What Happened In 2019? – Annual Montrose Market Recap
Looking back at 2019, we can see that the Montrose real estate market experienced another impressive year. The market is now in a leveling trend, evidenced by the parity of homes sold in 2019 relative to 2018. The median sales price of homes sold in Montrose increased 5.2% in 2019, compared with a 9.6% jump in 2018, and a 6.5% gain in 2017. The housing inventory, when including all price ranges, shrunk by 6.9%. The number of days homes sat on the market was also at relative parity with 2018 evidenced by a small 6% (4-day) increase from the previous year.
These trends show that although housing inventory is decreasing, consumers are still buying homes at the same rate as previous years. Equity gains were good this year, but not extreme as in 2018. Homes with difficult floor plans or undesirable locations and features are still selling, albeit if priced correctly.
The number of available homes for sale, along with total number of homes selling in the $100-200K market continues to evaporate. The market felt a 25% average decrease in homes sold over the last few years in this price range. In 2019 homes sold in this price range totaled 116 units. In 2018, the total number of units sold in this price range was 151, and 206 homes in 2017.
According to the National Association of Realtors, a healthy market (an equal number of buyers and sellers) is considered 6-months supply.
The National real estate market had some more pronounced tapering overall, reflected in the 1.7% decline in homes sold from a year earlier. Similar to Montrose, median home prices were up 5.4% to $271,300. Housing inventory, for the entire market, is down 7.3% to 4 months of available inventory. With a strong US economy still charging strong into its 11th year of expansion, the real estate market overall shows no signs of wavering off its current trajectory going into 2020 (Existing-Home Sales Descend 1.7% in November).
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Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. Copyright 2020 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 Realtors, CoreLogic data analysis firm, Montrose Association of Realtors, CMU Department of Business and Economics, InfoSparks and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2020. All Rights Reserved.