Builder optimism is up and can be attested to by the 23% increase in Montrose Colorado Real Estate building permits recently issued.
Builders have completed several new housing starts in Montrose Colorado and have more in the works. Recently, Bear Creek finished new homes, which are now available for sale. Also, two patio home projects are beginning in The Bridges Golf Community and Sunrise Creek.
Two new builds just finished in Craftsman village as well. These new builds are selling in the low $200k price range.
Economics Behind the Housing Sector Growth
The Colorado real estate market experienced the largest equity increase in home values in 2014, giving homebuilders an opportunity to finally compete again in the real estate market. Because of the drastically low values of Montrose Colorado real estate, builders had no reason to invest in the venture of a new build as property equity had not matched the increase in building material costs. Now, as Real Estate values increase, Montrose Colorado is hopefully staged for new construction to meet buyer demands.
Nationally, the National Association of Home Builders is projecting new single-family home construction to increase by 26% through 2015.
Population growth as well as job creation, along with an increase in wage levels all add to the validity of the real estate sector as economic drivers. Nationally, we have seen a steady increase in jobs over the past year. The BLS reported that unemployment had declined to 5.6% in December of 2014 versus a staggering 8% in 2012. The economy and the Montrose Colorado Real Estate Market have come a long way.
Custom Lot and Build Packages
There are ample opportunities in the greater Montrose area when it comes to building a new home. Lots are available at reasonable prices in even the most desirable locations, allowing potential buyers to design homes to their specs. There are even package deals available for buyers to buy a lot that comes with a custom new build designed to the buyer’s taste.
This information was gathered from Keller Williams, The National Association of Realtor, CoreLogic data analysis firm, Montrose Association of Realtors, The National Association of Home Builders, The City of Montrose, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2015. All Rights Reserved.