Page 33 - Flathead Beacon // 12.9.15

KELLEY’S MARKET TRENDS
FLATHEAD REAL ESTATE IN PERSPECTIVE
BY JIM KELLEY
THIS WEEK WE’LL LOOK AT THE MARKET MEDIAN/AVG. SALES PRICE
# OF SALES
for residential building lots. This includes
city lot sales as well as residential lots in the county that are three acres or less in size. Waterfront lots are excluded because they tend to be higher value sites that are in a class by themselves.
The number of building lot sales were steadily
increasing and peaked in 2005 with 743 reported
sales with a median price of $78,000. In 2006 and
2007 the number of sales that were reported through
the Realtor’s MLS system shows a large drop as the
median price increased to its peak of $100,000 in $90,000 2006. Over the next three years the number of sales
$150,000 $120,000
$133,235
$100,000
800 700
600 500 400 300 200 100 0
plunged to a low of 91 in 2009.
The median price also plunged from $100,000 in
2006 to a low of $44,000 in 2013. This 56 percent drop in the median price of building lots is substan- tially greater than the 28 percent decline that was seen with improved residential properties.
$73,177
$5
5,000
$59,080
$60,000
Over the last three years the market for residential $34,000 building lots has steadily been improving, but neither
the number of sales nor the prices have recovered to what they were prior to the recent recession.
It must be noted that a substantial number of building lot sales are directly from the developer to the builder and I do not have access to that data. Because of this, it is likely that the actual number of residential lot sales is greater than the numbers I am reporting. (2015 represents only 11 months.)
$30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 MEDIAN SALES PRICE AVERAGE SALES PRICE NUMBER OF SALES
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 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.
FLOORSPACE
WHAT CAN YOU BUY FOR ABOUT $400,000 NEXT WEEK: $450,000
KALISPELL
KALISPELL
BY GEORGIA CHRISTIANSON
PRICE: $399,000
WHAT: Three-bedroom, two-bath home SQUARE FEET: 2,089
This home o ers a private hilltop location with expansive views. It has a spacious kitchen/dining area, cherry hardwood oor, gas replace and ele- vated redwood deck.
Village Square Realty
MLS#: 337867
185 Walking Coyote
4212 Foothill Rd.
KALISPELL
COLUMBIA FALLS
650 Jackson View Tr.
22 Stonefoxx Ct.
PRICE: $415,000
WHAT: Four-bedroom, three-bath home SQUARE FEET: 3,132
This quality Westcraft home sits on large lot and features meadow and mountain views. It has an abundance of windows, open kitchen and large master bedroom.
Falcon Real Estate Group
MLS#: 338000
PRICE: $395,000
WHAT: Three-bedroom, two-bath home SQUARE FEET: 3,188
This well built log home is in a private location across the street from state land. It has a double garage, big living room, sun room and master suite with bonus area.
Premier RE Professionals
MLS#: 337933
PRICE: $385,000
WHAT: Five-bedroom, three-bath home SQUARE FEET: 2,628
Enjoy spectacular Swan Range views from this home on 2.69 acres. It has
a triple garage, is just minutes from Columbia Falls and includes a one-year builder’s warranty.
Glacier Real Estate of Montana
MLS#: 336873
DECEMBER 9, 2015 // FLATHEADBEACON.COM
33
RESIDENTIAL LOT SALES 3.0 ACRES OR LESS
If you would like your property listed in the Floor Space section,
please e-mail editor@ atheadbeacon.com. Entries are compiled by the Beacon sta and Georgia Christianson, Montana Brokers.
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Call Georgia, a certi ed residential specialist for a free one-hour consultation.