REAL ESTATE NEWS | MONTROSE, DELTA, & OURAY COUNTIES
A Tale of Two Markets
February sales in our three counties increased from January with 96 closed residential transactions - down from 110 in 2022, 95 in 2021, and 82 in 2020.
The list price to sales price ratio declined minimally to 96.77% (compared to 97.8% in 2022). While the market has slowed, average sold price decreased by 4% and sold price per foot increased 7%.
Demand remains strong in multiple price points and neighborhoods, although buyers are taking a longer "wait and see" approach, where they are factoring interest rates and home prices relative to the market. Days on market in February increased to their highest level since April 2021 - a clear indication of buyers waiting for prices (on mortgages and homes) to come into balance.
March and the next few months will tell us a lot about our market. We are experiencing more historic trends and thus inventory should only continue to rise through July - which should provide ample options for eager homebuyers and help temper prices. One of the key factors to finding a more balanced market will be interest rates. While you may not always be watching rates daily, keep an eye on the 10-year treasury note rate as 30-year fixed rates generally track the 10-year and are a good barometer moving forward. Homeowners looking to make a move should balance price and condition when selling. Buyers are active but will not overpay for property and sellers who are in-tune with the market will be successful given continued strong demand.
Aside from the market, we are having an exceptional season with events throughout the area. Be sure to see below for some of our top picks in March and please be in touch if I can help you in any way.
Happy spring!
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MARCH EVENTS
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March 11th
Join us on Saturday, March 11th from 10AM-2PM at Skyway Trailhead for this FREE, family-friendly event! Sponsored by Friends of Youth and Nature and the Kampe Foundation, this event will feature free kids' ski lending from the Nature Connection, a free kids' ski lesson from the Grand Valley Nordic Ski Club, age-appropriate races, an obstacle course, games, and more. |
March 16th
Colorado musicians Cary Morin (guitar, vocals), Celeste Di Iorio (harmony vocals), Luke Hunter (bass & vocals), and Jordan Pasquin (drums, percussion, & vocals) unite to form a high-energy roots rock band, intent on getting folks up and out of their seats! |
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VISIT WEBSITE |
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March 17th
The Hall Sisters' sound is a combination of the earthy vibe of Lady A and the soulful harmony of the Carpenters, all blended with the energy of country-pop with a nod to famous sister acts of the past.
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April 8th
Denver's critically acclaimed Zikr Dance Ensemble presents "Mysteries, Rites & Revelations" for one performance only at the Montrose Pavilion, Saturday, April 8 at 7:30 pm. |
| VISIT WEBSITE |
VISIT WEBSITE |
PLAN AHEAD
