The Montrose market is still robust heading into the holiday season. Active listings are now heading downward from their September peak. Active inventory totals have decreased 47% from the previous year. Disheartening news at face value until prices and units sold are taken into consideration. Comparing 2021 with 2020 year-to-date, home prices in Montrose are up 21.8% and total home sales are up 11.5%. This is an indicator that more homes are selling, and with little regard to price increases. Additionally, homes are typically going under contract within the first 14-days of hitting the market.
This marketplace recipe has created an extremely competitive environment, challenging buyers with high-price gains and few homes to choose from. When appropriately priced homes do come online, buyers must be prepared to go “all in” with competitive offers. As long as Covid and Omicron variant fears persist, our housing market will likely experience sustained and stout activity.
The highest sale price in the Montrose area for 2020 was a cool $2 million; this year surpassed that number by 30% with a staggering $3 million sale. Both properties boast magnificent Uncompahgre River locations.
The national market is still experiencing lively price gains, reflected in the median existing-home sales price increase of 13.1% year-over-year. Though prices are up, home sales are down 5.8% nationally from a year ago, with the obvious culprit of inventory shortage. Many pundits are predicting a flat 2022, with price gains leveling off due to a host of reasons and projected mortgage rate increases.
With consideration of the stunning price gains over the last year, new conforming loan limits for 2022 are rising to $647,200. A significant 10.7% jump from $548,250 in 2021. According to the U.S. Department of Housing and Urban Development, this move was accommodative to match home market increases with larger loan amounts. When weighing your home lending options in 2022, make sure to ask your mortgage lender for the “Super-Size Menu”.
Thinking about Buying or Selling? Call or Text: 970-417-9375
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.