In the first seven months of this year there were 1,029 sales in Flathead County, which is up 14.6 percent from the 898 sales at this time last year. This is approaching the all-time high of 1,053 sales in the first seven months of 2006.
Mortgage interest rates continue to be up from a year ago at this time, but about the same as they were last month.The current average 15-year rate is around 3.18 percent, compared to 2.96 percent at this time a year ago. The average 30-year rate is around 3.9 percent, compared to 3.5 percent in August of 2016.
In the first seven months, 51.4 percent of residential sales were on small urban or suburban lots, 22.2 percent were on half-acre to three-acre lots and 14.4 percent were on three- to 20-acre tracts.
The median sale price for the first seven months was $270,000, which is 7.1 percent higher than the same period in 2016.
The current overall inventory level is 9.5 percent lower that what it was in August of 2016. The median asking price of the active listings is $475,000. Only 19.7 percent of active listings are priced at or below the median sold price of $270,000.
In the first seven months there were 26 bank-owned or distressed sales, compared to 51 in 2016. Non-distressed sales represent 97.5 percent of the market, compared to 94.3 percent for the same period in 2016.