Montrose Update (81401)
For the week of 9/26, we are focusing on 81401, which is the Eastern side of Montrose.
The median list price is $499,900. The median new listing is $412,500.
9% of homes were relisted. Typically, a listing expires because the property is overpriced. When that happens, lowball offers are attracted. The mindset is "what's wrong with this property?"
Average days on the market for the zip code is 91.
For the entire county, the average sale price is $533,715, which is up about 3% from the same time last year.
The average sales price YTD is $510,680, which is up almost 9% as compared to last year at this time.
Days on the market have gone from 89 to 107 YTD, compared, but DOM from March of this year to now has steadily decreased.
Our position is that inventory is still light, and good homes, priced right will sell. It does not matter whether they are $350k homes or $1.5M homes.
With the Fed lowering rates, a segment of the market that was locked out can now come in. This will put added pressure on inventory.
We are in a paradox. Inventory is light, but days to sell are lengthening some.
Overall, it still seems like a minor seller's market, but with the demand we have in our valley and surrounding areas on the Western Slope, we still believe it is a good time to buy.
We thank our friends at Fidelity National Title for much of this data.
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