The number of residential sales in Flathead County for the first quarter of 2017 is down by 1 percent from the near record number in 2016.
Mortgage interest rates are about the same as they were last month with the current average 15-year rate at around 3.39 percent, compared to 3.12 percent at this time a year ago. The average 30-year rate is at around 4.14 percent, compared to 3.73 percent in April of 2016. The increasing mortgage interest rate tends to decrease affordability.
There were 288 residential sales in Flathead County in the first quarter compared to 291 in the first quarter of 2016. In the first quarter 51.7 percent of residential sales were on small urban or suburban lots, 23.3 percent were on half-acre to three-acre lots and 13.5 percent were on three- to 20-acre tracts.
The median sales price in the first quarter was $260,250, which is 7.1 percent higher than the same period in 2016.
The current overall inventory level is 33 percent lower that what it was in April 2016. The median asking price of the active listings is $452,500. Only 16.2 percent of active listings are priced at or below the median sold price of $260,250.
In the first quarter there were 11 bank-owned or distressed sales, compared to 23 in 2016. Non-distressed sales represent 96.2 percent of the market, compared to 92.1 percent for the same period in 2016.
Stay Connected with the Daily Roundup.
Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox.