New Homes Sales Montrose Colorado... The last 4 Years and Now
Since January 2009 until the end of 2012 your choices, and the ability to buy a brand new home in the Montrose Area has been very limited.
I recently re-searched the New Home Sales that took place in that 4 year period. During that period just 41 New homes sold through the local Realtors MLS system, which is a far cry from the 300 to 400 a year that it used to be in the boom years.
There are a number of factors that led to such low numbers, the main one probably being the huge increase in foreclosed homes that have sold in that period which has pushed the price of homes down on average 30 % from the height of the market, making re-sale and foreclosures a much better buy than new.
With the inventory of homes for sale in the Montrose area at a very low number there is now an upward pressure on home prices in the area.. Nationally this is also the case, New Homebuilding is picking up in many places
I have broken down by year the number of New Homes that sold. These are homes that were for sale on the open market.
2009 - 13 2010 - 12 2011 - 7 2012 - 9
The average selling price per sq ft for those new homes was $132/sqft
Where were these homes built?
West Meadows Subdivision 10
Bear Creek 8
American Village 5
Columbine East 4
Preserve 3
Waterfall Canyon 2
River Stone (Opal) 2
Cottage Grove (Orchid Ct) 2
There were a few others built in other areas.
If you are looking to buy a brand new home in Montrose today January 2013 there are just 2 homes to look at. Yes you could have one of the few builders who are still building, build you one in one of the subdivsions mentioned above, but it has been my experience that younger first time homebuyers would like not to make many decisions on colors, materials etc and they do not want to wait 4 to 6 months to move in a new home.
In good or bad times there is always a segment of the population that like to buy New anything.. New Vehicle, New Furtniture, New Cell Phone, there is something to be said for moving into a new home that nobody else has lived in.. Is this the year that your choice of buying a New Home gets better?
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