In 2016, the overall median price of sold residential properties in Flathead County was $255,000. This means that half the sales are lower and half are higher than that median price.
This week’s graph shows the distribution of current listings and the last 12 months of sales by price range. Of the 1,680 sales in the last 12 months, 27 percent sold in the price range of between $100,000 and $200,000, compared to 31 percent in 2015. At this time there are 851 residential listings and only 6 percent are priced in that $100,000 to $200,000 range, compared to 13.2 percent at this time a year ago. With 460 sales in this price range and a current inventory of 54 listing, this means that there is currently 43 days of inventory, making this price range a seller’s market.
As we move up into the $1 million to $2 million range, we find that this price range only accounts for 2 percent of the sales, but 11 percent of the current listings are in this price range. With only 31 sales in the last year and 90 current listings, this tells us that there is currently around 35 months of inventory of homes in the $1 million to $2 million range. This segment of the market is very much a buyer’s market.
As you can see in the graph, the existing housing inventory goes from one month for home priced $100,000 to $200,000 and up to 68 months for home priced over $2 million. Currently, there are 62 $2 million plus homes on the market, but there were only 11 sales in the last year.