The Montrose market appears to be following the traditional seasonal trends of years past heading into the cooler Autumn months. Pending sales for the month of August are in line with previous years. From January through mid-September, unit sales in 2021 YTD are up 11% from the previous 4-year average, evidence that this year’s market is on pace to outperform previous high-marks. Basically, the trendline coming out of the summer and heading into the fall tracks with 2019 and 2018, but with a higher number of sales.
The median home sales price is up 24% from the previous year while homes are selling for 99% of asking price, down 1% from the previous month. The price gains in housing for the Montrose market are extraordinary and will possibly level their trajectory heading into next year. Multiple offer situations are still commonplace for properties priced at market value.
The national median existing-home sales prices increased 17.8% from a year earlier, soaring to $359,900. First-time home buyers accounted for 30% of home purchases while all-cash buyers made up 23% of all transactions. Although inventory is down 12% from a year ago, available homes increased 7.3% from June to July, providing buyers more selection. Comparing all four regions, the West scored the highest median sale price at $508,300, up 12.5% from the same period last year.
Home equity has increased a staggering 40% over the previous year, providing the typical homeowner $173,000 in total equity. This increase in equity is helping homeowners who may not be able to make monthly payments the ability to restructure loans and refinance to a lower monthly payment. Roughly 98% of those in forbearance have realized a minimum of 10% equity in their homes.
The fixed 30-year mortgage rate has stayed under 3.10% since July, giving home buyers a much-needed injection to help offset the rapid increase in home prices.
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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.