What can you expect to pay for a 3 bedroom, 2 bath home with a double garage in Billing Montana? The average sold price for that home, not more bedrooms, not less, but exactly 3 bedrooms, 2 full baths and a double garage?
Right now the price is up to $193,970!
The sold price is higher than it's been in 5 years??? How does this make any sense? Our sales volume of units has been on a downward trend, peaking in 2007 for this type of home.
At the current rate of sales, it would take more than 8 months to clear the inventory that is available for sale of this type of home.
I'm trying to think of the reason that this average sales price continues to increase in the face of horrible National Housing Market numbers? The National Housing Market news included a little surprise for many areas, the surprise was that home prices were up a bit! This is evident in our market in Billings Montana as well.
Our inventory is growing, no doubt about that, but I think the home size and price is very attractive to the buyers that are buying.
I think if builders are looking for a price point and size point for a new spec home, they should focus on the 2,000 square foot range home with 3 bedrooms, 2 full baths, and a double garage in the $200,000 price range.