Kelley’s Market Trends: Residential Numbers Through August

In the first eight months, there have been 1,078 residential sales compared to 1,101 sales in 2015

By Jim Kelley

After three months with the number of residential sales below 2015 levels, August changed directions with the number up 13.3 percent over August of 2015. In the first eight months, there have been 1,078 residential sales, compared to 1,101 sales in 2015. The total number of sales is still down 2.1 percent compared to last year at this time.

Mortgage interest rates continue at  record lows with the average 15-year rate at around 2.98 percent and the average 30-year rate at around 3.58 percent.

In the first eight months, 54.1 percent of residential sales were on small urban or suburban lots, 22.8 percent were on half acre to three-acre lots and 14.4 percent were on three- to 20-acre tracts. There were also 40 waterfront home sales, representing 3.7 percent of the market.

The median sales price for the first eight months of this year was $252,750, compared to $235,000 for the same period in 2015.  The eight-month median of $252,750 is nearly the same as the seven-month median, which was $252,000. The median home price of the 179 homes sold in July of this year was $262,900.

The current overall inventory level continues to be lower than what is was a year ago and about the same as it was in August.  Currently there are 1,275 residential listings, compared to 1,284 in July.  Of  the 1,275 active residential listings in Flathead County, only 238 (18.7 percent) are priced below the median sold price of $252,750.

In the first eight months of 2016 there were 51 bank-owned or distressed sales, compared to 85 in 2015.   Non-distressed sales represent 94.7 percent of the market, compared to 91.3 percent for the same period in 2015.

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