Montrose & Ouray Colorado Real Estate Market
In Montrose County, the median home sales price for the 2nd quarter was $170,000; this is almost identical to last summer’s median price. Home prices seem to be holding steady with only slight increases.
The current real estate market is not experiencing the large price increases seen between 2012 and 2013. Interest rates have also increased a full 1% from the early summer of 2013, causing a reduction in the number of home mortgage applications.
Currently, the average homeowner is reducing the asking price of their home by only 2% during negotiations. This is due to the slight rise in home prices and the fact that sellers are better pricing their homes in accordance with the market.
In Ouray County, the median home sale price for the 2nd quarter was $307,000. Over the last 3 months, 14% of the 21 sales in Ouray County were foreclosures. The number of foreclosure sales in Ouray County is also experiencing a steep decline.
National Real Estate Market
On a national level, home prices are up 5.9% from last month and up 5.1% from the same time last year.
The average sales price is $213,400. Prices are still 13.5% below their peak in April of 2006.
The numbers of listed foreclosures for sale are at their lowest volume since December of 2007. Foreclosures accounted for 11% of May sales, down 1% from May of 2013.
Interest rates are at about 4.25% and are projected to steadily increase as the Fed diminishes its quantitative easing program later this year.
That’s all for now! Enjoy the summer festivities, and as always, I’m here if you have any real estate needs!
– Diana Atha