The Montrose real estate market is recouping from the doldrums of April’s Shelter-In-Place Mandate. New listings are down 18.4% from last year while new pending/under contract sales are up 21.8%; the recent pending sales data is extremely encouraging. Local market strength can also be evidenced in the 98% average sales to list price.
The median sales price now stands at $301,950, up 8.9% from the same month last year. Total home sales for the first half of 2020 are down 18% relative to the same period last year due to low-inventory and April’s market pause. We are hopeful for a strong recovery as more housing inventory becomes available going into the summer and fall. It is absolutely a great time to sell as the market continues to favor home sellers.
In the National Market, existing home sales were down 9.7% in May, while new construction sales were up 7% in June. The median sales price on all types of homes was up 2.3% from May of last year, at $284,600, marking the 99th month of consecutive gains in home prices.
Interest rates and mortgage markets have stabilized since the Federal Reserve purchased record volumes of mortgage backed securities over the last 2-months. Fears of massive foreclosures in the near-term are at bay as total mortgages in forbearance decreased to 8.4% last week, which is good news for everyone. Rates for a 30-year fixed mortgage have stabilized around 3.3% since the middle of June.
“The outlook has significantly improved, as new home sales are expected to be higher this year than last, and annual existing-home sales are now projected to be down by less than 10 percent – even after missing the spring buying season due to the pandemic lockdown,” (Pending Home Sales Notch Record-Setting 44.3% Monthly Increase in May).
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Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. Copyright 2021 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, National Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2021. All Rights Reserved.