Has the Montrose Market Fully Recovered? – August Real Estate Stats
The Montrose real estate market has recovered well and is a strong driver in the mixed-bag economy of 2020. Predicting what the future holds for our local market has been paralleled to driving in coastal fog with only a few feet of visibility. What can be observed currently though, is a strong and recovering housing market. Looking over the last 3 months, post-April, we can see a similar selling season relative to last year. While a 10.4% drop in homes sales can be observed year-to-date, relative to the same period last year, this drop may be better ascribed to the low housing inventory rate of -8.8% YTD rather than directly correlated to April’s shelter-in-place.
Pending sales have now recovered to similar quantities commonly experienced during a typical summer. Accounting for the extreme dip in April and averaged out by the massive increase in pending sale activity in July, we get a balanced market of about 50 new pending sales per month, which is similar to the last three years of summer months activity.
Additional post-April recovery movement can be seen in the number of buyers touring homes. The average showing per listing has completely recovered and is now at a similar rate relative to previous years. Our market’s strength could be partially attributed to a stronger driver from outside consumers leaving metro areas for our rural paradise (The New Urban Flight).
The National real estate market is experiencing a phenomenal recovery as well. The revival is evidenced by a 20.7% increase in sales for the month of June. The lockdown helped consumers re-prioritize what they wanted in a property with many desiring amenities like bigger home offices and backyards. First time home buyers, fed-up with sheltering in apartments in major metros, were responsible for 35% of sales in June. Interest rates are at a record low 3.06%, fueling record re-finances and pulling some into the second home market.
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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, National Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2020. All Rights Reserved.