July Market Update – Ouray & Montrose Co Real Estate
Montrose CO Real Estate Market
The Montrose Colorado real estate market is booming and we’ve had more sales in the first two quarters of 2015 than we’ve had since 2007. The median sales price in our second quarter was $186,000, which is up 9% from the median this same time last year. The median list-to-sold time for Montrose Colorado homes is 3 ½ months. The most active home price range is between $150,000 and $300,000, but we have also had almost 30 closings between $300,000 and $400,000 in the last few months.
While there are still many residential vacant lots for sale, we are seeing an increase in land sales. The majority of residential vacant land sales are lots less than half an acre and lots between 1-4 acres.
Montrose Colorado does have a larger inventory of homes on the market now than we did a few months ago, but homes that are priced well, show well and are under $300,000, are selling at an accelerated rate.
Ouray CO Real Estate Market
In Ouray County, the market continues to improve at a much faster pace this year. We’ve had approximately 29 residential homes sell in the second quarter of 2015, which is up from this same time last year. The median sales price is $318,500, which is also up about 4% from last year.
Foreclosure sales in both Montrose and Ouray counties are now a very small percent of our overall sales, reflecting the overall health and recovery of the Ouray and Montrose real estate market.
National Real Estate Market:
On a national level, the median sales price has soared to $228,700 which is up 7.9% from last year. This median price is almost as high as the peak in 2006. The inventory of homes on the market is improving, but we still need more new homes to be built so prices don’t rise faster than our incomes.
Interest rates on a 30-year mortgage have risen from last month and are at about 4%. The Historical average is at 8.9% so these low interest rates are helping to fuel home-purchasing activity.
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Copyright 2015 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 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 2015. All Rights Reserved.