The Montrose Colorado real estate market is continuing its trajectory into the traditional spring selling season. The notable difference for this year is that the market really never slowed down through the winter. This is evidenced by the number of homes sold for the month of April, up 35% from the same time last year. Prices are up 21.9%, while new listings are flat, relative to 12 months prior. Keep in mind that last April’s numbers are askew due to the Covid19 state-mandated lockdown and its effect on new home listings. A continuance over the last year, available housing inventory is still trending downward, with the market reflecting 67% fewer active homes for sale compared to the same time last year.
Local Montrose agents are now sharpening their pencils and dusting off strategies from the old toolbox to help their clients succeed in purchasing a home. It’s not uncommon to see offers with appraisals and inspections waived, along with price escalation clauses. In essence, if you’re intending to purchase a home in the Montrose market, prepare for war. You’ll need a drill sergeant with real estate experience; closing gifts are still customary.
The median home price is up 17.2% nationally while the number of homes sold is down 3.7% from the previous month. Some real estate agents are reporting buyer fatigue, as bidding wars disappoint buyers. Activity for new construction is extremely strong, with a recent NAHB poll citing that 60% of home buyers now prefer new construction over an existing home purchase. Gen-X is the largest cohort with this preference, followed by Millennials and Boomers.
Rates on a 30-year fixed mortgage are up slightly, now hovering around 3.18%. Rates are expected to trend upwards toward 4% by year’s end if US economic activity continues into positive expansion territory.
Thinking about Buying or Selling? Call or Text: 970-417-9375
Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. 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, Cornerstone Home Lending, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2021. All Rights Reserved.