As promised, I wanted to put together some similar reports on the trends happening the MLS area due south of Missoula in the Bitterroot Valley. Our markets blend together quite a bit and I thought it would be usedful to share some of the news from the Bitterroot as well.
First up is Florence, the furthest northern community in Ravalli county, it's actually a much quicker drive to Missoula than to the county seat Hamilton. Florence is a small cluster of commercial buildings, mostly a large travel center, a small strip mall, and a few restaurants with the rest of the area spreading out around the valley. During the boom years of a decade ago Florence was very popular place to shop for wide-open views, low prices, and a quick commute to Missoula.
The data I pulled comes from the BVBOR, Bitterroot Valley Board of REALTORS MLS, this blends with MOR's and for Florence at least I would say probably consists of only a partial window of the sales. As you get further south into the Bitterroot the data coming from BVBOR is less diluted and much more statistically relevant without the influence of MOR's MLS as well.
In 2010 there were 19 total residential sales with a median sales price of $245,000. Of those 19 sales 4 were foreclosures being re-sold on the market and the days on market for these sold homes was at a median of 144 days. Hop forward now to 2011 and we saw an increase in sales up to 27 with a median price of $239,950. Of these 27 sales 7 were foreclosures. The median time on market went up to 169 days overall.