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December 2017 – Montrose Colorado Real Estate Market Update

December 2017 – Montrose Colorado Real Estate Market Update

Fewer Foreclosures and a Strong Sellers Market – Seize the Market!

Local Real Estate Indicators

 

Montrose Colorado City and County Building PermitsThe local real estate market is performing at a solid pace.  It is not as strong as the Mesa County or general Colorado market but population and labor force growth prohibit a large expansion of housing in Montrose.  The average number of days on the market for homes has fallen from 70 days to 53 days, indicating a strong seller’s market.  Home values are up, with the median home price for Montrose County increasing to $219,000 from $215,000, or an increase of 1.9%.  Foreclosure filings have fallen from 18 to 16, Single family home sales are up 5.1%.  Of the homes that sold in the 3rd quarter, 30.6% were cash transactions.

Montrose Colorado Foreclosure Filings and SalesThe best news for Montrose County real estate is in the building permit and building valuation.   Figures 4 and 5 illustrate building permits and building permit valuation.  Total building permits are up 180 from 106 the previous year.  Total building permit valuation has almost doubled from $12,499,616 to $24,065,436.  Single family home permits are up 75 from 35, and single-family home permit valuation has more than doubled to $12,257,860 from $5,687,202.

National Market

The national real estate market has some backlash for buyers purchasing with a mortgage. 28.8% of U.S. home sales this year have been cash transactions, up from 28.6% last year. Why does that make it difficult for buyers with a mortgage? Sellers are more attracted to cash transactions for quicker closings and lower risks. However, most buyers purchasing with a mortgage are aware of the many cash buyers and are willing to offer thousands above asking price to get in the game. Being pre-approved and doing your homework upfront can alleviate some time consuming tasks and therefore help level the playing field for mortgage buyers.

 

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

 

Copyright 2017 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, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2017. All Rights Reserved.

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Diana Atha

Diana Atha is a seasoned agent in the Montrose, Colorado real estate industry. She has served within the Montrose professional market since 2006 and is part of Keller Williams Colorado West Realty. Diana has extensive experience as a real estate agent and is naturally gifted in customer service. She has passed on this knowledge and mentored rising stars in the Atha Team. Diana and her team have achieved many awards serving as buyer's and seller's agents in Montrose, Ridgway and Ouray. “Top Residential Sales Team” in 2017 “Top Residential Sales Team” in 2016 “Top Listings” and “Top Producer” in 2016 “Top Residential Sales Team” in 2015 “Realtor of the Year” in 2013 Recognition for ranking 3rd in real estate sales volume in 2013 Diana has served as a volunteer in many different aspects of the community throughout her over 25 years of Montrose residency. Growing up, Diana was modeled in the discipline of servant leadership. Her father, Rick Weaver of Del-Mont Consultants and Samaritans Aviation, included Diana in many community projects serving the needy. As Diana grew older, she traveled to Kenya, Papua New Guinea, Australia, New Zealand, Hungry, Romania, and Japan to help serve others in a Christian Humanitarian context. Diana now volunteers her time at the Magic Circle Theatre, Grace Community Church, Rotary International – Montrose CO, and served on the Board of Directors for the Montrose Association of Realtors. Diana is married to Ian Atha the Listing Specialist for the Atha Team and happily resides in Montrose Colorado.

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