Cold Spring Slows Sales – May Real Estate Stats
The Montrose Colorado real estate market is experiencing some interesting trends over the short term. The number of homes selling in Montrose has been flat over the past two months as values continue to increase in the middle and lower price ranges. We’ve had two months of considerable increases in the amount of time homes take to sell. Days on market was up 40% in the month of May, and 30% in the month of April, relative to the same period last year. The first quarter weather may be a contributing factor as Montrose had an unusually cold spring. That said, the ever-increasing home values might be giving home buyers more time to wait and decide; time will tell which story is true. The median home sale price is at $265,500, up 4% from the same time last year. This equity increase is not as steep as previous years in Montrose Colorado; a leveling trend may be arising in Montrose, which would reflect the National Market’s current leaning.
Housing Inventory Saturation Rates for Montrose Colorado
$200,000 – $300,000 = 3.8 Months of Inventory
$300,000 – $400,000 = 8.6 Months of Inventory
$400,000 – $500,000 = 9.8 Months of Inventory
$500,000 – $600,000 = 21.8 Months of Inventory
According to the National Association of Realtors, a “healthy market” or equilibrium market, with an equal number of buyers and sellers, is six months.
The national housing market continues to taper slowly due to lack of inventory and some affordability issues for first-time home buyers. This market leveling is based primarily on lack-of-supply in the more desirable price ranges under $500K. Sales were pretty much flat in April, down 0.4% from the previous month, while inventory was up 1.7% from the previous year. The median sale price is at $267,300, up 3.6% from the same period a year ago. Mortgage rates for a 30-year fixed mortgage are hovering around 4%; this is half-a-percent down from a year ago and great news for buyers, who were seeing rates climb close to 5% in December of 2018 (Existing-Home Sales Inch Back 0.4% in April).
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Statistics gathered from CREN MLS, criteria is all residential not including mobile or manufactured housing in Montrose. Copyright 2019 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 2019. All Rights Reserved.