Corona March Re-Fi Madness – March Real Estate Stats
Despite the flurry of activity in the stock market and international news, buying and selling in Montrose continues to show no signs of slow-down. Spring traditionally tends to yield a surplus in new listings, and we are beginning to see an increase in properties hitting the market. However, total inventory across all price ranges hasn’t increased substantially, new properties which are priced well continue to be met with an enduring buyer pool. This keeps inventory low. The demand for living in Montrose is as strong as ever.
The 400k and below remains a strong seller’s market, with homes consistently selling for over 99% of asking price. What we are seeing, however, is an increased demand and movement within the higher price ranges. Whether this is chalked up to an influx of retirees continuing to make Montrose their home, or simply the strength of the economy bringing optimism remains to be seen. Interest rates being what they are, it presents massive opportunities to buyers of all price ranges to save thousands in interest year after year.
As mentioned previously, real estate in our quasi-isolated community of the western slope seems to remain largely unaffected by the headlines. We are anticipating a busy and fast paced spring and summer in Montrose!
The National real estate market continues to fluctuate with existing home sales down 1.3% from the same period last year. Inventory shortages continue to dampen the market and drive prices to record levels. Total housing inventory is still down 10.7% from the same period last year, with the National Home Builders Confidence Index at a high of 74 out of 100 in February.
On Friday, yields on the 10-year treasury note fell to their lowest level in US history due to investors fleeing to US Treasury Bonds stoked by coronavirus fears. Bond yields fall as demand rises. This is great news for home owners and those looking to purchase this spring as mortgage rates are correlated to the 10-year Treasury Bond. The 30-year fixed rate mortgage dropped to around 3.29% and market forces suggest rates may ascend even lower.
Thinking about Buying or Selling? Call or Text: 970-417-9375
Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. Copyright 2020 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, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2020. All Rights Reserved.