As of April 2023, the real estate market in Missoula is experiencing a slight surge of activity for new homes coming into the market. Although the absorption rate, which measures how many homes are on the market, dipped a little to 2.19 months of inventory. We are still hoping to see that number go up to that magical 6 months, which would indicate a normal market.
List to sales price is nearing 100% again, indicating that buyers are willing to pay close to the asking price for homes in the area. This is good news for sellers, who can expect to receive strong offers for their properties. However, there are still some good deals to be found for buyers and new construction in the Missoula area that will hit multiple price points. The great thing about new construction is that you don’t have to worry about someone else outbidding you.
Another positive sign for the Missoula real estate market is the increase in the number of homes sold this year compared to last year at the same timeframe. According to recent data, there were about 10 more houses sold this year than at the same time last year. This indicates a growing demand for homes in the area and a strong interest from buyers given the fact that mortgage rates are higher now than last year.
However, while the market is currently favorable for sellers, there could be some potential challenges on the horizon. One concern is the possibility of rising interest rates, which could make it more difficult for buyers to secure financing and could impact demand for homes. The good news is that even though the rates have climbed since last year, people are still buying homes.
Overall, the Missoula real estate market is currently experiencing a period of growth and activity, with strong demand from buyers and favorable conditions for sellers. However, it’s important to keep an eye on potential challenges and trends that could impact the market in the future.
If you have any questions on the health of the Missoula real estate market, feel free to call Jeremy Williams at (406) 926-6767 or email [email protected]