We continue to see a rise in housing prices in Montrose Colorado’s residential housing market with a big jump in the median sales price. There has been a 10.8% increase in the median sales price of residential homes in the first quarter of 2018, compared to the first quarter of 2017 sitting at $210,000, up from $191,000. As prices increase we are seeing the homes that range under $200,000 diminish and buyers getting anxious. They are having to compete in multiple offer situations with other local buyers and even some out of town cash buyers. That alone is reason enough to choose a real estate team that knows how to fight for your best interest.
If you have lived in Colorado for more than 5-10 years, you have experienced first-hand the tremendous growth. What is causing this growth? Denver has experienced a massive increase in population because of all the opportunity, as well as Colorado being such a beautiful area. The Denver Business Journal ranked Colorado as #1 state in the country for job opportunities and #2 for most attractive state for employment (Denver Business Journal). Because Colorado is becoming such a desirable location, home prices and rent are sky rocketing. The Denver Post states that home prices have increased 57% in the past eight years, and rent has increased by 63.6% within the same time frame (Denver Post). This puts buyers in a challenging spot because according to the U.S. Bureau of Labor Statistics, the average hourly wage has only increased 15.4% from $25.07 to $28.94. As more and more people are relocating to large metro areas, there are also many people leaving to escape the “rat race”. The smaller rural areas are starting to feel this with increased home prices.
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Copyright 2018 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, CMU Department of Business and Economics, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2018. All Rights Reserved.