News & Features

Kelley’s Market Trends: First Two Months of Residential Sales

The current overall inventory level is 16 percent lower than what it was in March of 2017

The number of residential sales in Flathead County in the first two months of 2018 was up 1.1 percent from the same period in 2017.

Mortgage interest rates are starting to increase. The current average 15-year rate is around 3.9 percent, compared to 3.3 percent at this time a year ago. The average 30-year rate is around 4.4 percent compared to 4.1 percent in March of 2017. The increasing mortgage interest rate tends to decrease affordability.

There were 180 residential sales in Flathead County in January and February compared to 178 in the first two months of 2017. In the first two months, 49 percent of residential sales were on small urban or suburban lots, 25 percent were on half- to three-acre lots and 11 percent were on three- to 20-acre tracts.   

The median sales price for January and February was $277,500, which is 11 percent higher than the same period in 2017.

The current overall inventory level is 16 percent lower than what it was in March of 2017.  The median asking price of the active listings is $499,000. Only 16.3 percent of active listings are priced at or below the median sold price of $277,500.

In January and February there were three bank-owned or distressed sales, compared to 10 in 2017.   Non-distressed sales represent 98.3 percent of the market, compared to 94.4 percent for the same period in 2017.

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