The Montrose market continues to outshine and surpass the national real estate market. Total home sales, year-to-date, are up 32% from the same period last year. What’s even more astounding is the luxury market’s performance with an increase of 300% YTD in the number of homes sold over $500K.
The entire Montrose market now looks a lot like the rest of the nation, with homes selling for 105% of list price, on average. This translates into a market where agents and buyers are having to estimate what the escalated price of the home will be, and if that price is “worth it” to the buyer. Further, buyers using loans must show up with enough cash to make up the appraisal gap differences between the contract price and appraised value. Unfortunately, this competitive price environment leaves buyers without extra cash reserves out of the running.
Building permits for single family residences in Montrose County are up a striking 93% YTD while permits for the City of Montrose are up 33% YTD. This is all good news for the broader view of the market’s housing inventory needs.
The national market is quite strong as well with total sales of existing homes up 20% YTD from the same period last year. The luxury market nationally, with home sales priced over 1-million, is up 300% from a year ago. New construction nationally is down 5.9% while the west region’s activity is abnormally strong with total new construction up 7.9%. The explanation for this upbeat immunity may be due to favorable weather or a sustained urban flight from the coastal west to the mountain west region.
Interest rates continue to hover slightly above the 3% mark for a 30-year fixed mortgage. New mortgage applications have stayed relatively flat over the past month, with a slight upturn matching the decrease in mortgage 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, 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.