December Real Estate Sales & Market Update for Missoula, Montana

The following is a summary of market activity for the period indicated as recorded by the Missoula Organization of REALTORS® Regional Multiple Listing Service. Figures may not reflect all real estate activity in the market.   Missoula Urban Area--includes greater Missoula area and Lolo Residential     Month of  December   Year to Date Year   # Sales   Median Price   # Sales   Median Price 2007   65   $217,000   1371   $219,900 2006   81   $195,000   1586   $206,600 2005   102   $194,450   1558   $191,900 2004   81   $184,000   1301   $179,000

Missoula Market Indicator December 15, 2007 *For the greater Missoula urban area, including Lolo (All Types of single family residential properties).  Arrows indicate direction in last 30 days.
New Listings   Total properties entered into the MOR Regional Multiple Listing Service (MLS) in the last 30 days for the greater Missoula urban area, including Lolo.
Median Price   The price that is midway between the least expensive and most expensive home sold.
Under Contract   Properties on which the buyer & seller have agreed to transfer property
Number of Sales   Properties for which the transfer is recorded
Interest Rates   Average local financial rates based on 30 year fixed mortgage
Days on Market   Average number of days a home is on the market from date of listing to date sold
Housing Affordablity Index   Calculated by using local interest rates, local median price, local median family income and loan terms

From about the mid-80s to the mid-90s, the Missoula real estate market reflected some consistent patterns of activity.  Following the activity of the spring and early summer, in July the market slowed some and then geared up again in late summer and early fall before the winter/holiday slowdown with the cycle repeating again starting about March.  As the unprecedented 15-year expansion of the real estate market really took hold in the mid-90s these patterns disappeared and the market stayed steady--and active--year round.  The current market trends reflect a slowing in the local market, with the number of new listings, properties under contract, and properties sold all down from last month.  In another time, this might have been viewed as just the normal pattern.  In light of the recent market anomaly, it's probably too soon to be comfortable with that conclusion.  Nevertheless, continued low interest rates and a somewhat lower median price should encourage consumers considering homeownership to research the local market and specific neighborhoods.  Numbers can only tell one part of the story. 

Source - Missoula Organization of Realtors, www.missoularealestate.com
If you have questions about the value of your home or today's market conditions, please contact Kevin & Monica Ray at Streamside Realty (406) 207-1185 or visit us online at www.YourMT.com.