September 2017 – Montrose Colorado Real Estate Market Update
The Montrose Colorado Real estate market is still in high gear as homes continue to gain in value and sell with minimum days-on-market, reflecting the ever-tightening housing inventory. The marketplace saw a back-to-school lull but picked right back up; 30 homes went under contract in Montrose County September 1st through 8th. They ranged from a $142,000 charming downtown house on a corner lot, to a $795,000 luxury home on 20+ acres with mountain views.
Residential properties that sold in Montrose County between September 1st and 8th ranged from a spacious doublewide in Cimarron Creek at $107,500 to a $315,000 Waterfall Canyon home with 3,000+ sq. ft. The majority of recent activity is occurring within the $200,000 – $300,000 price range.
The month of August experienced an astounding gain of 14.5% in sales price relative to last August. This gain gets ironed out when the quarterly and yearly gains are taken into consideration as a whole. Comparing Q2 of 2017 with Q2 of 2016, a more holistic gain of 6% can be observed.
Several note worthy trends are worth mentioning when comparing Q2 2017 with Q2 2016: a substantial decline of 9% in housing inventory, paired with an impressive 24% drop in median days on market, both pointing to an increasingly heated market.
Comparing the last 3 years, the number of homes sold in August is relatively flat.
The National real estate market is gaining in equity quickly as well due to the shortage of inventory. Sellers in select US housing markets are making profits of over 50% on the sale of their homes within 7 years of original purchase. The metro area of Oakland California, experienced gains of 78% when homes owners recently sold their properties that were purchased during the bottom of the housing crash (2009-2010). Other note worthy areas with astounding equity increases are Portland Oregon at 65% over a 9-year period and San Jose California with a 57% gain in approximately 10 years (These Americans made a profit of 50% or more selling their homes).
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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.