Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

What is Making Buyers Pause? – October Real Estate Stats

Montrose Colorado Market

2 story real estate home - Photo by Sarah Jane from PexelsThe Montrose housing market has been on a steady leveling trend over the last month. Homes that would have been under contract within several days after going live on the market, are now taking several weeks. The overall subjective feel for the market, local agents are reporting, is that buyers are purely catching their breath. Local Buyers have also been re-adjusting their home purchase budgets and monthly payment thresholds given the recent rise in mortgage rates. Buyers who were already at the top of their housing budgets are now lowering their overall purchase price to make up for the increase in mortgage rates. An increase of 1% in rates roughly equals a $150 jump in monthly payments on a home mortgage of $250,000.

With the increase of days on market, buyers now have better chances getting into homes they desire, rather than facing heavy competition that was seen over the last 12 months. The market is still experiencing civilized competition and multiple offer situations, albeit less of them over the last month.

National Market

Colorado cabin for sale - Atha Team Real EstateThe national market is also experiencing a trend of flattening price gains, hovering at around 6%; July was the fourth consecutive month of tapering equity. According to the most recent NAR data, the National median sale price was $267,300 in August while inventory levels remained uniform. Mortgage rates are now sitting at a 7-year high of 5%. Although this is still a historically low rate, buyers are re-calibrating based on the new rates when lock-in periods expire.

Next Buyers Market?

Boomers, being a massive population segment in the US, have been the movers and shakers of change. Recent data suggests that 2026 may be the year for the next shift from a Seller’s market to a Buyer’s market. Given 20% of all homeowners in the US are boomers; they are indeed the lion’s shares of homeowners. A 2018 Fannie May report is predicting this generation’s exit from the single family housing market into assisted living retirement homes and rentals. This massive shift may cause a wave of inventory to penetrate the housing market around 2026 (U.S. Home-Price Gains Decelerated in July), (The Boomer Bust).

 

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October Market Updates for Montrose, Ouray Ridgway Colorado Real Estate

Thinking about Buying or Selling? Call or Text: 970-417-9375

 

Atha Team Montrose CO Keller Williams Real Estate AgentsCopyright 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.

Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

What is Causing the Major Shift in Real Estate Sales? – September Real Estate Stats

Montrose Market

Montrose Colorado Residential Real Estate Sales - Atha TeamThe 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.

National Market

Montrose Colorado Residential Neighborhood Real Estate Sales - Atha TeamNationally, 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).

 

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Residential Home Statistics Sold in Montrose Colorado - August 2018 - Atha Team Stats

 See other housing market stats posts by the Atha Team HERE.

 

Thinking about Buying or Selling? Call or Text: 970-417-9375

Atha Team Montrose CO Keller Williams Real Estate AgentsCopyright 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.

Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

What is causing the Jump in the High End Market? – July Real Estate Stats

Montrose Market

Montrose Colorado Real Estate Market Update Homes for Sale - Atha Team AgentsThe Montrose Colorado real estate market, along with the summer weather, has been unpredictably hot. The market under $300K has experienced an averaged 41% decline in available inventory over the previous 5.75 months of 2018, compared with the same period last year. Interestingly enough, total sales volume in Montrose Colorado is up 5.9% over the first 6 months of the year.

Housing inventory is down, yet total sales are up approximately 6% due to a shift in the mid and upper-end housing markets. This increase in activity in the $300-500K range is making up for tapering activity in the lower price ranges. Signs of overheating are beginning to emerge in the under $300K range, reflected in the 6.5% drop in homes sales under $300K from January through June. During the first two quarters of 2018, there has been a 30% upsurge in the $300-500K range. Explanation: The Boomers are coming.

National Market

Montrose Colorado Real Estate Market Update Townhomes for Sale - Atha Team AgentsNationally, the real estate market as a whole is flattening, evidenced by the decrease in units sold since the beginning of this year. June sales were down 0.6% from May of this year while existing home sales declined on an annual basis 5 out of the first 6 months of 2018. The primary explanation is not due to poor performance of the general economy but rather housing inventory depletion and steep price gains. Rising interest rates, though historically low, will most likely contribute to this leveling of sales activity as well.  Declines were mostly felt in the South and West while upticks were experienced in the Mid West and North East regions of the country. A 30-year fixed rate mortgage is currently at 4.6% (Home Sales Extend Slump Despite Economic Strength) (Pricey Housing Markets in West Are Cooling Off Most Quickly).

 

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July Residential Housing Statistics in Montrose Colorado - Presented by the Atha Team

 See other housing market stats posts by the Atha Team HERE.

 

Thinking about Buying or Selling? Call or Text: 970-417-9375

Atha Team Montrose CO Keller Williams Real Estate AgentsCopyright 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.

Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

June 2018 – Montrose Colorado Real Estate Market Update

Montrose Colorado

Montrose Real Estate Market Housing Prices Continue to Climb as Lower End Houses are Harder to FindAs home prices continue to trend upward, the number of properties selling remained relatively flat in June. In relation to June of last year, the Montrose real estate market experienced a 15% gain in sale prices. Absorption/saturation rates have increased in the $400-500K price range as more properties have entered the market for prime selling season. Inventory levels still remain quite low under $400,000; a healthy market (an equal number of buyers and sellers) is considered 6 months of housing inventory. A positive note to mention is the number of sales in the middle price ranges comparative to years past.

Over the last 6 months:

  • 157 homes sold in the $200-300K range
  • 61 sold within the $300-400K range
  • 42 sales between $400-500K

Inventory Levels (Absorption/saturation)

  • 3.5 months supply of inventory in the $200-300K range
  • 3.6 months supply of inventory in the $300-400K range
  • 14.4 months supply of inventory in the $400-500K range
National Market

Seattle Skyline National Market Update - Credit Flickr.com SeryaniThe National real estate market has tapered in the number of sales over the first half of the year. New construction was a bright spot in the overall economy in May with new housing starts increasing 6.7% from the previous month (New Home Sales Surge on Rising Purchases in the South). Housing shortages and increasing interest rates are causing many prospective homebuyers to adjust their price ranges in what they can afford monthly. Mortgage rates are still historically low in comparison to the National average. Current rates on a 30-year fixed mortgage at 4.6%.

National home prices experienced an 8.7% gain over 12 months from April of 2017. San Jose (Silicon Valley), Las Vegas, and Seattle were the top three contenders for the most dramatic housing increases in the US. San Jose came in at a whopping 26%, Las Vegas 16.5%, and Seattle at 13.6%. San Jose is still the hottest job market in the US according to CNBC, which explains in part, the rapid demand and price increase for housing in that area (Home values are skyrocketing at the fastest pace since 2006).

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June Residential Housing Statistics in Montrose Colorado - Presented by the Atha Team

 See other housing market stats posts by the Atha Team HERE.

 

Thinking about Buying or Selling? Call or Text: 970-417-9375

Atha Team Montrose CO Keller Williams Real Estate AgentsCopyright 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.