Will This Market Continue Into 2021? – November Real Estate Stats
The Montrose Colorado real estate market continues to surpass last year’s performance, supported by record high median sale prices and drastically low inventory levels. The median sales price over the last three months has increased 12% from the same time period last year, giving evidence of just how aggressive the local housing market is.
The number of homes being listed for sale is slowing headed into the seasonal winter and holiday months; this trend though is typical for this time of year. What’s not typical, is the number of homes still going under contract headed into the second week of November. Evidence of persisting purchase activity can be seen in the anemic two-months of available inventory. Keep in mind that a healthy housing market (an equal number of buyers and sellers) is considered six months of available inventory. Pessimists downplaying the strength of the local housing market headed into 2021 need just a peek at the housing supply and demand ratios to subdue concerns.
The national real estate market has been experiencing similar trends to Montrose but with additionally pointed gains. The median sales price is up 15% from the previous year, while the number of homes sold soared 9.4% in the month of September.
“Sales in vacation destination counties have seen a strong acceleration since July, with a 34% year-over-year gain in September”
Lawrence Yun, NAR’s chief economist
Foreclosures and short sales are still less than 1% of the national market. The number of mortgage loans in forbearance has been steadily decreasing and now stands at 5.47%. Another positive trend confirms that two-thirds of homeowners withdrawing from forbearance programs have either remained current on their payments, have re-payed their deferred payments, or have initiated a payment deferral plan.
Mortgage rates continue on a low-rate trajectory path with 30-year fixed mortgage rates hovering around 3%.
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Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. Copyright 2020 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 2020. All Rights Reserved.