March 2016 – Montrose CO Real Estate Market Update
Montrose CO Real Estate Market
The Montrose Colorado real estate market has continued to soar as we’ve entered 2016. The number sales for residential homes in Montrose county for January and February of 2016 rose by 24% Year over Year. The median sales price rose from $168,900 in 2015 to $180,000 this year. That is a 6% rise in prices.
I believe the rise in prices is directly related to the fact that we continue to have a drop in housing inventory. The demand continues, but the supply drop is driving prices up. To give you an idea, in January 2015 we had 334 homes listed for sale. This year we only have 288. That is a 13.8% drop in the amount of homes available. As of March 7th, 2016, we had a total of 378 homes for sale, but 93 of them are already under contract.
New construction is rising once again evidenced by the fact that there were almost double the amount of vacant residential land sales at the beginning of this year compared to last year.
National Real Estate Market:
2015 was being said to be in the top 5 best years in all of U.S. history.
As a nation, home builders are still 30% below their peak in 2006. It is suspected that the energy boom took a lot of workers from the construction industry. We need more homes to be built to help with the low inventory.
Interest rates on a 30-year fixed mortgage are at about 3.62%. These low interest rates are helping to keep homes affordable even with the large price increases.
Thanks and have a Fantastic start to your Spring! – The Atha Team
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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.