro prices, which tend to overshadow housing data trends of rural communities. With relation to business cycles, Montrose has historically trailed 1-to-2 years behind major metros like Denver. Overall, it looks like mid-range home shoppers are still ready, willing and able, but have taken a small breather, along with the market (U.S. Home-Price Gains Decelerate).
See other housing market stats posts by the Atha Team HERE.
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Copyright 2018 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 2018. All Rights Reserved.