Over the last five summers, April-through-August average mortgage interest rates (Freddie Mac-quoted) were: 3.9 percent, 3.5 percent, 4.0 percent, 4.5 percent and 3.9 percent (2015-2019); so we are precisely where we were back in 2015 — or are we? Looking at single-family home sales statistics, by city and 500 foot square footage ranges (1,000 to 1,499, for example), less than half of the 25 batches of sales quantities show close similarity between 2015 and 2019. How about the per-foot pricing? Only three out of 25 batches of square footage pricing show close similarity, between 2015 and 2019 numbers.
Many of the per foot prices have increased more than $50 over the past five years — always the smallest size ranges are highest. There’s a LOT of data in this chart; you might have to study it for a while.
Richard Dews is CEO of Glacier Flathead Real Estate, a Flathead-based real estate software and services company.