News & Features

Kelley’s Market Trends: Residential Sales

Through September of this year there were 1,425 residential sales, which is up 13.5 percent from the 1,256 sales at this time last year

Through September of this year there were 1,425 residential sales, which is up 13.5 percent from the 1,256 sales at this time last year. This is nearly the same as the all-time high of 1,429 sales in the first nine months of 2006. At the current rate of sales, it is likely that 2017 will set a new high in Flathead County with year-end sales of around 1,900.

Mortgage interest rates continue to be about the same as they were last month. The current average 15-year rate is at around 3.13 percent, compared to 2.9 percent at this time a year ago. The average 30-year rate at around 3.83 percent compared to 3.54 percent in October of 2016.

In the first nine months, 50.9 percent of residential sales were on small urban or suburban lots, 22.7 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 nine months was $274,761, which is 6.2 percent higher than the same period in 2016.

The current overall inventory level is 9.7 percent lower that what it was in October of 2016. The median asking price of the active listings is $472,000. Only 20 percent of active listings are priced at or below the median sold price of $274,761.

In the first nine months there were 30 bank-owned or distressed sales, compared to 58 in 2016. Non-distressed sales represent 97.9 percent of the market, compared to 95.4 percent for the same period in 2016.

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