We’re halfway through the year, and it feels like summer finally arrived here in Montrose. The real estate market is on a steady pace with some slight slowdowns in sales and the time homes spend on the market. Total home sales by unit were down 5.6% for the first 6-months of this year compared with the same period last year. Days on market increased 13.8%, while median home prices for the same 6-month period increased by 4.2%.
Broadly, the market is slowly leveling-off as prices increase, giving buyers more time to shop and make purchase decisions. Multiple offer situations are still in play, though. More desirable and strategically priced properties, in the lower and even upper-end price ranges, are experiencing multiple offer situations.
Single-family home new construction is down 19% for the first 6-months of this year compared with the same time period last year. Weather, labor shortages, and increased building material costs may all be contributing factors to this decline. This is not necessarily great news for the long-term housing inventory outlook, given we’re still very much in a seller’s market. Time will tell if this is a bump in the road or a longer-term trend. Summer is finally here, and we hope to see more permits issued during this second half of the year (Montrose County Planning and Development).
The national real estate market is still very much a strong seller’s market with the median selling price hovering at $277,700. The absorption rate including all four US regions is at 4.3 months, giving evidence to the static and robust seller’s market. 53% of homes went under contract less than a month after being listed on the open market. Inventory levels are up 2.7% while total sales are down 1.1% from the same time period last year. A 30-year fixed conventional mortgage is at approximately 4%, which is at a historically low level (Existing-Home Sales Ascend 2.5% in May).
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Statistics gathered from CREN MLS, criteria is all residential not including mobile or manufactured housing in Montrose. Copyright 2019-2021 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 2019-2021. All Rights Reserved.