Here is a recap of the 2012 real estate market taken from the NW Montana MLS database. This covers a huge area of NW Montana. Based on statistics provided in the recent 2012 Market Trends Update by local appraiser, Jim Kelley, we are seeing some positive shifts in our market. Some points of interest:
Residential Tidbits:
- Residential Sales jumped 29.3% over 2011
- Compared to 2011, Residential Median prices ended 3.9% higher at $187,000; Average sales price was 6.4% higher at $267,850.
- Residential Bank owned (REO) and short sales dropped from 40% of the sales in 2011 to 35%. As this continues to fall that’ll be a great sign that the market is looking up!
Land Tidbits:
- Land Sales jumped 66% over 2011. There were 197 sales in 2011, and 327 in 2012. Nice!
- BUT, the Land Median price fell 29.4% to $60,000; Average sales price fell 5.7% to $117,387.
- At the end of 2012 there were 1,312 lots listed. With 327 selling in 2012, there are still 4 years worth of inventory (if nothing else new came on the market)
