Montrose Market
Heading into the traditional summer months of the housing market, demand is steady so far while also displaying some early signs of leveling. Homes that typically would fly off the shelf, are now taking slightly longer to sell. Sellers are still experiencing multiple offer situations on their homes, albeit fewer competing offers relative to last year.
Heading into the traditional summer months of the housing market, demand is steady so far while also displaying some early signs of leveling. Homes that typically would fly off the shelf, are now taking slightly longer to sell. Sellers are still experiencing multiple offer situations on their homes, albeit fewer competing offers relative to last year.
This gentle tapering of activity may be due to the continued rise in home prices paired with the recent jump in mortgage rates. Buyers are basically sharpening their pencils and readjusting numbers to see what works for their budget in today’s rate environment. With all this said, the Montrose housing market is still extremely active and homes in May sold for 99% of list prices. Home prices are 12% higher than 12-months earlier, hovering at $442,000. Pending sales, a lead indicator, were still strong in May but slightly lower than the previous 3 years. We’re expecting the number of sales to possibly decrease while prices remain relatively flat or increase marginally.
Remember that real estate markets are hyper-local and the influx of retirees could anchor the Montrose market as Baby Boomers continue to purchase homes where they play.
National Market
There is no shortage of those who believe that the housing market is in a bubble, waiting on the sidelines for prices to drop. The reality of the housing market can be summed up in the two graphs below, showcasing the market in supply and demand terms.
This does not mean prices and purchase activity might level off, and any notion that we’re in a bubble is unfounded and unsupported by data. The assessed housing inventory shortage of 5.5 million, coinciding with the prime traditional household formation years in the largest generational population (Millennials) in the US has created the perfect storm for housing availability and affordability. National housing demand may slow, but it’s hard to believe that prices will do anything but stabilize due to the sheer lack of supply.
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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 2022. All Rights Reserved.