Although we are starting to see rules lifted in regards to “Safer at Home,” May shares a similar real estate story as April. The number of homes sold in May has dropped drastically relative to May the year prior with a 47% decrease. Average days on market and list-to-sold prices remain strong with an average of 50 days on market, which is 28% less than April 2020 and an average of 98.7% list price compared to sold price. Although some buyers and sellers are still uneasy given the strange time we are in, we continue to see situations similar to a typical busy season with many homes priced under $300K having multiple offers within the first week when priced at market value. This is reflected in the number of homes under contract having increased by 115% with a total of 73 homes going under contact in May compared to the 34 that went under contact in April. Going into June we are expecting to see numbers that are more familiar to the Montrose locals, increased median home prices, more homes under contract, lower days on market, and a more aggressive market as a whole.
What we are experiencing nationally is congruent with the local market. The decline we saw coming into May was the largest month-over-month drop since July of 2010 with a decrease of 22.5% in existing home sales. COVID 19 has also affected the total housing inventory with an unsettling decrease of 19.7% compared to the same time as last year. On the other hand, we still have record low interest rates on 30 year conventional mortgages sitting around 3.25%. The lack of inventory continues to lead to an inevitable increase in price with a 7.4% increase to $286,800 compared to the previous month at $267,00.00.
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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.