Our next stop is the hub of the Bitterroot and Ravalli County, Hamilton. Hamilton is a town of about 4400 people overall and was originally founded and mapped out by Marcus Daly himself as it was right next to his estate. Hamilton has a very strong community identity and hosts many local events throughout the year. It provides access to the further southern Bitterroot as well as to many trails and national forests that surround it. Hamilton also features labs for GSK and has an exclusive golf-course called The Stock Farm Club which is a private course where you have to prove you’re worth millions to come play at.
The 2010 numbers for Hamilton show 126 total residential sales with a median sales price of $178,750. There were 22 total foreclosures sold and the median time on market was 150 days overall. Moving ahead to 2011 the amount of residential sales went up to 142 and the median price went up as well to $185,950. The amount of foreclosures sold actually went down to 19 and the median time on market extended out to 191 days.
Looking at the running 12-month absorption rates for Hamilton we get 20.5 months’ worth of supply listed for sale right now. It’s one of the lowest in the Bitterroot, but it’s still a sign of vast over-supply, a trend that plagues the whole valley.