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January Market Minute – Ouray & Montrose CO Real Estate Update

January Market Minute – Ouray & Montrose CO Real Estate Update

Montrose Colorado Real Estate Market

In the Montrose Colorado Real Estate Market, the median home sales price for November was $195,000 and $209,000 in December. This price point is a huge increase from last November and December when the median price was closer to $150,000. The reason for this large price increase is that there were many more distressed foreclosure sales in Nov and Dec of 2013 relative to 2014.

Though the median sale price increased in November and December (which typically reflects demand), there was a significant decrease in the number of sales. I believe this paradox can be attributed to the current lack of homes on the market for buyers to choose from. Many buyers have decided to wait for more homes to come onto the market before reconsidering a home purchase. Montrose County has a total of 408 residential homes for sale. Of those 408 homes, 56 of them are already under contract. Believe it or not, those 352 homes get picked over quickly and buyers usually opt to wait for more homes to come on the market.

Ouray Colorado Real Estate Market

In Ouray County, there are currently 209 residential properties listed for sale. Of those 209 homes, 22 of them are under contract. There were the same number of sales in the last quarter of 2013 as there were in the last quarter of 2014, but the median sales price actually dipped a bit in the last quarter of 2014 as compared to 2013.

 

National Real Estate Market

On a national level, home prices are up 5.5% from last year but down 0.4% from last month.

There continues to be a slowing down of prices and sales over the last few months. Some of the decline is due to the winter season and another reason is that there are fewer homes for buyers to choose from, and buyers are not seeing what they want. Many homebuyers are choosing to delay their home purchase until more houses come on the market. The average sales price is $208,300.

The interest rates on a 30-year mortgage dipped in December to approximately 3.8%. These low interest rates are still historically low and continue to entice buyers to purchase sooner than later. The share of first-time buyers climbed to 31%, the highest level since October 2012.

Because of the low interest rates, the easing of lending standards, and the still-lower home prices, many renters are entering the home market. In many situations, renters are finding it more affordable to purchase a home than to rent.

That’s all for now! I hope you have an excellent start to your 2015, and as always, I’m here if you have any real estate needs!

This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2014. All Rights Reserved.

 

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Diana Atha

Diana Atha is a seasoned agent in the Montrose, Colorado real estate industry. She has served within the Montrose professional market since 2006 and is part of Keller Williams Colorado West Realty. Diana has extensive experience as a real estate agent and is naturally gifted in customer service. She has passed on this knowledge and mentored rising stars in the Atha Team. Diana and her team have achieved many awards serving as buyer's and seller's agents in Montrose, Ridgway and Ouray. “Top Residential Sales Team” in 2017 “Top Residential Sales Team” in 2016 “Top Listings” and “Top Producer” in 2016 “Top Residential Sales Team” in 2015 “Realtor of the Year” in 2013 Recognition for ranking 3rd in real estate sales volume in 2013 Diana has served as a volunteer in many different aspects of the community throughout her over 25 years of Montrose residency. Growing up, Diana was modeled in the discipline of servant leadership. Her father, Rick Weaver of Del-Mont Consultants and Samaritans Aviation, included Diana in many community projects serving the needy. As Diana grew older, she traveled to Kenya, Papua New Guinea, Australia, New Zealand, Hungry, Romania, and Japan to help serve others in a Christian Humanitarian context. Diana now volunteers her time at the Magic Circle Theatre, Grace Community Church, Rotary International – Montrose CO, and served on the Board of Directors for the Montrose Association of Realtors. Diana is married to Ian Atha the Listing Specialist for the Atha Team and happily resides in Montrose Colorado.

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