What’s the Real Estate Market Like? People often ask this basic question without realizing that every market is different and markets can be as localized as your neighborhood. In my First blog post I am going to be discussing the Great Falls Real Estate Market (22066).
5 year low for listings: We only have 92 properties listed as active in all of 22066. This number is down from 111 from January of 2012.
Contracts are being written! In January, 15 new contracts were accepted, this means that we have 6.13 months worth of inventory (# of listings/New Contracts), this is a number we like to see, 6 months of inventory means the Great Falls Market is in equilibrium.
Homes are Closing! 19 homes closed last month, this is up almost 19% from the 16 closings in January 2012.
Median home price is also increasing! The median sold price was $912,500 in January, a 5.8% increase from January 2012. There was a minor decrease from December (1.4%) but the Spring Market is picking up and as of today, the February Median sold price is $1,100,000! This is a 20.5% increase from January!
Average Sold Price to Original List Price (OLP) Ratio is also up! In January, we were selling within 95.4% of OLP, this is up from the 88.5% we were selling at in January of 2012.
Days on Market is down! The Great Falls Real Estate Market had an average of 168 days on market for January. This is down from January 2012, which was 174 days and also down from the 5 year January average which is 182.
The Spring Market is picking up all around us and we are feeling it here in Great Falls. Going through the numbers, they show that the Great Falls Real Estate Market is on the rise and this Spring doesn’t show signs of slowing. If you are thinking about Selling, call me now! The Great Falls Market is becoming more desirable for sellers and we want you in it! Visit GlynisCanto.com to see how I will market your property!
Also feel free to visit our new Buyer’s site to view homes that are currently on the market in Great Falls.
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