Well it has been an interesting start to the year, with the most interesting dealing with the blue screen of death on my main computer this week. No matter how I measure the results at the end of the first quarter the market declined in value between 5 to 6%. Closed Sales are down 14% and single family permits issued by the city of billings are off 49% for the 1st quarter. The positives are inventory is down about 6%, foreclosure notices are holding steady in the mid to high teens per week, after a brief rise right at the first of year, most probably due to the halt to review procedures at the end of 2010. The bright spot in the real estate market is the ownership of rentals, availability is declining so rents are firming and will be rising toward late summer early fall.
|
Year |
Percentage Increase |
||||||
|
Yellowstone County |
3/31/2011 |
2010 |
2011 |
or -Decrease |
|||
|
Residential Closed Sales Units |
325 |
278 |
-14% |
||||
|
Residential Pending Sales Units |
321 |
237 |
-26% |
||||
|
Residential Active Property For Sale |
906 |
848 |
-6% |
||||
|
Average sales price Single family Home |
$203,706 |
$199,011 |
-2% |
||||
|
Average Square feet Single family Home |
2271 |
2369 |
4% |
||||
|
Median sales price Single family Home |
$183,500 |
$182,700 |
0% |
||||
|
Median Square feet Single family Home |
2166 |
2290 |
6% |
||||
|
Average Days on Market Till Offer Received |
|||||||
|
Single Family Home |
63 |
87 |
38% |
||||
|
Absorption rate - |
TIME IN DAYS |
||||||
|
Time it would take for all existing |
257 |
||||||
|
properties to sell with no new inventory |
|||||||
|
coming into the market place - residential |
|||||||
|
SINGLE FAMILY PERMITS MONTH |
45 |
19 |
-58% |
||||
|
SINGLE FAMILY PERMITS YEAR |
70 |
36 |
-49% |
||||
|
Average # Rentals Advertised Sundays |
345 |
312 |
-10% |
||||
|
Average Asking Price Rental Home |
$1,041 |
$1,039 |
0% |
||||
|
Average Asking Price Rental Apartment |
$645 |
$647 |
0% |
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