Slow Down in the Real Estate Market? – February Real Estate Stats
For months now we have been hearing that we are expected to have a slowdown in the local market. This could cause prices to lower and buyers to get a more level playing field with sellers. Has this finally come? Aldo Svaldi with the Denver Post states that “the decline in median home prices in the metro area this first quarter is the first they have seen since 2012. The median price of a single-family home sold in February came in at $430,100, down 2.18 percent from the same month a year earlier.” With the Montrose Colorado market following a year to two behind Denver, what are we to expect coming to the end of the first quarter of 2019? (Metro Denver Home Prices Drop in February for the First Time in 7 Years)
Currently in Montrose, we are still seeing a steady rise in prices with the median list price in February 2019 sitting 4% higher compared to February 2018 from $239,450 to $250,950. Another very important factor to keep in mind is that homes are selling for over 99% of the listing price. We feel that the reason Montrose is still staying steady, even though some around us are in a decline, is solely based off of lack of supply and growing demand to live our beautiful town!
The National Market has been experiencing minor drops in existing-home sales for a few consecutive months with a drop of about 1.2% going into March. The decline, although certainly noticeable nationwide, may not last as long. The National Association of Realtors reported a 4.6% increase in pending homes sales coming into February 2019. With this increase in homes coming to the market, will we finally get a level market for buyers and sellers, or will sellers continue to have the advantage on the market? Only time will tell. (NAR Housing Statistics)
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Statistics gathered from CREN MLS, criteria is all residential not including mobile or manufactured housing in Montrose. Copyright 2019 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, CMU Department of Business and Economics, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2019. All Rights Reserved.