Montrose Market
The Montrose Colorado real estate market is traditionally unhurried during the winter months of January and February. This year is different. Since the beginning of the year, buyer activity has been solid with a continuation of momentum from last fall. The number of sales is 26.5% higher than in January of 2020. Housing inventory is down nearly 50% since last January, offering a testament to just how strong demand truly is.
The median sales price in Montrose is now at $340,000, up 23% from the same time last year, while the median days that a property sits on the market is only 57 days. Include the average escrow period of 45 days into this equation and you’re looking at properties going under contract within 2 weeks after being listed for sale. The average list-to-sale-price is close to 101%, caused by multiple offer conditions.
Where do we go from here? Upward price trajectory is expected as we continue into 2021. The big picture overview is that housing for the Montrose area is in significant demand with no end in sight.
National Market
Home sales in December extended to their highest peak since 2006. Buyer demand is expected to grow into the new year as interest rates remain low. A rumor of an increase in rates toward the summer of 2021 is rumbling. The median home price in December was $309,800, up 12.9% from December of the previous year. Total housing inventory is down 23% from a year ago while builder confidence is down 7 points from November’s peak of 90 out of 100.
According to a recent press release and report from the moving company U-HAUL, Colorado sits on the top-10 list for relocation destinations, following behind Arizona, Ohio, Florida, Texas, and Tennessee. What states are people leaving? California, Illinois, and New Jersey sit dead last with the highest exodus rates.
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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, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2021. All Rights Reserved.