Montrose Housing Market
Montrose Colorado’s housing market experienced a dip during the last quarter of 2016, but nothing like previous years. January experienced a slight lull (which correlated with colder weather and snow), but homebuyers are again quite active for early February, which is traditionally a slow month in Montrose.
Many Buyers are choosing to build rather than purchase existing home inventories. This has provided life to the lagging lot and land markets in Montrose. January’s numbers reflect the seasonal lull; downward median selling prices should not be confused with the overall upward drive of the market. The days-on-the-market decreased by 32% in January from the same time last year, giving further evidence of the driving demand for homes.
The upper-end price range is experiencing painfully low inventory levels right now; homes that are on the market, and in the upper-end price range, have seen an increased amount of action. This is especially true, considering that Montrose is still in the dead of winter.
The majority of new construction in Montrose is still owner carried (ie. not speculation home builds). The market as a whole is grateful to see any new added inventory, may it be speculation or custom builds.
If you’re looking to get an edge on the market in 2017, consider giving the Atha Team a call to list your lot or residential property. The Montrose housing market is unusually warm for this time of year, as is the weather.
In the National Real Estate Market, housing experienced a continued growth trend in the last quarter of 2016. This growth in housing sales was strong despite interest rates on home mortgages rising nearly a full percentage point. Consumer sentiment reached a 10-year high in January, but has shrugged away somewhat this month now that the, “Trump Bump” has faded. Low housing inventory is still driving consumer demand despite blue-state blues and expensive housing costs. National housing inventories are at a 17-year low according to Market Watch Economists. (U.S. Consumer Sentiment Steps Back From Last Month’s High).
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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 2016. All Rights Reserved.