The Montrose real estate market experienced an unprecedented month in August, evidenced in a 55% increase in the number of homes sold relative to August of last year. A total of 94 homes sold in August, the highest number of units sold over the last 10 plus years. Stepping back for a second and taking a three- or six-month view, the story changes and we can see that we’re still recovering from April’s lockdown. Essentially, the market was paused in April, causing the summer peak to move down the road.
Comparing January through August, relative to last year, the market is actually down 6.5% in total sales for 2020. With that said, current pending sales are also at a record high, which will most likely translate into a record September for closings, with figures similar to August. All this to say, the market is peaking later in the year and we will most likely match last year’s numbers in sold units.
What’s not matching last year’s numbers are the drastically low inventory levels, as expressed in the 1.6-month supply of homes. New listings are down from last year, but only about 4% for the month of August. What’s really driving the activity is the sheer increase of out-of-town buyers moving to the Western Slope and purchasing homes.
The National Real Estate Market is surpassing previously seen records as pent-up, post-lockdown demand runs its course. Sales of existing homes jumped 24.7% from June to July, which is the highest increase seen since 2006. The National Association of Realtors reported that 68% of homes listed for sale went under contract within the first month of being listed. Effectively, the real estate market has not only recovered, but transitioned into boom territory. The COVID epidemic has actually helped fuel the housing boom and added gasoline to the already on-fire market conditions with consumers transitioning to bigger homes in suburban and rural areas. The National Home Builders Confidence Index is now the highest since December of 1998 due to the blistering demand for homes.
Existing Home Sales
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Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. Copyright 2021 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, 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.