Has the Missoula Montana Real Estate Market Stabilized?
So What's Up with the Missoula Real Estate Market? National reports show that the real estate market is improving. The National Association of Realtors just reported that home sales rose in 3.6% June, marking five consecutive months of improvement for the first time since 2003.
While things are heading the right way on a national level, all real estate markets are local. The Missoula Real Estate Market is no different.
It is important to keep in mind that the Missoula real estate market has not seen the same type of declines that have been highly publicized in other parts of the country. The median home price in Missoula County-$217,000 as of June 30, 2009 has fallen less than 1 percent since its peak in 2006, according to the Missoula Organization of Realtors.
And, we are already starting to see improvement. The first quarter 2009 remained fairly steady, numbers for the second quarter appear to be seeing increased sales activity in some price ranges.
For example:
- Sales under $150,000 are fairly flat; however there isn't a lot of inventory in that price range.
- On the other end of the spectrum, sales in the $350,000 and higher price range are also fairly flat.
- We have seen an increase in activity over the last two quarters in the $150,000 to $275,000 price range.
So to answer the question, has the Missoula Market Stabilized? The signs are good. We are not seeing significant decreases in the median home price, and home sales in the mid-price range are actually improving. We are seeing increased buyer activity at our real estate office and are optimistic about the future of the market.
Home ownership is still the goal for most Americans with over two thirds of households in our country prefering to own their home, and with incentives to buy like low interest rates and the $8,000 First Time Home Buyer Tax credit, now really is a good time to buy in Missoula.
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