I had a nice opportunity to do a little interview with our local NBC affiliate. The only thing I wish I would've done better was notice my tie! It's all I see when I watch this, should've not worn it or tightened it, haha.
Windermere Real Estate
While the Missoula Organization of Realtors (MOR) releases a much more comprehensive market report that won’t occur until the early spring. All of the data I’m providing I retrieved from the MOR multiple listing service.
Numbers for just Missoula (does not include Lolo, Frenchtown, or Bonner and further east)
- 776 residential sales in 2011. (a 6.5% decrease in activity from 2010)
- 830 residential sales in 2010.
- median sales price of $205,250 in 2011. (an increase of 2%)
- median sales price of $201,240 in 2010.
- current market supply (absorption rate) is 9.37 months
* This means that based on the last year’s activity in sales there is currently 9.37 months’ worth of inventory listed for sale in Missoula. Comparing to previous years this is very low and shows that inventories (listed homes for sale) are very low compared to where they’ve normally been at this time of year. 9.37 is considered a marginally healthy market with a slight over-supply. Usually MOR’s winter months have seen absorption rates in the 12 to 18 month range.
Numbers for outside of Missoula (stretches down Hwy 93 past Hamilton and as far north as Polson, as far east as Lincoln and Phillipsburg, as far west down I-90 to the MT/ID border as well as the Noxon area). These numbers reflect the whole area outside of Missoula in our MLS and aren’t the best representative of a certain town/community.
- 903 residential sales in 2011 (an 11.7% increase)
- 808 residential sales in 2010
- median sales price of $175,000 in 2011. (a decrease of 11.7%)
- median sales price of $198,239 in 2010.
- Current market supply (absorption rate) is 23.5 months of supply.
Foreclosure numbers for 2011. These are homes that were re-sold in our MLS after bank foreclosures. MOR began tracking this in mid-2010 so we do not have accurate numbers to compare 2011 and 2010.
Missoula area: 86 sold, 11% of the total market
Outside of Missoula: 244 sold, 29.4% of the total market
New construction. Many builders do not report a portion of their sales to the MLS, this is not the most accurate portrayal of new construction in our area, but it is the best our MLS can provide. I would suggest looking at the amount of building permits the city/county approved in 2011 compared to 2010 as a better indicator.
- 33 sold in 2011
- 76 sold in 2010
Outside of Missoula:
- 28 sold in 2011
- 33 sold in 2010
Comparing general numbers to historic peaks. Per www.MissoulaRealEstate.com which is owned by the Missoula Organization of Realtors. These numbers are for the Missoula area only.
- Peak volume was in 2006 with 1443 sales, putting the current 776 as a 46% decrease in volume from the peak.
- Peak median price was in 2007 at $216,900, putting the current $205,250 at a 5.4% decrease in median sales price off the peak.