The Montrose real estate market is still as hot as the scorching heatwave experienced over the last 4 weeks. With that said, this month’s numbers are showing a slight decline in price activity in the lower and middle price brackets. The list-to-sale price for the month of May was 105% of asking price. This metric for June is down 5.7%, now 99.3% of list-to-sale price.
Two reasons may be causing the decline in the recently inflated list-to-sale price number. One, local real estate agents may be pricing properties ahead of the market, anticipating the price increases, and therefore producing fewer multiple-offer situations that typically drive prices above asking. Two, buyers may be weary of the overall market price gains and are becoming more moderate in their purchasing behavior. Whichever is the case, the number of homes selling is still progressing at an aggressive clip of 27% year-over-year, with homes selling near 100% of asking price; evidence that the Montrose real estate market is anything but soft.
Energizing the Montrose market are buyers relocating from the Denver Front Range to the Western Slope. The Denver region was listed as one of the top destinations of “the great reshuffling” of the past year as Americans traded coastal metros for smaller inland metros, rural towns, and suburbs. In the recent report, Denver was in the top five U.S. cities for inbound growth. This, in turn, is driving Denver locals to the Western Slope.
Nationally, the number of homes selling has been in a steady decline over the past 4 months due to housing inventory shortages. In turn, the median home price of existing homes is up 23.6% as buyers compete over the few choices presented.
Concerns over the soon-to-expire forbearance program, which helped delinquent home-mortgage borrowers, has come to a head as servicing companies prepare for the influx of potential mortgage payment defaults when the program is set to expire this fall. “While it is difficult to predict how many, it will be nothing like the crisis a decade ago when more than 11 million homes entered the foreclosure process.” Marginally, more than 2 million homeowners still remain in forbearance programs nationwide, representing only 28% of the original applicants since the program first started a little over a year ago.
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Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. 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, Cornerstone Home Lending, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2021. All Rights Reserved.