June 2016 – Montrose CO Real Estate Market Update
Montrose CO Real Estate Market
The Montrose Colorado real estate market has continued to improve as we race through spring of 2016. The number sales for residential homes in Montrose county YTD of 2016 rose by 11% year over year. The median sales price rose YTD by 2.5% from $191,500 to median price of $196,000.
There has been a noticeable up-tick in sales between $300-$400k this year compared to prior years. That tells me that our higher price ranges are finally starting to move. With this in mind, 80% home sales sales in Montrose County are still under $300,000.
Lot sales continue to beat-out last year’s numbers. Our greatest numbers of land sales are residential lots with 3 acres or less. Because of the short inventory of homes, buyers are opting to purchase land and build. There are also several subdivisions surrounding Montrose County where spec homes are being built and sold quickly.
National Real Estate Market:
On a national level, the median sales price for this month is at $232,500, up 5% from last year. That is an increase in the median home price of $18,800 in the past year alone. The poor inventory of homes continues to fuel buyer frustrations and bidding wars.
According to the National Association of Realtors, the number of sales this year is the same as the year 2000. While this is a strong number, economists are saying this is still considered an underperforming market in comparison with our job and population growth.
Low mortgage rates and a lean for-sale inventory have resulted in solid home-price growth in most markets. Gradual rises in interest rates coupled with an increased inventory of homes are expected to slow appreciation in the coming year.
Approximately 427K homes in the US were in some stage of foreclosure as of March 2016. This is down 23.2% from last year.
The number of sales has also risen from last year by 1.7%. Interest rates on a 30-year fixed mortgage are at about 3.58%. These exceptionally low interest rates are still driving the high sales volume.
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Copyright 2016 Keller Williams Realty, Inc and 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 2016. All Rights Reserved.