Welcome to your Monthly Missoula Real Estate Market Report, brought to you by Jeremy Williams of Bannack Real Estate. As your trusted local real estate expert in Missoula, Montana, we are here to provide you with the latest updates and insights on the housing market. In this report, we will discuss the key statistics for the month of June 2023, including the absorption rate, available inventory, pending sales, list-to-sales price ratio, and home appreciation rates. Let’s dive in!
Absorption Rate
The absorption rate is an essential indicator of the real estate market’s strength and balance between supply and demand. For the month of June, Missoula is still experiencing a low absorption rate of 1.9 months’ worth of inventory. This means that, at the current sales pace, it would take approximately 1.9 months to sell all the homes on the market if no new listings were added. A normal market absorption rate is around 5-6 months worth of inventory.
Inventory
Currently, there are 175 homes available on the market in Missoula. This number reflects the total active listings, providing more choices for prospective buyers in the area. With a more diverse inventory than the first of the year, buyers can explore various options that align with their preferences and requirements. Another option are the new construction homes in some of the developments that have not come to market yet. Developments like Remington Flats are just waiting for final plat approval to start listing townhomes and single family homes.
Pending Sales
The number of pending sales in Missoula is also worth noting, as it indicates the level of buyer interest and activity. As of this month, there are 170 homes pending, highlighting a robust demand for housing in the area. This high number of pending sales demonstrates the competitiveness of the Missoula real estate market. It has been some time since we saw that many homes under contract.
List-to-Sales Price Ratio
The list-to-sales price ratio remains at 100% for the second consecutive month. This indicates that homes in Missoula are selling for their full listing price on average, highlighting a strong seller’s market. Sellers can take advantage of this trend, knowing that buyers are willing to pay the asking price for desirable properties.
Home Appreciation
Missoula’s real estate market continues to show healthy appreciation rates, with home values appreciating between 5% and 7% over the past month. This growth demonstrates the desirability of the area and the investment potential it holds. Whether you’re a homeowner or an investor, this upward trend in home values presents an opportunity for substantial returns on investment.
Conclusion
The Missoula real estate market remains slow but competitive, but still a range of opportunities for both buyers and sellers. With a low absorption rate, a decent amount of inventory of homes, a high number of pending sales, a strong list-to-sales price ratio, and steady appreciation rates, the market favors sellers while maintaining appeal for buyers.
If you’re considering buying or selling a home in Missoula, it’s crucial to work with an experienced real estate agent who understands the local market dynamics. At the Jeremy Williams Team, we have a team of professionals dedicated to helping you navigate the Missoula real estate landscape successfully. Contact us today to get started on your real estate journey. You can reach Jeremy at (406) 926-6767 or [email protected].
Disclaimer: The data provided in this report is based on current market conditions in Missoula, Montana, as of June 2023. Real estate market trends can vary, and it is advisable to consult with a local real estate expert for personalized advice.
