Alright, lets get these neighborhood-specific reports going for year-end activity. I've been awfully busy these last few weeks so that's kept me from getting these up sooner. Over the next few weeks I will post more areas/neighborhoods - also I'll provide numbers from the Bitterroot Valley as well.
So lets start with an area near and dear to my heart, where I grew up, the University Area. The U-district experienced an explosion of sales compared to 2011. Sales volume actually doubled (and then some), there were 24 sales in 2011 and in 2012 we saw 52 sales! That represents an increase of 117%! The median sales price in 2012 was $325,000 where the median original list price was $339,950 which suggests that on average sellers were selling for about 95.5% of their original list price. Looking back in 2011 the median sales price was $332,500.
It's not a huge surprise to me that with many more sales we've seen a slight median sales price adjustment. One could argue the 2011 numbers with just 24 sales does not represent the most accurate picture of overall market activity since it's such a small sample size.
The encouraging news for the U-district is in the volume here, we're seeing numbers that exceed the "pre-bubble" numbers as you'll see in the volume chart below which starts for Missoula's peak volume year in 2007. The median sales price holding pretty firm while seeing more than double in sales is also encouraging, it shows that despite much heavier activity the amount of sales at the same price points are continuing.
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