Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

What is Causing the Major Shift in Real Estate Sales? – August 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.

Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

May 2018 – Montrose Colorado Real Estate Market Update

What’s the New Housing Inventory Outlook?

New-Construction-Real-Estate-Building-in-Montrose-ColoradoNew construction is the new inventory as residential housing prices jump at a neck-breaking pace and inventory levels deplete. Developers are finishing-out once stunted subdivisions of the last real estate boom off West Main and North of Montrose, adding new and upcoming lot inventory for builders. Total inventory of residential homes, in all price ranges for Montrose is down 12.9%, while the existing inventory of homes under $300,000 is down 19.1%. These numbers reflect a 4-week snap shot of a year-over-year trend and tend to be a less accurate reflection of the market compared to calendar year comparisons. With that said, some clarity is indeed provided into local market conditions and to what the summer may unveil moving forward for buyers, builders and sellers.

National Market

National Real Estate Market Housing Inventory InflationAt the national level, new home construction remains near its lowest level in 60 years, while national home prices continue to gain at approximately 6% per year. The price gains in housing are approximately three-times the rate of incomes and two-times the rate of inflation, presenting a sobering view of the situation many Americans face. Real estate ownership is one of the primary ways that Americans create wealth and many are being left in the dust as affordability wanes. On the flip side, the unemployment rate is at one of its lowest levels in nearly a century and economists anticipate that wages will eventually increase, adding buying power to consumers in competitive housing markets (Homebuilding Isn’t Keeping Up With Growth, Development Group Says).

Baby Boomer Boom in Montrose

A recent US Census Bureau report provided a map of 442 counties in the Nation as labeled, “retiree destination counties”. In Colorado, 10 out of the 64 counties were on that list and Montrose County was included. Population growth in those counties grew by 2% on average in 2017, three-times the rate of National population growth. What does that mean for the local housing market? More competition for locals and also the cash to fuel construction for much needed inventory (Retirees Reshape Where Americans Live).

 

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Montrose Colorado April Real Estate Marketing Statistics - 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.