Another month, another shot of good news for the Metro Missoula housing market. New data indicates that home sales have increased over 28% from last year at the same time. Driven by three months of solid double digit increases, sales have propelled the Missoula housing market to one of the best starts in several years.
Missoula Housing Trends
The following chart provides a snapshot of total homes sold in Missoula, by month, for the last 5 years (The green columns indicate properties under contract for the current year.) According to the Missoula MLS 93 homes were sold in June of 2012,the highest seen in the month of June since 2008 when 94 homes were sold.
Missoula Housing Supply and Demand
In terms of supply and demand, the market is the healthiest it has been in the last few years, with homes under $250,000 hovering around the 6 month absorption line, considered a normal market.
With both inventory and days-on-market both trending lower, we anticipate median sales price and list-to-sales price to improve as a result, indicating an improving market. The absorption rates for homes prices between $250,000 and $400,000 continue to improve.
In the last year, homes selling for $300K and under comprised approximately 80.1% of total homes sold. This month, homes selling for $300K and less represented 75.6% of total homes sold, indicating a slight shift in sales to homes priced higher than $300K.
Half Year Overview
Increased sales is the first step in a long process toward recovery and indicates a stable market. If sales continue to increase, look for lower inventory and a rise in median sales price as an indication of a building market. Higher list to sales prices will also be sign that sellers are able to negotiate a better price compared to the list price.
Please contact me if you would like I full report sent to you covering absorption rates, sales trends, foreclosure and REO figures, and sales numbers broken down by price range. Use the link below for more information.
Missoula Housing Report June 2012
Information provided by:Jeremy Williams Williams & Associates | Keller Williams Realty [email protected] 406-532-7919