One of the older parts of town the Northside is usually referred to as the residential area which can be found north of the train tracks that come through town and the old Westside is south of the tracks, north of Broadway, and head as far east as Russell Street. These areas feature some of the oldest homes you'll find in Missoula, the areas are very diverse and feature a mix of older homes, in-fill construction, condos, and even some larger trailer parks!
Taking a look at the numbers, in 2012 there were 69 residential sales with a median sales price at $149,000. Looking at the difference between original list price and final sales price it looks like homes were selling on average for about 96.6% of their original list price. Taking a look back to the prior year there were 59 sales, so 2012 saw an increase of 10 units which represents just about a 17% increase in volume. The median sales price in 2011 was higher though at $155,900 so this area saw it's median shift down by 4.6%.
This area with its diverse mix of housing didn't really surprise me with some mixed indicators. An increase in volume is always good but as the median sales price shows - the lower price range of this area is really driving the ship and leading to a bit of neighborhood home value reduction.
Looking at the historical data we see a nice curve showing the floor with sales volume and the ongoing recovery, however median sales price is still trying to find the floor. You'll see a spike in 2009, why is that? Well that year was the first time home buyer tax credit year and in many cases we saw the median sales price jump up as buyers would pay a little more knowing they had an incentive coming their way soon enough.
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