"What a long strange trip it has been." Grateful Dead the song "trucking"
Real estate has been anything but boring. Changes in the market place continue to provide plenty of challenges. Although there are positive signs that real estate's fall from grace and the market, is close to approaching the bottom of the trip , my belief is 2011 will still provide all the challenges a person wants in accomplishing sales. While the number of person going into default will be on the decline, the number of properties actually foreclosed will increase. The natural repercussion of more foreclosed properties will be, on a "national" level, lower pricing structure causing, unfortunately for my friends in building, 2011 not resulting in a substantial rebound in building, although I do not believe it will surpass 2010 in the low levels of activity. The positive is that in order to move forward you must stop falling, I believe we have stopped falling in number of units sold. (one caveat is interest rates below the 6% mark)
Here is the Yellowstone county markets performance in terms of unit sales. Since the pricing never really outstripped people ability to buy the use of funny money was low and without rampant speculation foreclosures are low therefore we have not seen the huge price declines as most of the nation and like some of the areas of Montana.
We show in Yellowstone county a 30% decline in number of units sold since 2006
This graph Showing the size variation, when taken in relation to pricing below, show relatively stable overall pricing. This does not mean an individual home has not declined in market price, yet it does indicate an overall positive for Yellowstone county.
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