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AUGUST 17, 2016 // FLATHEADBEACON.COM
FLATHEAD REAL ESTATE IN PERSPECTIVE
BY JIM KELLEY
AFTER THE STRONGEST START IN SEVERAL YEARS, THE number of residential sales has started to drop. In the rst seven months of this year there have been 898 sales, com- pared to 943 sales in 2015, representing a 4.8 percent decline.
Mortgage interest rates continue at record lows with the aver- age 15-year rate at around 2.95 percent and the average 30-year rate at around 3.54 percent.
In the rst seven months, 54.3 percent of residential sales were on small urban or suburban lots, 22.2 percent were on half-acre to three-acre lots and 14.4 percent were on three to 20-acre tracts. There were also 31 water front home sales, representing 3.5 per- cent of the market.
The median sales price for the rst seven months of this year was $252,000, compared to $233,000 for the same period in 2015. The seven-month median of $252,000 is up from the six-month median, which was $246,637. The median home price of the 157 homes sold in July of this year was $275,000.
The current overall inventory level is lower than what is was a year ago, but up slightly from July. Currently there are 1,284 res- idential listings, compared to 1,254 in July. Of the 1,284 active residential listings in Flathead County, only 224 (17.4 percent) are priced below the median sold price of $252,000.
several years, he has published annual reports on the Flathead Real Estate Market and been a guest speaker on numerous occasions for various groups in the Flathead.
In the rst seven months there were 51 bank-owned or dis- tressed sales, compared to 92 in 2015. Non-distressed sales rep- resent 94.3 percent of the market, compared to 90.3 percent for the same period in 2015.
PRICE
$350,000 $300,000
Median Price
$300,778
$215,000
Average Price
Number of Sales VOLUME 1200
1000 $309,268 800
600 400 200
$250,000 $200,000 $150,000
$252,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0 In 1981, Jim started Kelley Appraisal in Kalispell and has since built an extensive data base of economic and real estate-related data on northwestern Montana. Over the last
Residential Sales - First (7) Months
SINCE 2001
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