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Current Real Estate Trends

Here’s a quick and easy to digest update on our local real estate scene.

Real estate trends in Montezuma County continue to trend in a positive direction.

Here are some quick stats.
Per CREN (Colorado Real Estate Network), the current data indicates a 15% increase in the YTD total amount of homes sold vs the same time period in 2014.
Since January in-town sold data shows a total of 110 homes  sold in Cortez, 25 in Mancos, and 9 homes sold in Dolores.
Rural properties continue to sell well in the sub-300k category with particularly high demand for homes with irrigation.
On the downside- there are a number of less than positive national real estate headlines lately indicating a slight decline or stalling in the market. Most reports suggest that this is largely driven by a lack of inventory.
Given the above numbers, you can see how that could be true!
So- now can be a great time to list!!
If you’re considering a move or looking to sell anytime soon- please contact me for a free custom market analysis of your homes value.
Personally, I continue to be super grateful for a chance to live and work in this community. Thanks so much for all of your support now and in the future!

Q3 Housing Indicators from CREN

Markets across the nation seem to be back on the recovery track after a brief
pause. One of the more encouraging aspects of this renewed recovery is that
new construction of single-family homes reached six-year highs in August,
according to the U.S. Commerce Department. Consumers are also finding more
listings in their search results than they have in years. Inventory is rising in many
neighborhoods as higher prices have motivated more sellers to list.

New Listings decreased 12.1 percent to 182. Pending Sales were up 12.5
percent to 90. Inventory levels shrank 7.1 percent to 443 units.
Prices were a tad soft. The Median Sales Price decreased 9.3 percent to
$156,000. Days on Market was down 5.5 percent to 172 days. Sellers were
encouraged as Months Supply of Inventory was down 20.6 percent to 16.2
months.
The departure of investors from the scene should benefit first-time homebuyers,
but student debt and sluggish wage growth have slowed that transition. The
economy is growing, but it’s growing at a slower pace than desired. Thankfully,
inflation remains tame, partly enabling the Federal Reserve to keep rates low for
longer, contrary to the forecasts of most economists.

For the full report click here.

Where is the housing market heading?

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Sustained job growth, affordable home prices, low mortgage rates and a rebound in consumer, small business and builder confidence will help the housing market continue to show modest improvement and better production levels in the months ahead, according to NAHB Chief Economist David Crowe. Click here for rest of the article.

 

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