Missoula Real Estate Market Update - August 1, 2009

During the month of July, Missoula saw a dip in the median home price on homes that were sold during the month. For the year, however, that decrease is low. In the Missoula real estate market the median price is down only about 1% as compared to other areas of the country that saw a significant drop in home prices. 

There is a lot for buyers to choose from on the market currently which does indicate a buyer's market. Active listings are up about 25% at the end of August compared to the end of January. And foreclosures account for about 14% of that market (compared to 50% and higher in some of the most distressed markets). 

There are reasons for optimism that the Missoula real estate market has stabilized including an increase in sales activity during the month of August and the early part of September, including increased calls and showing.

Residential Market Activity in the Missoula Urban Area
(residential, AND residential with acreage)

Missoula Urban Area - Month of July

Year # of Sales Median Price Avg Days on Market
2009 101 $223,900 113
2008 110 $235,190 107
2007 141 $222,500 97
2006 145 $212,000 84
2005 148 $184,675 98
2004 135 $185,000 90

 

Missoula Urban Area - YTD - January 1 through July 31, 2009

Year # of Sales Median Price Avg Days on Market
2009  480 $215,000 125
2008 577 $218,000 116
2007 733 $215,000  120
2006 860 $205,000 105
2005 770 $186,000 110
2004 664 $178,000 103

 Sales represent properties that have transferred and the transaction has closed. It is the best reliable indicator of what prices the real estate market will bear.

Source: Missoula Organization of Realtors (R) Market information solely from listings entered into the MOR Regional Multiple Listing Service. Therefore, figures may not reflect all real estate activity in the market.

For questions on the Missoula or Western Montana Real Estate Market, contact Access Realty at 406-822-SOLD (7653) or visit us online at www.AccessRealty.net.

 

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