Here’s two questions I get asked every day:
- “How is the real estate market in Montreux?”
- “What are the recent sales trends?”
Here’s what everyone REALLY wants to ask: “Is now the time to buy?”
I can’t blame them. Knowbody wants to feel like they overpaid for something. They want to know if prices have stabilized.
So instead of trying to guess, let’s look at the numbers
Comparing 2010 sales to 2011 (as of 10/1/11):
- 2010 had 21 total home sales
- 2011 has had 18 homes sales to date, and 6 homes are currently “Pending”
- 2010 had one sale over $2 Million
- 2011 has had 3 homes over $2 Million, to date
- 2010 had an average sales price of $905,923
- 2011 has an average sales price of $1,199,514, to date
These numbers tell me that high-end real estate—specifically Montreux—is fairing much better this year, compared to last year.
Montreux is on track to do significantly better than the previous year, both in terms of sales volume and sales price.
So far this year, we have had an average of 3 to 4 sales per month.
Here’s another statistic for you: For Washoe County 2011, 60% of all sales over $2 million dollars in were in the Montreux community.
If you’re asking yourself, is now the time to buy? My answer is yes.
For Buyer’s considering Montreux, the majority of home and lot prices represent an incredible value.
Consider the following:
Montreux purchase prices were 20-50% less than the prices of 2007. Some sales prices today are at their lowest point since Montreux’s inception in 1996.
It’s important to note that not all sales have been at give-away prices. In Montreux, for 2011, approximately 25% of the sales have been distressed—either short sales or REO’s. The remaining 75% have been regular sales, suggesting that Monteux represents a stable community. In the last quarter, Montreux saw the highest price per SF sale of the year, at $348/SF and the highest lot sale since April of 2009.
The average sales price per SF is $239/SF this year. The high at the end of 2007 was over $562/SF