The Montrose real estate market is strong and in full summer swing. Though rumors circulate about the local and national markets slowing, the data for Montrose points to an extremely strong housing market. Total homes sold, from January 1 – July 31, are up a staggering 30% relative to the same period last year. Meanwhile, the three-month median sales price has increased 25.94% over the previous year to $400K.
Counter to headlines highlighting low inventory and lack of available inventory, local data shows an actual increase in the number of homes selling in 2021. So, where’s the disconnect? Yes, active housing inventory is painfully low, down 48% year-over-year to be exact. So how is it that home sales are up 30%? The answer is that homes are selling just days after being placed on the market and therefore do not show up in the active housing inventory once under contract.
Current pending sales, providing a more current snapshot of the market, are moving right along with what’s typical in our market since 2016 for the month of August.
The national market is slightly up in the number of homes selling, a contrast from the previous few months of decline in home sales. This slight gain can be attributed to more sellers, lured by staggering price gains, placing their homes on the market along with home builders adding to the available inventory of housing. The median price for an existing single-family home increased to $370,600 or 24.4% from the same period last year. First-time home buyers consisted of 31% of the total purchasers, while cash buyers, laden with gains from stock portfolios, made up 23% of all buyers.
Friday’s strong job report helped break a 6-month low in 10-year treasury and mortgage rates, though rates are still unbelievably low, hovering around 3%. With many doomsayers and real estate investors watching the market for a possible uptick in foreclosures, these parties may be discouraged by the continual decrease of borrowers in forbearance.
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.