December 2017 – Montrose Colorado Real Estate Market Update
Fewer Foreclosures and a Strong Sellers Market – Seize the Market!
Local Real Estate Indicators
The 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.
The 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.
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.