Great Falls October Market Report
Traditionally, the Great Falls Real Estate Market has a lot of inventory. With the onset of Fall, this is still holding true. There is still activity in the market with the number of pendings and new listings in October remaining consistent year over year.
In the month of October, 29 new homes were listed in Great Falls. This is almost double the number new pendings, 15. So in October, twice as many homes went on the market as went under contract, which gives us high inventory. At month’s end, there were 146 homes on the market in 22066. Using the equation of Active Listings ÷ New Pendings, we come to find that there are 9.7 months’ worth of inventory. This is seen as high inventory, typically a stable market in equilibrium will have around 6 months’ of inventory.
The number of closings in October dropped to 9, which is below the 5-year average of 14. The statistics that accompany those 9 closings are good though. They sold with a Median Sales Price of $1,150,000 in an average of 132 days. They also commanded 92.1% of Original List Price. All of these numbers are better than their 5-year averages so although there weren’t as many closings, they were good closings.
The numbers such as high inventory and lower closings aren’t that uncommon for this time of year. We are still seeing good statistics supporting those closings so things are still happening in the market. If you are thinking about buying or selling, get in touch with us today!