Page 38 - Flathead Beacon // 12.14.16

KELLEY’S MARKET TRENDS
FLATHEAD REAL ESTATE IN PERSPECTIVE
BY JIM KELLEY
AFTER ELEVEN MONTHS OF UP AND DOWN RESIDEN- tial sales, the total number of sales in Flathead County is nearly the same as it was at this time in 2015.
Mortgage interest rates are starting to increase with the average 15-year rate at around 3.3 percent and the average 30-year rate at around 4.1 percent.
In the rst 11 months, 53.8 percent of residential sales were on small urban or suburban lots, 22.5 percent were on half-acre to three-acre lots and 14.3 percent were on three- to 20-acre tracts. There were also 66 waterfront home sales, representing 4.2 percent of the market.
The median sales price for the rst 11 months of this year was $257,000, compared to $238,400 for the same period in 2015. The 11-month median of $257,000 is 0.8 percent higher than the 10-month median, which was $255,000 at the end of October. The median home price of the 147 homes sold in November of this year was $261,675.
The current inventory level continues to be lower than what it was a year ago as well as being lower than what it was a month ago. Currently there are 963 residential listings, compared to around 1,300 at this time last year. Of the 963 active residential listings in Flathead County, only 160 (16.6 percent) are priced below the median sold price of $257,000.
PRICE
$400,000
$350,000
$300,000
$250,000
$200,000 $150,000
Median Price
Residential Sales (First 11 months)
Average Price Number of Sales VOLUME 2000
1500 1000 500
$327,306
$257,000
$310,55
$221,00
0
0
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
In the rst 11 months there were 68 bank-owned or dis- tressed sales, compared to 129 in 2015. Non-distressed sales represent 95.6 percent of the market, compared to 91.7 percent for the same period in 2015.
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.
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DECEMBER 14, 2016 // FLATHEADBEACON.COM