By the Numbers:
- Homes sold this month: 90
- Average days on market: 101
- List-to-sale price: 98%
- Median sold price: $257,000
- % homes sold under $350,000: 81%
- Homes sold YTD: 783
- Homes sold last 12 months: 1,004
- Homes actively listed at end of month: 376
Low inventory, steady sales, median sold prices continue to rise
The trend of rising median home sale prices in Missoula continued in September; 90 homes were sold with an average median price of $257,000. Throughout 2015, the number of homes listed for sale in Missoula has been consistently lower than last year, however, sales have been stronger this year than last; the number of homes sold year-to-date is about 14 per cent higher than last year and flat to 2013. The combination of low inventory and solid buyer demand continues to push median home sales prices higher, up about 5 per cent over last year and 10 per cent over 2013.
Overall Short-Term Market Outlook:
Missoula’s residential real estate market performance over the first nine months of the year has demonstrated 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 throughout the remainder of the year.
Inventory levels are behind last year’s levels and year-to-date sales are outpacing last year by about 14.1 per cent. Both inventory and sales typically decrease during the winter months but based on what we have seen so far this year we believe homeowners who list their homes during the coming few months will see there are plenty of qualified buyers out there looking to purchase – this is especially true in the under $350,000 price range.
Seller Recommendation: During the fall months, we typically see homeowners taking their homes off the market; we recommend that sellers either keep their home listed or put it on the market now, while there is less competition out there. We have cautioned in the past and continue to maintain that sellers price their homes reasonably, as those whose homes are competitively priced may entertain multiple offers and have been getting very close to asking price or more; sellers are currently closing the sale at an average of 96 to 98 per cent of asking price.
Buyer Recommendation: Keep an eye out for reasonably and competitively priced homes; many sellers in the market are priced well so be prepared to pay 96 to 98 per cent of asking price, on average. Prior to beginning or resuming your search we recommend that you be prepared with a loan pre-approved letter and are ready to look at and make an offer on the good homes immediately to avoid possible multiple offer situations.
Download the full report here: Missoula Residential Real Estate Market Report – September 2015