Our final stop in the Bitterroot Valley is 9 miles south of Hamilton where we hit Darby, a small town of less than 1000 people Darby features a unique western-themed downtown that’s main attraction is a large candy store. Darby provides access to great fishing spots all over and isn’t much further from the pass leading to the Montana/Idaho border and the Lost Trail Ski Area.
Numbers for Darby showed me that in 2010 there were 35 total sales with a median sales price of $325,000. There were 6 foreclosures and the median time on market was 326 days. In 2011 the amount of sales dropped by 1 down to 34 sales and the median price went all the way down to $161,700. There were 4 foreclosures sold in the MLS and the time on market was 290 days. I had to check and then double-check the median because of such a sharp drop. What I found was that in 2010 it appeared that Darby was the place to buy homes over $500,000 as that was a large amount of their sales. Come 2011 those sales disappeared and the lower-end dominated the market. The overall market hasn’t lost that much in value… but the activity shifted very sharply, as you can see in the median change.
Calculating the running 12-month absorption rates we see that Darby right now has 36 months’ worth of inventory listed. Being one of the smallest markets Darby currently has over 103 active listings and that amount of supply is making sales times really long right now.