December 2015 – Montrose CO Real Estate Market Update
Montrose CO Real Estate Market
The Montrose Colorado real estate market is experiencing a peculiar fall season. While July and August remained strong both in sales and price, September was extremely quiet. This translated to 26% less sales in October of 2015 compared with October of 2014. This trend was experienced locally and nationally. Reasons behind the September slowdown are hard to pin down. Explanations range from the Chinese stock market, the start of hunting season, or even to Donald Trump’s new wig!
The good news is that October and November have started to pick up in showings and in homes going under contract. The revived market activity should convert into a more healthy number of sales as we close out the year.
The median sales price in October was at $202,250, which is up 15% from this same time last year. The median list-to-sold time for Montrose Colorado homes is 3 ½ months.
The inventory of single-family homes actively on the market is down 23% from the same time last year. There are currently 434 residential homes on the market; 94 of these homes are now under contract. The low inventory of homes explains some of the slow down in the number of sales. Fewer homes on the market translate into less sales, greater demand, and further price gains.
Ouray CO Real Estate Market
In Ouray County, the market has also really slowed down this fall. September sales were way down from last year; October sales this year were about the same as 2014. The median sales price is slightly up at $319,950.
National Real Estate Market:
On a national level, the median sales price is at $221,900, up 6.1% from last year. The poor inventory of homes continues to fuel buyer frustrations and bidding wars.
Interest rates on a 30-year mortgage fell from last month and are at about 3.8% which is still quite low considering the historical average is at 8.9%.
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Thanks and have a Happy New Year! – The Atha Team
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Copyright 2015 Keller Williams Realty, Inc and 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 2015. All Rights Reserved.