News & Features

Kelley’s Market Trends: Residential Sales

The median sales price for the first eight months was $275,000, which is 8.8 percent higher than the same period in 2016

Through August of this year in Flathead County there were 1,223 residential sales, which is up 13.2 percent from the 1,080 sales at this time last year. This is just 25 sales below the all-time high of 1,248 sales in the first eight months of 2006.

Mortgage interest rates continue to be about the same as they were last month. The current average 15-year rate is at around 3.16 percent, compared to 2.98 percent at this time a year ago. The average 30-year rate is at around 3.86 percent compared to 3.58 percent in September of 2016.

In the first eight months of 2017, 51.5 percent of residential sales were on small urban or suburban lots, 22.2 percent were on half-acre to three-acre lots and 14.9 percent were on three- to 20-acre tracts.   

The median sales price for the first eight months was $275,000, which is 8.8 percent higher than the same period in 2016.

The current overall inventory level is 11.3 percent lower than what it was in September of 2016. The median asking price of the active listings is $485,000.  Only 18 percent of active listings are priced at or below the median sold price of $275,000.

In the first eight months there were 28 bank-owned or distressed sales, compared to 57 in 2016. Non-distressed sales represent 97.7 percent of the market, compared to 94.7 percent for the same period in 2016.

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