News & Features

Kelley’s Market Trends: Residential Sales

Through October there were 1,617 sales, which is up 14.8 percent from the 1,408 sales at this time last year

Through October there were 1,617 sales, which is up 14.8 percent from the 1,408 sales at this time last year. This is the highest number of residential sales that has ever occurred in the first 10 months. The previous high was  1,568 sales in the first 10 months of 2006.  At the current rate of sales, it is likely that 2017 will set a new high in Flathead County with year end sales of more than  1,900.

Mortgage interest rates continue to be about the same as they were last month. The current average 15-year rate at around 3.27 percent, compared to 2.8 percent at this time a year ago. The average 30-year rate at around 3.94 percent compared to 3.5 percent in November of 2016.

In the first nine months, 50.9 percent of residential sales were on small urban or suburban lots, 22.7 percent were on half-acre to three-acre lots and 14.9 percent were on three- to 20-acre tracts.   

The median sales price for the first 10months was $275,000, which is 7.8 percent higher than the same period in 2016.

The current overall inventory level is 12 percent lower than what it was in November of 2016. The median asking price of the active listings is $469,000. Only 20 percent of active listings are priced at or below the median sold price of $275,000.

In the first 10 months there were 33 bank-owned or distressed sales, compared to 66 in 2016. Non-distressed sales represent 98 percent of the market, compared to 95.3 percent for the same period in 2016.