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Kelley’s Market Trends: Condominiums and Townhomes

The pattern of price increases and declines have generally followed the rest of the housing market

By Jim Kelley

Condominiums and townhouses continue to be a stable portion of the Flathead housing. In 2000 they accounted for 12 percent of the residential sales, 17 percent in 2005, 16 percent in 2010,  15 percent in 2015, and 17.7 percent in the first four months of 2017.   

The pattern of price increases and declines have generally followed the rest of the housing market, with a few exceptions. The median price in the overall market peaked in 2007, while the median price on condominiums and townhouses had a slight decline in 2007, then peaked in 2008. The average price did  follow the same pattern as the rest of the residential market, with its peak of $328,641 in 2007.

In 2016 the median price increased by 10.5 percent and now has increased by another 4 percent in the first four months of 2017. The average price increased by 7.2 percent in 2016, but is down in 2017. This is likely because lakefront condos and townhomes are most active in the summer months and those they tend to bring up the average price.         

Less that 3 percent of the condominium and townhouse sales have been foreclosure or distressed sales, which is lower than the overall residential market which was closer to 7 percent in 2016.

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