The Montrose real estate market has slowed from the fall selling season, although there is still strong momentum headed into 2020. While the number of units sold is relatively the same as compared with the 2018/19 winter, there appears to be pent-up demand on the buyer’s side, as reflected in the low months of available inventory under $500K.
A testament of this buyer demand can be seen in the days on market for properties priced according to fair-market value. Typically, these properties go under contract within a reasonable amount of time with disregard to the price range they reside in. For example, although the $500-600K market is considered soft (a buyer’s market), the majority of properties that are priced well, relative to the product, tend to sell within a few months. Currently, the $400-500K market appears to be the only “healthy” market (equal number of buyers and sellers) in our local region.
Many know that Montrose Colorado has trailed behind the Coasts and especially the Front Range when it comes to real estate activity. Given that the Denver real estate market experienced a great year, projections for our region headed into 2020 are positive.
“December proved to be a healthy month for many sectors of the [Denver] metro market, with total year-end sales volume for 2019 increasing by 7% compared to 2018, along with a 3% growth in average sold price.”
The National real estate market experienced a nice bump in December, with existing home sales up 3.6% from November and 10.8% from the same period last year. This increase is welcome news to the overall US economy as homes sales tend to drive other consumer purchases. Total housing inventory is still down 8.5% from the same period last year presenting an opportunity to home builders and investors. Another interesting trend is the historically low mortgage rates, hovering at approximately 3.5%. These rock bottom rates have put Refis at their highest rate since 2013.
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. 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 and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2021. All Rights Reserved.