The Montrose real estate market is still quite warm, reaching its highest median sales price on record, topping out at $354,900 for the month of November. The 3-month rolling median sales price is 16.44% higher than the previous year, highlighting just how competitive the market still is going into the holiday season. Looking solely at November’s median sales price, year-over-year prices jumped 20% while available homes for sale are now below 100 units. The market has never seen the available inventory drop below 100, even in the slower winter months. The low-inventory can be explained by the 13% spike in the number of homes sold over the last 3-months. To put things simply, people are buying everything up. The three essentials for the holiday season are: an ample supply of toilet paper, a sense of humor, and Colorado housing.
The record-breaking housing activity experienced through the fall has completely erased the losses experienced during the spring pandemic lock-downs. Existing home sales jumped for the 5th straight month, up a whopping 26.6% from a year ago. With parallel inventory shortages like Montrose, 72% of homes listed for sale consummated an offer within the first month of going on the open market. The median sales price of an existing home increased 16% from the previous year to $313,000.
Builder confidence reached a record high this past month. Rumor has it that this number would be even higher without COVID related constraints and complications. New home construction sales activity is extremely strong with unit sales numbers reaching levels not seen since 2003. The new housing sales numbers are still well below the 2005/2006 peak but are still very encouraging. Mortgage rates are still at exceptionally favorable percentages with a 30-year fixed conventional mortgage hovering around 2.9%.
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Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. Copyright 2021 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, CMU Department of Business and Economics, InfoSparks, YCharts, National Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2021. All Rights Reserved.