Download full report: Missoula Market Report June 2016
By The Numbers:
- Homes sold June: 149; YTD 577
- Average days on market June: 108; YTD 114
- List-to-sale price June: 98%; YTD: 98%
- Median sold price: $257,000; YTD: $246,381
- % homes sold under $350,000: 5%
- Homes actively listed at end of June: 443
- Months of inventory: 5
SUMMER HAS ARRIVED IN MISSOULA! Despite low inventory, Missoula residential real estate sales were strong over the last six months. Homes in Missoula priced below $350,000 are being absorbed at a much faster rate than higher priced homes, leaving less than six months of inventory and fewer options for buyers to choose from. Demand for the more affordable homes outpaces supply, creating a seller’s market for most price points under $450,000. Conversely, there is between 9 and 16 months of inventory of homes priced at $450,000 and higher.
Summer months usually bring more buyers to the market and, unless more new listings priced below $300,000 come on the market in the next couple of months, we anticipate it will remain a seller’s market throughout the remainder of summer in Missoula. Buyers who are seriously looking should be prepared with a pre-approval letter from a lender and be ready to make an offer, especially if shopping for a home priced under $300,000. Sellers whose homes are competitively priced will likely see a lot of activity and could sell within 97-98 percent of asking price.