I get asked all of the time, how is the market doing in Missoula with all of the issues with lenders? My experience in the market tells me that the market is still strong in Missoula, people are still buying and selling. September has been one of our busiest months in our history in the field. Here's the formal update from the Missoula Organization of Realtors as of 9/15/07:
Missoula and Surrounding Area--includes greater Missoula area, Lolo, Blackfoot Valley, Seeley Lake, Condon, Swan Valley, Evaro Residential, Frenchtown Valley, Huson, Nine Mile, Alberton, and Petty Creek |
| |
| | Month of August | | Year to Date |
| Year | | # Sales | | Median Price | | # Sales | | Median Price |
|
| 2007 | | 176 | | $229,000 | | 1091 | | $223,000 |
| 2006 | | 220 | | $210,000 | | 1303 | | $209,900 |
| 2005 | | 203 | | $197,000 | | 1213 | | $191,900 |
| 2004 | | 170 | | $187,250 | | 1037 | | $178,000
|
The national media continues to focus on the high foreclosure rates in some real estate markets across the country and the efforts to provide alternatives to distressed borrowers. To put the issue into perspective, approximately 9% of homeowners hold subprime loans, compared to 50% that have prime loans and 35% that own their home free and clear with the remainder VA/FHA.The Missoula market is remaining steady, with the number of properties reported sold keeping pace with the summer months and the number of properties reported Under Contract at its highest level all year. After the high point in March, the median price has settled in with little variation since May. Even in a small market, like Missoula, however, one size doesn't fit all. Consumers need to seek out specific information about properties and/or areas. In the end, the trends aren't important in the face of that one specific transaction that affects an individual consumer personally.
Source: Missoula Organization of Realtors
Comments(0)