July Market Indicators 2019

JULY 2019 – THE FIGURES ARE IN

The Median Sales Price was up 16.8 percent for single family homes and 4.0 percent to $390,000 for townhouse-condo properties. Total transactions were 142, down 10.69% from July last year, however, YTD Gross volume remains up by 4.37 percent. Gross dollar volume in July is up 18.57% from last year alone, partly due to two large transactions – Mountain Village Apartments for $24.8 Million and Wildflower Meadows for $10.25 Million. That said, July of last year also had a large transaction with the sale of Skiview Apartments at $9.05 Million.

During the record-setting 121-month economic expansion, the unemployment rate has dropped from 10.0 percent in 2009 to 3.7 percent, yet many consumers continue to struggle financially. Low mortgage interest rates have helped offset low housing affordability, but high home prices are outpacing median household income growth. In a move to stoke continued economic prosperity, the Federal Reserve reduced the benchmark interest rate by a quarter point to about 2.25 percent, marking the first reduction in more than a decade. The low interest rates we are seeing are definitely sparking some activity for buyers as it it increases their purchasing power. It is also causing a large spike in the refinance market.

The Clift Notes:

Average residential price is $688,707 YTD
Average price per square foot $362
25% of residential transactions in July were over $3 Million
Local buyers made up 58% our sales in July in Routt county, 51% YTD
There were a total of 195 loans in July, with 61% of Purchasers closing with financing at the time of sale while 39% closed with cash.

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