Montrose Has Been Discovered! – April Real Estate Stats
The Montrose Colorado real estate market is strong. There is still a steady in-flux of buyers from the Front Range and out-of-state. Local title companies and brokers can attest to this steady stream of active buyers. Currently, out of the 188 homes active on the market, only 56 are priced under $300K. To provide some context, 65% of home sales in 2018 transpired under $300K; this is approximately two-thirds of the local real estate market, which explains why the market is so competitive under $300K. In 2017, 75% of sales occurred under $300K. Some properties under $250K have experienced price gains of around 14% a year over the past 24 months. The obvious causes of these historically massive price gains are purely due to basic supply-and-demand fundamentals. In short, Montrose has been discovered.
Days on market experienced a 30% increase relative to the same time last year; this may be just a seasonal trend due to an unusually cold spring, or initiated by the increase in the list price of properties. Relative to last year, home sales over $500K doubled in the month of April. This increase in activity could be a positive bellwether signal for the coming selling season in this traditionally soft price range.
February was a stellar month for the overall National real estate market with March trailing behind. Existing home sales for the month of March were down 4.9%, though not a concern due to the previous month’s surge. Inventory levels are still below the healthy 6-month balance of buyers and sellers, evidenced in the 3.9-month supply of existing homes. The higher-end market has seen the greatest slowdown nationally, while cash buyers still make up around 21% of real estate transactions; the number of cash buyers competing in the market has been steady over the previous 12-months. Mortgage rates for a 30-year fixed rate mortgage dropped slightly to 4.27%, still perched 4% below the historical national average (Existing-Home Sales Slide 4.9% in March).
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Statistics gathered from CREN MLS, criteria is all residential not including mobile or manufactured housing in Montrose. Copyright 2019 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. All Rights Reserved.