WELCOME....

Here is a look at the final residential property sales numbers for 2013 

Market Summary and Year End Comparison - 2013  Montrose County, CO 

The following numbers were compiled from Montrose County residential real estate sales (MLS only)

629 - Number of residential sales, Calendar Year 2013, Montrose County
604 - Number of residential sales, Calendar Year 2012, Montrose County

$178,187 - Average sold price, 2013
$168,255 - Average sold price, 2012

$158,000 - Median sold price, 2013
$144,950 - Median sold price, 2012  

122 - Number of Bank Owned properties sold, 2013
191 - Number of Bank Owned properties sold, 2012 

461 - Number of Residential properties for sale on the MLS, Jan 22, 2014
30 - Active bank owned properties for sale on the MLS Jan 22, 2014

  
The spin: The average home price increased 5.9% in 2013 and unit sales experienced a modest 4.1% increase over 2012.  The most significant takeaway for 2013 was the 36.1% decrease in bank owned unit sales which created more balance between traditional buyers and sellers as  bank owned inventory continued to be absorbed. 

Things to watch out for in 2014.  The "Qualified Mortgage" created by the Dodd-Frank Act, officially went into effect Jan. 10, 2014, tightening the ability to repay requirements and capping the debt to income ratio of borrowers at 43%.  How big of an impact will this have on borrowers and residential sales?

How will rising interest rates affect the recovery and put pressure on housing prices?

Best,

Josh Kettell
Broker/Owner