Mountain West Real Estate Revival? – October Real Estate Stats
The Montrose Colorado Real Estate market has sustained strong momentum into September, evidenced by a record number of home sales and price increases. The 68% upsurge in home sales is undeniably telling of just how heated the local real estate market has become as more out-of-town buyers enter the local market.
The median sales price for the Montrose region reached $331,000 in September, with the three-month median sales price increasing 8.34% over the last year. The Pandemic has also quickened a trend Colorado had already been experiencing previously: the arrival of America’s Mountain West region economies. States such as Utah, Colorado, and Idaho are ranking as the top performing states in the US while people flee traditionally urban areas.
Evidence of the urban flight to states like Colorado can be seen when comparing municipalities in Colorado to cities such as New York and San Francisco. Both coastal cities observed housing inventories increase close to 100% in July, while Colorado towns such as Estes Park and Longmont experience a 50% drop in housing inventory for August.
The median sales price for existing homes jumped 11.4% to $310,600 in August with price gains experienced by all US regions. Total inventory is down 18.6% from last year with low-inventory acting as the driver to the market’s blistering price increases.
The net worth of Americans is at an all-time high, with real estate operating as a major contributor due to steady year-over-year equity gains, as evidenced in Montrose and the US. Homeowners are on the upper arm of the economic recovery as they see their home’s values steadily rise.
The surprisingly robust real estate market can be attributed to the urban flight, but one must give the historically low interest rates due credit as well. The fixed 30-year traditional mortgage rate is hovering around 3%.
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Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. Copyright 2020 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 Realtors, CoreLogic data analysis firm, Montrose Association of Realtors, CMU Department of Business and Economics, InfoSparks, YCharts, National Association of Realtors, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2020. All Rights Reserved.