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May 2016 Montrose CO Real Estate Stats – Sales & Available Foreclosures

May 2016 Montrose CO Real Estate Stats – Sales & Available Foreclosures
Prices & Homes Go Up Up and Away!

Montrose CO Real EstateHome prices across the Nation and in Montrose CO are hitting near mid-2000 peaks. As noted in prior blogs posts, this increase in equity is due to the diminishing inventory of homes. This squeeze can be seen in the decrease of the number of Days on the Market, which dropped from 83 days to 56 days in May. According to the S&P/Chase-Shiller National Home-price index, the Nation as a whole is down only 4% from 2006 prices, while the month of April experienced the largest equity gain in home values in over eight years. (U.S Home Prices Jump as Supply Pinch Plays Out).

Montrose Numbers

In Montrose Colorado, Homes are selling much closer to their asking price and are experiencing a mere 2% decrease from list-to-sold prices. The list-to-sold price difference in 2015 was closer to 5%. This tells us that real estate agents and/or consumers are listing homes closer to their market value, or that consumers are competing with other homebuyers and are therefore driving up prices closer to initial asking price. The latter is much more likely.

The Montrose Co Real Estate Market had only two homes sell for over $425,000 out of the 77 homes sold in May. The majority of sales (40 total) occurred in the $150,000 – $250,00 price range with 17 homes selling between $250,000 and $350,000.

Seller Opportunity, Buyer Woes

Montrose Colorado residents who once were trapped in unwanted or negative equity properties are now experiencing a market that is allowing them to get out. Many properties that were in undesirable locations, with bad floor plans, or were of poor build-quality are now selling to hungry buyers. At the same time, many sellers are leery to sell due to the lack of purchase options available once they do sell.

New Construction

new-build-montrose-co-real-estate-patio-homes-bridges

Construction continues to lag in Montrose County relative to consumer demand. Permits for single-family homes totaled 22 since January 1st, 2016. Permits for single-family homes totaled 27 by mid-year of 2015. The shortage of new construction may be due to the tightening of lending standards/ post credit crisis regulations that are now in place. Many construction loans are requiring 25% down per build and banks are hesitant to lend beyond 2 or 3 speculation homes at a time.

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Copyright 2016 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.

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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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