Grant Creek, the Goodan/Keil roads, and Butler Creek make up the more northwestern area of Missoula, a little more isolated from the rest of town these areas feature a few pocket-subdivisions that consist of mostly higher-end homes and then a mix of newer housing that sits of good sized parcels of land. Many of which of these properties you'll still find barns, pastures, and horses on!
Starting with 2010 we saw just 18 sales with a median sales price at $305,250. The average days on market for these 18 sales was 189 days. The median listing price was at $314,900, suggesting that these homes sold for 97% of their original listing price. There was just 1 foreclosure sale in 2010 for this area.
Moving ahead to 2011 the amount of sales jumped up to 36, with a median sales price of $290,000. The average time on market for these sales was 117 days. The median listing price was at $299,900 which suggests that these homes sold for about 97% of their original listing price. The amount of foreclosures sold went up from 1... to 2.
This area was pretty hard-hit in 2010 and appears to be making a decent recovery if 2011's trends hold firm. With the amount of sales doubling and the median not taking a huge hit, buyers are returning to this area but still see it holds solid value. Overall these neighborhoods represent a smaller portion of Missoula's overall housing market as they don't grow very rapidly, but the outlook here is fairly positive, especially with minimal foreclosure impact on the market.
The absorption rates right now sit exactly on 8 months of inventory listed, based upon a 12-month calculation. That's a little low but Missoula's inventories are down in just about every neighborhood so this isn't a big shock.
Looking forward hopefully this area continues to see volume increase. Consisting of some of the more higher priced homes in Missoula an increase in sales here will help keep median prices all over town stronger. That said I honestly wouldn't be surprised to see it recede just a bit off it's volume for the year. It could have been that in 2011 some "on the fence" buyers were waiting and saw a good time to pick up properties in the area after a slow 2010. Those buyers would now be out of the market and it could have some effects in this area.
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