Looking back 12 months, let’s see the quantity and median speed of single-family residence sales (by original list price range) (see chart). I’ve limited the statistics to homes with 2+ bedrooms, 1+ baths and at least 700 square feet. The vertical gray bars represent the quantities of home sales during the period, for each $49,999 original list price range, and the units are the vertical axis label numbers on the far left. The orange line represents the median (removes outliers from average) days from listing date to contract date, by price range, again using the vertical axis label numbers on the far left. The green line represents the median days from contract to closing (the due diligence period), by price range.
The lion’s share of units sell for list prices between $200,000 and $399,999, taking a sharp drop in quantity (half) at and above $400,000. The quantities go down by a third at $500,000, and then in half again at and above $600,000 — then in half again at $700,000.
Speed-wise, you have to get to $800,000+ before the median duration-on-market favors a buyer. South of that figure, those which sold were nearly flying off the shelves.
Richard Dews is CEO of Glacier Flathead Real Estate, a Flathead-based real estate software and services company.