Montrose Real Estate Market Update – May 2014
National Real Estate Market – May 2014
On a national level, home prices are up 5.4% from last month and are up 7.7% from the same time last year. The median sales price is $191,600. Fewer homes are selling on the national level as home prices continue to rise. Affordability, tight credit, and a diminishing supply of available homes are starting to slow down the purchase market activity.
National home prices are still down about 21% from their peak in 2006.
Foreclosure sales continue to decline and are down 37% from the spring of 2013.
Interest rates are at 4.33% and are projected to steadily increase as the Fed diminishes its quantitative easing program later this year. Home prices are also projected to continue rising due to fewer foreclosure sales and less homes on the market.
Montrose Colorado Real Estate Market – May 2014
Currently, there are 531 residential homes on the market in Montrose County. This inventory is selling at a pace of approximately 43 homes a month. The price range experiencing the most rapid turnover is between $100,000 and $200,000 with an average time on the market of 4 months. There have been 18 homes sold over $300,000 so far this year. The median sales price is $160,000, which is up from this same time last year.
In Ouray County, there are 235 homes on the market, selling at a rate of about 7 homes per month. There has been a 29% increase in the number of home sales in Ouray County since the same time last year. The median sales price is $310,000, which is also up from last year.