Page 31 - Flathead Beacon // 9.24.14

FLATHEADBEACON.COM SEPTEMBER 24, 2014 | 31 REAL ESTATE & CONSTRUCTION
BUSINESSMONTHLY
GROWING OPTIMISM
IN THE MARKET
FIVE YEARS REMOVED FROM THE RECESSION, THE FLATHEAD REAL ESTATE MARKET LOOKS TO BE ON THE MEND
BY MOLLY PRIDDY
Five years ago, the real estate market in the Flat- head Valley hit an aggressive downturn as the re- cession took hold. Prices, which had been inflated during the mid-2000s, tanked. Residential sales were at about half the amount they had been three years prior.
“2009 was actually the year we ended up having the lowest number of sales,” Jim Kelley, owner of Jim Kelley Appraisal, said. “There were only 912 residential sales in Flathead County.”
Compared to the 1,804 residential sales in 2006, the numbers from 2009 were dismal. The median home price was $200,000, down $50,000 from 2007, and the average price of a sold home was $277,622, whereas 2007 had boasted an average price of $361,798.
The real estate market would continue its slow and low performance until the end of 2011, when it started to level out. Through 2012, the market seemed to stabi- lize, and 2013 brought increased sales and higher prices.
See Real Estate PAGE 33
Erik Saltz, with Ron Terry Construction, Inc., works on a home along Leisure Drive. GREG LINDSTROM | FLATHEAD BEACON