After 11 months of up and down residential sales, the total number of sales in Flathead County is nearly the same as it was at this time in 2015.
Mortgage interest rates are starting to increase with the average 15-year rate at around 3.3 percent and the average 30-year rate at around 4.1 percent.
In the first 11 months, 53.8 percent of residential sales were on small urban or suburban lots, 22.5 percent were on half-acre to three-acre lots and 14.3 percent were on three- to 20-acre tracts. There were also 66 waterfront home sales, representing 4.2 percent of the market.
The median sales price for the first 11 months of this year was $257,000, compared to $238,400 for the same period in 2015. The 11-month median of $257,000 is 0.8 percent higher than the 10-month median, which was $255,000 at the end of October. The median home price of the 147 homes sold in November of this year was $261,675.
The current inventory level continues to be lower than what it was a year ago as well as being lower than what it was a month ago. Currently there are 963 residential listings, compared to around 1,300 at this time last year. Of the 963 active residential listings in Flathead County, only 160 (16.6 percent) are priced below the median sold price of $257,000.
In the first 11 months there were 68 bank-owned or distressed sales, compared to 129 in 2015. Non-distressed sales represent 95.6 percent of the market, compared to 91.7 percent for the same period in 2015.
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