You may or may not have noticed that I usually present a "five" year view of the numbers. We humans tend to behave in the way we have been behaving so the trend line will show the most probable continuation of that behavior. The issues with government intervention, is it can change behavior temporally yet harder to do in the long run. The other issue with intervention is we as humans change our response to that invention faster than the government can change what it is doing. What happens then is the law of unintended consequences and markets become distorted. The housing industry and the industry that finances housing has and is still going through major changes driven by events of the past. Solutions based on those events, biggest problem, is those were yesterday's problems and it is very unlikely those problems will be the ones in the future, even if the changes and invention were not made by the governing bodies.
January results in Yellowstone county
Market update at glance
Year
Percentage Increase
Yellowstone County
1/31/2011
2009
2010
or -Decrease
Residential Closed Sales Units
75
71
-5%
Residential Pending Sales Units
171
180
5%
Residential Active Property For Sale
817
817
0%
Average sales price Single family Home
$211,766
$213,375
1%
Average Square feet Single family Home
2476
2616
6%
Median sales price Single family Home
$195,000
$189,000
-3%
Median Square feet Single family Home
2488
2556
3%
Average Days on Market Till Offer Received
Single Family Home
66
83
26%
Absorption rate -
TIME IN DAYS
Time it would take for all existing
239
properties to sell with no new inventory
coming into the market place - residential
SINGLE FAMILY PERMITS MONTH
10
6
-40%
SINGLE FAMILY PERMITS YEAR
10
6
-40%
Average # Rentals Advertised Sundays
345
365
6%
Average Asking Price Rental Home
$1,041
$1,074
3%
Average Asking Price Rental Apartment
$645
$666
3%
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