Depending on who you are, the Montrose Colorado real estate market is either crashing or still quite strong. Home buyers who have been sitting on the sidelines, waiting for “a good deal”, expound upon the woes of 2008. Other home buyers are attempting to time the market and talk of an “everything bubble” that will topple real estate values. Meanwhile, some home sellers are trying to resurrect price gains from early 2022, asking prices for homes that are higher than the peak.
So, who’s right and who’s wrong?
If you’re Bob Dylan, the answer is blowing in the wind. If you’re willing to do a little research, the answer is in the data. The median sale price for a home in the Montrose valley is up 1% from 12 months ago, revealing that prices are essentially flat. Unit sales, compared to a year ago, are also relatively flat (10 fewer homes sold) when comparing the 3-month unit sales trend. So, reality paints us a picture of a still depleted housing inventory, albeit with less buyers due to higher mortgage rates/ diminished affordability.
Is the market still strong if you’re selling a home?
Yes, but you’re less likely to experience a bidding war or get a higher price than a year ago.
Is there a housing bubble and are prices going to crash?
No, supply determines home prices and there’s still not much supply relative to the definition of a healthy market (6-month supply/equal number of buyers and sellers).
So what the heck is actually going on?
Essentially, the Montrose Colorado market is anemic in inventory and prices are strong yet boring. Housing inventory is rising, but still well-bellow healthy numbers and not enough to meet buyer demand. Anything under $500K is still quite competitive, though not to the degree of the past few years. New construction is now slowly trending to fill the inventory gap, comprising of about 25% of total available inventory.
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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 2023. All Rights Reserved.