“Spring has sprung and the sprung has the market Jumping”
April’s market update starts with a saying I believe most would be familiar, about flowers coming to bloom as sign of renewal and growth. Actually though April is a continuation of “March Madness” activity since weather warmed and interest rates dropped in 2015 Market. At the end of April 2015, closed sales up +12%, pending sales up +10 %, inventory down -10%, and interest rates down-15% from the year earlier.
As of the end of the week of May 1st the rig count in North Dakota … (2 comments)
“Oh what difference weather and interest rate makes, within the market place”
I think I will start March’s market update with an analogy to the college basketball events that occur every year and that is “March Madness” only we do not end up with a final four. I do think “March Madness” best describes the activity since weather warmed and interest rates dropped in 2015 Market. At the end of March 2015, closed sales up +5%, pending sales up +33 %, inventory down -11%, and interest rates down-13% from the year earlier.
In the immortal words attributed to Yogi Berra "It's Hard to Make Predictions, Especially about the Future". I think that best describes 2015 Market. At the end of the 1st half 2014, closed sales down -6%, pending sales down -12%, inventory up 6%, and interest rates up 2% from the year earlier. At that point I would have let you bet a dollar and I would have matched with $50 about 2014 catching or surpassing 2013, you would have taken my $50. As I have said, probably should not bet against the … (0 comments)
In the immortal words of the Grateful Dead “what a long strange trip it has been”. I think that best describes 2014 Market. At the end of the 1st quarter 2014, closed sales down -13%, pending sales -1%, inventory up 4%, and interest rates up 22% from the year earlier. At that point I would have let you bet a dollar and I would have matched with $50 about 2014 catching or surpassing 2013, you would have taken my $50. As I said last month, probably should not bet … (0 comments)
billings montana: Is renting cheaper than buying in Billings montana?
- 08/03/14 11:14 PM
Since there seems to be a lot of press about how it may be better to rent than buy a home, I thought I would compare current asking price for renting different types of homes Yellowstone county to the same basic description of the selling price of a home and the payment needed to own that home. The monthly home payment is figured at 100% financing with a FHA at 4.12% 30 year loan, using 26% for taxes and insurance . The asking price for rents comes from my weekly survey of rental availability. Through this weekend that would be over … (1 comments)
billings montana: Market update at glance June 2014
- 07/10/14 12:45 AM
Market update at glance June 30th 2014 “Questions to ponder about the market” The first half of 2014 is past, now is the time to ask questions about the direction of the market and comparisons to gain and illuminate knowledge that might be found. So instead of my usually format, questions will be both the information and thoughts of where the market might be. All the question comparisons are from January 1st to June 30th, 2014 to 2013 - 2013 to 2012. #1 Why are closed sales down year over year in 2014 by -6%, when they were up +9% … (0 comments)
billings montana: Market Update at a Glance May 2014
- 06/07/14 06:56 AM
“Winter of discontent and other Myths” Safely into late spring and the beginning of summer, worth one last time to ask how much winter effected the direction of the market. First let’s look at closed transactions, May 2014 continued with fewer homes closed. Number of closed sales in Yellowstone County are 716 as compared to 788 in 2013, a 9% decline, so in June sales would need to increase approximately 29% above June 2013 to reach the same midyear units closed and put 2014 on track to match 2013, an unlikely event, when May had close to perfect weather and … (0 comments)
billings montana: Does it "cost" More to buy a home today?
- 05/12/14 02:16 AM
When I review the market in Yellowstone county I always try and think of different ways to look at what happens both long term and short term. With that in mind it prompted me to ask the subject line question. And there are many ways to answer the question, your point of view may determine your answer. Let’s look at the information on Yellowstone county since 2006, since it was the peak year in sales and we have not reached that level again and most probably will not reach that level of unit sales in 2014 either.
First let just … (29 comments)
billings montana: Market Update at a Glance April 2014
- 05/08/14 04:12 AM
APRIL 30ST 2014 “APRIL SHOWERS, BRING MAY FLOWERS?” Now one third of the year completed no question about how much winter effected the direction of the market. First let’s look at closed transactions, April 2014 continued with fewer homes closed, number of closed sales in Yellowstone County are 519 as compared to 519 in 2013, a 12% decline, one percentage point less decline than in January, February and March, the market showing a little strength in the underlying sales. Single family permits: we see total single family permits for the first four months have a decrease of 29% for year … (1 comments)
billings montana: Rent versus Buy Yellowstone County
- 03/21/14 06:17 AM
I ran into an interesting article about rent versus buy the article contained a calculator comparing renting versus buying that showed, what I thought, a realistic cost comparisons. The calculator let you change the the price and rents so I ran the information for Yellowstone County.
The housing costs I used were from the MLS going back to March 1st 2013, the information from the MLS showed that average and median home sold in Yellowstone county contained four bedrooms and two baths.
The average sales price since March 1st 2013 of $239,332 and the median (half selling for more, half selling for less) was $218,000.
For the rental information I used a … (1 comments)
With two months of the year completed, still questions about which indicators best discern the direction of the market. First let’s look at closed transactions, February 2014 continues with fewer homes closed, number of closed sales in Yellowstone County are 235 as compared to 269 in 2013, a 13% decline, the same percentage as in January, even with record cold and snow, the market did not fall further behind, so the question is, does this tea leaf show strength in the underlying market.
Single family permits: we see total single family … (1 comments)
New home sales in December were 28,000 thousand, in 1963 fifty years ago they were 31,000
In 1963 the population was 190,472,000 in 2013 317,479,000 an increase of 66% new home sales decreased 22.5% in the same time period
In 1963 the Nonfarm employment was 57,360,000 in 2013 137,386,000 an increase of 239.5% new home sales decreased 22.5% in the same time period
So the thought to ponder……………… if new home sales are lower than in 1963 with an increase employment of 239.5% who is trying … (0 comments)
billings montana: Market update at glance January 2014
- 02/10/14 01:45 AM
January 31st 2014 “THE ANSWER OF THE YEAR?” We start 2014 with lots of questions about the direction of the market, with conflicting signals and yellow flashing warning lights. First let’s look at closed transactions, changed dynamics in 2013 continue in 2014 with fewer homes closed, number of sales in Yellowstone County are 112 as compared to 129 in 2013 , a 13% decline, only one month of small data, does not a trend make. Yet In single family permits we see total single family permits have a decrease of 26% for January year over year (2014 20 permits, 2013 … (0 comments)
http://www.realestatemontana.com/blog/Market-update-at-glance-april-2015
;)
;)
;)
