Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

June 2018 – Montrose Colorado Real Estate Market Update

Montrose Colorado

Montrose Real Estate Market Housing Prices Continue to Climb as Lower End Houses are Harder to FindAs home prices continue to trend upward, the number of properties selling remained relatively flat in June. In relation to June of last year, the Montrose real estate market experienced a 15% gain in sale prices. Absorption/saturation rates have increased in the $400-500K price range as more properties have entered the market for prime selling season. Inventory levels still remain quite low under $400,000; a healthy market (an equal number of buyers and sellers) is considered 6 months of housing inventory. A positive note to mention is the number of sales in the middle price ranges comparative to years past.

Over the last 6 months:

  • 157 homes sold in the $200-300K range
  • 61 sold within the $300-400K range
  • 42 sales between $400-500K

Inventory Levels (Absorption/saturation)

  • 3.5 months supply of inventory in the $200-300K range
  • 3.6 months supply of inventory in the $300-400K range
  • 14.4 months supply of inventory in the $400-500K range
National Market

Seattle Skyline National Market Update - Credit Flickr.com SeryaniThe National real estate market has tapered in the number of sales over the first half of the year. New construction was a bright spot in the overall economy in May with new housing starts increasing 6.7% from the previous month (New Home Sales Surge on Rising Purchases in the South). Housing shortages and increasing interest rates are causing many prospective homebuyers to adjust their price ranges in what they can afford monthly. Mortgage rates are still historically low in comparison to the National average. Current rates on a 30-year fixed mortgage at 4.6%.

National home prices experienced an 8.7% gain over 12 months from April of 2017. San Jose (Silicon Valley), Las Vegas, and Seattle were the top three contenders for the most dramatic housing increases in the US. San Jose came in at a whopping 26%, Las Vegas 16.5%, and Seattle at 13.6%. San Jose is still the hottest job market in the US according to CNBC, which explains in part, the rapid demand and price increase for housing in that area (Home values are skyrocketing at the fastest pace since 2006).

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June Residential Housing Statistics in Montrose Colorado - Presented by the Atha Team

 See other housing market stats posts by the Atha Team HERE.

 

Thinking about Buying or Selling? Call or Text: 970-417-9375

Atha Team Montrose CO Keller Williams Real Estate AgentsCopyright 2018 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 2018. All Rights Reserved.

Montrose Co Real Estate
Montrose CO Real Estate Blog

To Buy or To Build – 4 Things to Consider When Buying Vacant Land

Buying Vacant Land to Build Your Dream Home - Atha Team Real EstateWhen you decide to buy vacant land to build your dream home it can be an exciting time. But there are risks you take, as well. If you’re not sure exactly what type of land you need or where you should get it, you’ll want to talk with a real estate agent who is well-versed in buying land for building purposes. That way you can make the best choice for your specific needs. Here are four things you should consider before you put in an offer on that piece of vacant land you found.

1. Does the Price Match the Value?

The price of the lot is important, but it may not be all you want to look at where finances are concerned. You need good value, as well, and that generally comes from having a piece of land in a good location. If you’re buying vacant land in Montrose, Ridgway or Ouray, you have location options that can be better or worse based on how well they will hold their value. Location really does matter in real estate, and the value of a piece of land can vary greatly in a distance of just a few blocks. Working with a knowledgeable agent can help reduce the chances of buying where the value won’t be strong.

Buying a Lot to Build Your Dream Home - Atha Team Real Estate2. Is the Lot “Buildable”?

Not every vacant piece of land in Colorado is a space where a house can be built. Lots can be sloped, far from services, or have other issues that stop people from building homes or commercial buildings on them. But that doesn’t mean these lots can’t be sold. Sometimes they are used for hunting, or they may be used for ingress and egress to another piece of property. Before buying any vacant land, make sure you can build what you want to on it so you don’t get stuck with property you can’t use.

3. What Kinds of Extra Costs Will You Incur?

If you buy a piece of land that’s far from the main road, you may struggle with issues like getting power and water to it. Some people use wells in these circumstances, which have their own associated costs. There’s no reason not to purchase land like this, as long as you realize that extra expenses may be there. Be aware of these and plan for them, so you don’t get caught off guard by large bills to turn on the lights or get water to your new home.

4. Are There Any Specific Restrictions?

Depending on where the land is located, there may be covenants and restrictions to consider. These can include HOA requirements in some subdivisions, or simply building requirements for vacant land. With that in mind, the Atha Team can help you find the Montrose, Colorado land you’re looking for. Then you will feel secure that you can use the land the way you want, and you won’t need to worry about whether there are restrictions against how you plan to enjoy your new property.

 Thinking about Buying or Selling? Call or Text: 970-417-9375

Atha Team - Keller Williams Colorado West Realty LLC - Montrose, Ouray Ridgway

Copyright 2018 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 2018. All Rights Reserved.

Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

May 2018 – Montrose Colorado Real Estate Market Update

What’s the New Housing Inventory Outlook?

New-Construction-Real-Estate-Building-in-Montrose-ColoradoNew construction is the new inventory as residential housing prices jump at a neck-breaking pace and inventory levels deplete. Developers are finishing-out once stunted subdivisions of the last real estate boom off West Main and North of Montrose, adding new and upcoming lot inventory for builders. Total inventory of residential homes, in all price ranges for Montrose is down 12.9%, while the existing inventory of homes under $300,000 is down 19.1%. These numbers reflect a 4-week snap shot of a year-over-year trend and tend to be a less accurate reflection of the market compared to calendar year comparisons. With that said, some clarity is indeed provided into local market conditions and to what the summer may unveil moving forward for buyers, builders and sellers.

National Market

National Real Estate Market Housing Inventory InflationAt the national level, new home construction remains near its lowest level in 60 years, while national home prices continue to gain at approximately 6% per year. The price gains in housing are approximately three-times the rate of incomes and two-times the rate of inflation, presenting a sobering view of the situation many Americans face. Real estate ownership is one of the primary ways that Americans create wealth and many are being left in the dust as affordability wanes. On the flip side, the unemployment rate is at one of its lowest levels in nearly a century and economists anticipate that wages will eventually increase, adding buying power to consumers in competitive housing markets (Homebuilding Isn’t Keeping Up With Growth, Development Group Says).

Baby Boomer Boom in Montrose

A recent US Census Bureau report provided a map of 442 counties in the Nation as labeled, “retiree destination counties”. In Colorado, 10 out of the 64 counties were on that list and Montrose County was included. Population growth in those counties grew by 2% on average in 2017, three-times the rate of National population growth. What does that mean for the local housing market? More competition for locals and also the cash to fuel construction for much needed inventory (Retirees Reshape Where Americans Live).

 

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Montrose Colorado April Real Estate Marketing Statistics - Atha Team

 See other housing market stats posts by the Atha Team HERE.

 

Thinking about Buying or Selling? Call or Text: 970-417-9375

Atha Team Montrose CO Keller Williams Real Estate AgentsCopyright 2018 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 2018. All Rights Reserved.

Montrose Co Real Estate
Montrose CO Real Estate Blog

How to Choose the Right Neighborhood for Your Needs

Neighborhood park for real estate buyers with children - Atha Team BlogLocation really matters when it comes to real estate, and you want to get a house in a neighborhood that’s right for you. Montrose is a great place to live, work, and raise a family. But some of the neighborhoods are different from others. Depending on your income, the style of house you want, and a number of other factors, you may prefer a certain neighborhood over others. Because of that, you want to know how to choose the neighborhood that’s right for you and that will meet  your needs, now and in the future. While neighborhoods can and do change over time, they also stay somewhat the same. Moving into the right one for you can keep you happy in your home for a number of years.

Consider Your Current and Potential Income

How much you make dictates where you live to some extent. But that doesn’t mean that everyone with a high income wants to max out their home-buying power, or that people who don’t make as much can’t find nice homes. There are opportunities for great homes in Montrose, CO for nearly all income classifications. Additionally, when you’re looking at your neighborhood, you may want to focus on the best one you can afford, or choose one that is up-and-coming, where the property values are rising. That can help you build more equity and value in your home over time.

Do You Have, or Plan to Have, Children?

Centennial Middle School Montrose ColoradoIf you have children, or if they’re in your plans in the next few years, choosing a neighborhood with good schools can be very important. That way your children will get the benefit of a good education, and you can enjoy spending time with other parents who live close by. Not all parents are as concerned about school districts as others, but if you select a neighborhood based on the schools you could be more likely to find parents who share your vision of what their children’s educational experience should be. That can be good for your goals and dreams, and also for those of your children.

What Kinds of Activities Matter to You?

Everyone has things that are important to them. Whether you like to read, jog, shop, attend cultural events, or anything else, you want to be closer to the things you enjoy. Choosing a neighborhood based on what it has to offer or what is nearby can help you appreciate everything your location has to offer. There is plenty to do in Montrose, but not everything offered will be fun for everyone who lives there. Choose your neighborhood wisely, so you can get to the things that you appreciate the most and be further from other things that don’t really interest you. Having to drive a shorter distance, or even being able to walk to something, can make it more likely that you’ll get involved in activities and pursue your passions once you get settled into your new home.

 Thinking about Buying or Selling? Call or Text: 970-417-9375

Atha Team - Keller Williams Colorado West Realty LLC - Montrose, Ouray Ridgway

Copyright 2018 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 2018. All Rights Reserved.