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June 2017 – Montrose Colorado Real Estate Market Update

June 2017 – Montrose Colorado Real Estate Market Update
A Tight Spring Market

The Montrose Colorado Real Estate Market has tightened this spring while sale prices continue to increase. The number of homes for sale in Montrose has floated around 250 units for the past few months, reflecting a decrease of about 50 units (20%) from the same time last year. New homes are indeed coming onto the Montrose market, but near the same rate as those being sold. This is great news for Sellers and local home builders looking to meet demand.

Different Prices – Varying Activity

Comparing the last 3-months from a year ago, the sales volume in Montrose has decreased 4% while prices have increased 4%. The first quarter of 2017 experienced a 9% increase in sale prices along with a 15% drop in sales volume, relative to the same period last year.

Inventory levels and sales volume drastically differ in Montrose Colorado depending on the price range. Homes between the $400,000-$500,000 rage have the highest saturation rate, reflected in a 1.2-year (14.46 month) inventory of homes. There are currently 45 homes actively for sale in this price range with only 18 selling within the last 6-months.

The housing hot spot is within the $150,000-$300,000 range, reflected in the low median days-on-the-market (51 days). By subtracting (40 days) the typical time it takes for a home to close, one can observe that homes in this price range are going under contract within the first 11 days of going active on the market. This is fantastic news for those looking to sell in this price range. Some sellers in this price range have even experienced not only multiple offers but multiple backup offers!

National Shift –  Renters Are Now Buyers

Nationally, there has been a shift from renting to buying. This is the first time in 10-years that new home formations (home purchases) are outpacing new rental agreements. These first-time home buyers now account for 42% of the total buyer market, up 11% from 2015. (Fannie-Mae defines first-time home buyers as those who have not owned a home in the last 3-years). (The Next Hot Housing Market: Starter Homes)

 

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Copyright 2017 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 2017. 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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