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Property Values in Montrose are back to where they were a couple months ago. The median sold price in Montrose city is $257,000 for the month of March. This is up 4% from last year but down 16% from last month. I wouldn’t read much into this drop as last month had a dramatic rise.
We’ve actually gained inventory for the month of March with an increase of new listings. These numbers are 1% higher than last year and 22% higher than last month.
The number of properties that have sold has also increased compared to last month and last year. For the month of February there were a total of 57 Montrose City properties sold. This is an 8% increase from the same time last year and a 39% increase from last month!
Average days on the market has decreased in Montrose. For the month of March, Montrose City sees an average of 95 days on market which is up 4% from this time last year but down 16% from last month.
All of these numbers are looking really good considering the current situation of what we’re all having to deal with. Demand continues to drive sales in a market with limited supply. With that said, it doesn’t mean COVID-19 is not negatively impacting the market. We are all feeling the crunch right now as businesses are cut back or closed. Most of these numbers and metrics we’re looking at are trailing indicators. Meaning, a property that sold this month may have gone under contract a month or two ago.If we look at the number of properties that went under contract in March, we can see and compare the current market action for that month. As expected, with an event like this, there was a dramatic decrease of 22% from this same time last year and 27% from last month.