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.

Montrose Co Real Estate
Real Estate Statistics - Montrose Colorado MLS

1st Quarter Sales Trends

Local

1st Quarter Sales Trends Montrose Colorado Atha TeamAs we come into the Second quarter of 2018 it’s clear that the trend of decreasing inventory and increasing home prices continue. The average number of homes active on the market below $300,000 has decreased by 18% from 95 to 78 from the first quarter of 2017 to the first quarter 2018. There has also been an increase in the median home price by about 20% from $194,437 to $234,800 since the first quarter of 2017. Along with the increase in the median price, there has also been an increase on mortgage interest rates. We don’t expect those rates to be coming down anytime soon. With all this being said, now is the optimal time to buy, as it may be years before we see a significant decrease in home prices.

Real Estate Statistics Montrose County and Atha Team Prices and Days on Market

National

On a National level, similar to the local market, residential home inventory across the board is at a record low. What is causing the shortage of homes? Industry experts say the building crisis is a result of a combination of tightening housing regulations, a lack of construction labor and a land shortage in highly prized areas. Building used to be a viable option for low to mid-range buyers looking for a new home. Unfortunately the price of land and construction has roughly doubled since the end of the last boom a decade ago (The Next Housing Crisis: A Historic Shortage of New Homes). This has left builders dealing mostly with high-end custom homes so they can actually make their money’s worth. This leaves many buyers in a difficult situation as they are left competing with a handful of other buyers on any home that is worth purchasing. As we see our economy booming with an increase in jobs and median family income, it’s frightening to know that new housing construction is down a shocking 22% below the historical average. With that said, it is hopeful to see new construction under $300,000 in Waterfall Canyon and Star Ridge, as well as a few other subdivisions in Montrose.

 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
Real Estate Statistics - Montrose Colorado MLS

In Colorado, It’s All About Location

Local Market

2445 Shavano Cir. Montrose, CO 81401 - Atha Team Real Estate Golf Property for SaleWe continue to see a rise in housing prices in Montrose Colorado’s residential housing market with a big jump in the median sales price. There has been a 10.8% increase in the median sales price of residential homes in the first quarter of 2018, compared to the first quarter of 2017 sitting at $210,000, up from $191,000. As prices increase we are seeing the homes that range under $200,000 diminish and buyers getting anxious. They are having to compete in multiple offer situations with other local buyers and even some out of town cash buyers. That alone is reason enough to choose a real estate team that knows how to fight for your best interest.

National Market

Colorado Sneffels Mountain RangeIf you have lived in Colorado for more than 5-10 years, you have experienced first-hand the tremendous growth. What is causing this growth? Denver has experienced a massive increase in population because of all the opportunity, as well as Colorado being such a beautiful area. The Denver Business Journal ranked Colorado as #1 state in the country for job opportunities and #2 for most attractive state for employment (Denver Business Journal). Because Colorado is becoming such a desirable location, home prices and rent are sky rocketing. The Denver Post states that home prices have increased 57% in the past eight years, and rent has increased by 63.6% within the same time frame (Denver Post). This puts buyers in a challenging spot because according to the U.S. Bureau of Labor Statistics, the average hourly wage has only increased 15.4% from $25.07 to $28.94. As more and more people are relocating to large metro areas, there are also many people leaving to escape the “rat race”. The smaller rural areas are starting to feel this with increased home prices.

 

March 2018 local and national market stats update - Atha Team

 

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.