The western and southern side of our valley features areas that are a heavy mix of rural properties peppered with some developments as well as streets featuring rows of homes that sit on 1 to 5 acres. The Big Flat area is largely still ranch and open space with some very large homes and higher-end subdivisions as well. Missoula's growth in this direction has slowed a bit over the course of the recession but as our valley continues to run out of space watch for Target Range to continue to struggle with maintaining their rural identity while growth returns to their area.
First off is 2010, just 54 total sales with a median sales price of $277,500. The average time on market for these sales came back at 122 days on market. The median listing price for the same properties was at $299,950 showing that homes were getting about 93% of their original listing price. Additionally there were 3 foreclosure sales in this area for 2010.
The next year in 2011 the amount of sales dipped at bit at 47 total units with a median sales price of $228,000. The median listing price for the same homes was at $236,900 showing that homes were selling for about 96% of their original listing price. The amount of foreclosures jumped up as well to 10 total properties.
The drop in median sales prices really shocked me when pulling these numbers, that's a big difference! An 18% decrease in median sales price over the course of just 1 year. Honestly this is one area that I cannot fully explain "why" this occurred, not a lot has changed in this area over the course of the last 3 ot 4 years, there is not a lot of new development that occurs in this area. Just to see, I pulled the 2009 median ($260,000) and the 2008 median ($260,000 as well). So 2010 for some odd reason might've been the peak for this market and now it could be correcting quickly. The median shifts with the activity and possibly just demand for affordable homes really killed the top end of this market which would cause that median to come way down.
Absorption rates... looks like the highest amount of inventory I've seen yet in my reports, 13.28 months worth of supply is currently listed for sale in this area. That's an over-supply (healthy is 6 months or less). It would appear that higher priced homes in this area are going to have a continued tough market for some time still.
Subscribe to CommentsComment