Continuing my trends research looking at 2010 and 2011 I did want to see what was happening in areas around Missoula as well. While this is really 4 communities it's mashed into just 2 MLS "regions" and easier to combine than to break apart. East Missoula is a small extension of our city, it's located on the other end of the Hellgate Canyon and features a mix of older and newer housing. Bonner was built up around the now closed down lumber mill that has a small cluster of older company housing built up against the hillside, there's also a small community on the other side of the mill more commonly known as West Riverside. Moving further down I-90 you hit Turah which is a small community mostly with homes spread far apart on larger parcels of land, and finally we hit Clinton which has a small town center featuring a country store on one end of the interstate and a small collection of community-centered buildings on the south side of the interstate.
For this greater area in 2010 there were 52 residential sales with a median sales price of $177,450. The average time on market for these homes was 144 days. The median listing price out here was $188,505 showing that homes were selling for about 94% of their original listing price. In 2010 there were 4 foreclosure sales in this area.
In 2011 sales notched up just slightly at 54 residential units with a median sales price of $172,450. The average time on market for these homes was 142 days. The median listing price was at $184,450 suggesting that homes were selling for about 93% of their original listing price. The amount of foreclosed homes sold jumped dramatically to 14, representing 26% of the market in these areas.
Looking at these the big hit is the increase in foreclosed homes sold. While it's good to see these abandoned and neglected properties are being sold it's having a negative impact on values and now represents just over 1 in every 4 homes sold in this area. That makes the selling competition tough for homeowners in these areas. The time on market is no surprise, it usually takes more rural areas a little longer, and the slight volume increase is a good sign to see the area overall is holding ground there.
The 12 month absorption rates show 11.11 months of inventory currently listed for sale in these combined areas. That's an oversupply and about what is usually expected to be seen in the winter months. This number will probably rise and eclipse 12 months before March as more people get ready to list for the spring market.