BY THE NUMBERS
- Homes sold December 2015: 56
- Average days on market: 119
- List-to-sale price: 98%
- Median sold price: $224,750
- Homes sold YTD December 2015: 1,034
- Median sold price YTD December 2015: $253,529
- Homes actively listed for sale at the end of December 2015: 262
DESPITE LOW INVENTORY, HOME SALES GREW 14% in 2015
Despite a dip in December, home sales in 2015 outpaced 2014 sales nearly each month of the year; the year ended with a total of 127 more sales than in 2014, a 14 percent increase. Homes continued to sell between 97 and 98 percent of asking price with homes selling, on average, in about three and a half months. There were 262 homes on the market at the end of the year.
OVERALL SHORT-TERM MARKET OUTLOOK
Missoula residential real estate market performance throughout 2015 demonstrated that it is still a seller’s market and unless something drastic happens with inventory or interest rates over the next couple of months, it appears it will continue to be a seller’s market into the first part of 2016.
2015 inventory levels were lower than 2014 levels and year-to-date sales outpaced 2014 by about 14 percent. Both inventory and sales typically decrease during the winter months but based on the sales data we have seen over the last several months, we believe homeowners who list their homes while there is still snow on the ground will see that there are plenty of qualified buyers out there looking to purchase, especially in the under $350,000 price range.
Seller Recommendation: As is typical for the winter months, many homeowners have taken their homes off the market. With inventory at the lowest levels we’ve experienced in years (262 active listings at the end of December) there are many buyers out in the market who are unable to find a home that suits their needs and wants. We strongly recommend to sellers that they either keep their home listed or put it on the market now while there is minimal competition. Homeowners who are competitively priced may entertain multiple offers; sellers are currently getting between 97 and 98 percent of asking price.
Buyer Recommendation: With the lowest inventory levels we’ve seen in years buyers are having a difficult time finding homes to purchase – so be prepared to pay between 97 and 98 percent of asking price, on average, for a reasonably priced home. Prior to beginning your search we recommend that you be prepared with a loan pre-approval letter and ready to make an offer immediately to avoid a possible multiple offer scenario. Your choice of Realtor will also be extremely important, as a proactive agent will not limit their search to the active listings on the MLS and will likely be more creative in finding homes for their buyers.
Download a copy of the full Missoula Residential Real Estate market report here: Market Report_December 2015