Missoula’s real estate market ended the year with record lows for housing inventory. As of December, there were only 212 single family homes on the market not including condominiums, townhomes and manufactured. Add them in and the number only goes up to 276 options in all price ranges for buyers looking to relocate.
Of the 212 homes on the market in Missoula, 5% of them are priced from 190,000 – 270,000, 34% of the homes are priced from 270,000 – 380,000 and more than half of the housing inventory is priced over 380,000 creating a very competitive housing market. Despite the low inventory, Missoula is finally starting to see similar overall sales numbers comparable to 2008.
For Buyers: Don’t give up hope. The low inventory numbers are a little deceiving because there are great options coming on the market daily, they just don’t stay on the market. Align yourself with an aggressive real estate agent that can help you stay on top of the market daily. You may only have a few hours to decide if you want to buy your not. A great agent can also negotiate a complex multiple offer situation for you to ensure you have every opportunity at a great home in Missoula.
Don’t settle for an agent because you know someone, or they are family. It is more important than ever to interview agents to make sure you are being taken care of. Ask about our buyers guarantee.
For Sellers: One of the hardest parts of selling a home right now is not finding a buyer. Surprisingly it is keeping it under contract and finding your next home. Just because you don’t see the home you would like to move into doesn’t mean there are not options. We specialize in getting sellers from one home to another and have solutions that make that move more attainable that it may seem. Ask about our home selling systems for more information.
Absorption Rates: The national association of realtors reports that 6 months of inventory is considered a normal market. Meaning if no other homes come on the market, and factor how many homes are selling each month, it should take six months to sell all the homes available.
If the supply of homes is higher than six months it is considered a buyers market. Under six months is a seller market. The greater the distance from the six month line the more extreme the market. What we have learned over the last 17 years in real estate is that tracking these numbers allows us to foresee changes in the market before others will notice them maximizing the equity in our clients properties.
The month of December represents the strongest sellers market we have seen for Missoula Real Estate on record.
Market Watch: If you are considering selling your property this year, don’t discount the winter months. Activity continues to be strong and competitions is at an all time low maximizing your equity.
Jeremy Williams | Broker – The Bannack Real Estate Group