Will This Robust Local Market Continue? – October Real Estate Stats
Observing market trends over the late-summer and early-fall of this year, with comparison to last year, it appears that the Montrose Real Estate market is running red hot. Full calendar year comparisons will provide a more complete reading, but as of the previous 3-months, the Montrose market looks very strong. This robust market is continuing to be felt in the $400-500 price range as well, reflected in the 4.3-month supply of inventory in that price range. Overall, the average Montrose housing inventory levels under $600K has dwindled 0.4% over the last month. This decline is most likely due to sellers now waiting until the spring to list properties rather than deal with showing and offers over the holidays. With this in mind, the low inventory levels are an even better reason, for those looking to sell, to list now over the holidays to avoid spring competition.
$100-200k price range: 2.1 month supply
$200-300k price range: 3.1 month supply
$300-400k price range: 3.9 month supply
$400-500k price range: 4.3 month supply
$500-600k price range: 12 month supply
According to the National Association of Realtors, a healthy market (an equal number of buyers and sellers) is considered 6-months supply.
Existing home sales declined 2.2% in September, following a 2-month sales uptick in July and August of this year. In the major US metro areas, 93% experienced an increase in home prices in the third quarter. The median sales price in the third quarter was $280,200, a 5.1% rise from the same period last year. The Federal Reserve announced on November 13th that they will hold current interest rates based on the positive US economic conditions and job data. Though indirectly related, mortgage rates are now below 4%, which is a fantastic boon for home buyers and those looking to re-finance (Existing-Home Sales Decrease 2.2% in September, Housing Market Sees Re-Acceleration in Home Prices).
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Statistics gathered from CREN MLS, criteria are all residential not including mobile or manufactured housing in Montrose. Copyright 2019 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, and the Mortgage Brokers Association. This data is considered accurate, but is not guaranteed. Copyright Atha Team LLC 2019. All Rights Reserved.