Montrose Colorado Real Estate Market
In Montrose County, the median home sales price for August was $172,000; this is slightly higher than last summer’s median sales price. The largest number of homes sales in Montrose Colorado is still between the $100,000-$200,000 price range. Over the last 3 months, 25 homes sold above the $300,000 mark, detailing that higher-end homes in Montrose Colorado are selling, but at a slower rate.
Regarding home valuations in Montrose, the Montrose County Assessor has scheduled a property re-assessment for the spring of 2015. This new re-assessment is expected to increase residential property values, which is good for property values despite the expected increase in taxes that may follow.
In Ouray County, the median home sales price for July and August was $246,000. The lowest sale was $30,000 while the highest sale during the period was $925,000, highlighting the drastic price range in the Ouray County home market.
National Real Estate Market
On a national level, home prices are up 0.4% from last month and up 4.9% from the same time last year.
There has definitely been a slowing down of home prices and home sales over the last few months. Much of the market deceleration can be attributed to the increase in the number of homes recently added to the market, giving buyers more homes to choose from while stabilizing prices.
The average home sale price is $222,900; prices are still 11.9% below their peak in April of 2006.
The sharp home price rise of 2013 was in many ways welcome, as it helped millions of Americans get out from being underwater on their mortgages. If home prices were to continue rising at that same pace, consumers would find home prices rising faster than their incomes, thus drastically reducing affordability.
That’s all for now! Enjoy this gorgeous fall weather, and as always, I’m here if you have any real estate needs!
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.