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October 2017 – Montrose Colorado Real Estate Market Update

October 2017 – Montrose Colorado Real Estate Market Update

Market Update

As the Montrose real estate market eases into the fall season, inventory continues to present an uphill battle for buyers. During the same period last year, the active inventory consisted of 306 homes. This year, the inventory of active homes for sale is down 20% with only 246 homes available for purchase. Over the past 4 years there has been a 14% fluctuation in the number of homes sold in September, a relatively consistent volume between 68 and 80 units selling. Homes under $200,000 consisted of 40% of the sales volume last month while homes over $400,000 consisted of 7% of the Montrose real estate market. Home listed under $200,000 are selling extremely fast and some have wondered if this price range will be around in Montrose for much longer. With that said, buyers are still showing discretion and often placing their home purchase decisions on hold until more desirable inventory materializes. New construction is still a small portion of the total real estate market in Montrose.

Housing Inventory Rates – 3rd QTR Recap

  1. $200-300K
    • 64 median days on market
    • 2.3 month supply of inventory
  2. $300-400K
    • 66 median days on market
    • 5.7 month supply of inventory
  3. $400-500K
    • 129 median days on market
    • 1.4 year supply of inventory (17.6 months)
  4. $500-600K
    • 85 median days on market
    • 10.7 month supply of inventory

Note: equilibrium (equal buyers and sellers) is considered 6 months

Mortgage rates

Mortgage rates are still at record lows despite the Federal Reserves recent meeting and commentary on the economy. Inflation, or the lack there of, continues to delay aspirations of the Fed to raise interest rates, therefore stymieing mortgage rate increases. Cheap money should continue to contribute to new mortgages and home purchases but the question is for how long? If the Fed gets their way and the positive economic indicators continue, the record low mortgage rates shouldn’t last much longer.

 

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

 

Copyright 2017 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 2017. All Rights Reserved.

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Diana Atha

Diana Atha is a seasoned agent in the Montrose, Colorado real estate industry. She has served within the Montrose professional market since 2006 and is part of Keller Williams Colorado West Realty. Diana has extensive experience as a real estate agent and is naturally gifted in customer service. She has passed on this knowledge and mentored rising stars in the Atha Team. Diana and her team have achieved many awards serving as buyer's and seller's agents in Montrose, Ridgway and Ouray. “Top Residential Sales Team” in 2017 “Top Residential Sales Team” in 2016 “Top Listings” and “Top Producer” in 2016 “Top Residential Sales Team” in 2015 “Realtor of the Year” in 2013 Recognition for ranking 3rd in real estate sales volume in 2013 Diana has served as a volunteer in many different aspects of the community throughout her over 25 years of Montrose residency. Growing up, Diana was modeled in the discipline of servant leadership. Her father, Rick Weaver of Del-Mont Consultants and Samaritans Aviation, included Diana in many community projects serving the needy. As Diana grew older, she traveled to Kenya, Papua New Guinea, Australia, New Zealand, Hungry, Romania, and Japan to help serve others in a Christian Humanitarian context. Diana now volunteers her time at the Magic Circle Theatre, Grace Community Church, Rotary International – Montrose CO, and served on the Board of Directors for the Montrose Association of Realtors. Diana is married to Ian Atha the Listing Specialist for the Atha Team and happily resides in Montrose Colorado.

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