For those of us lucky enough to live in the Treasure State, we hope you've been enjoying the endless recreation our area provides. Here at Revel, we've felt a genuine shift this past month, with more showings, phone calls, client interest and informational meetings. The biggest challenge in our market continues to be the lack of inventory. If you're curious about buying, selling, investing or analyzing your current investments, we've got you covered with the latest issue of The Revel Roundup, dedicated to keeping you informed and up-to-date on all things Real Estate in Western Montana. Read
on, and happy summer!
New this issue, we're piquing your interest with data points, real estate metrics and conversation starters on the Western Montana Real Estate market. So whether you're at a BBQ or the office water cooler and the conversation inevitably shifts to the local real estate market, go ahead and drop some knowledge on your friends.
We are seeing national reports of declining median home prices. That doesn't necessarily mean HOME PRICES are dropping, it just means more 'less expensive' homes are selling.
Why? With higher mortgage rates, Buyers need to buy 'less expensive' homes to keep their monthly housing expenses affordable.
In fact, the number of CLOSED sales was up across Western Montana in May '23 vs the month prior. We've seen an upward trend across Flathead, Missoula, Ravalli and Lewis & Clark Counties that
lead us to believe we're returning to pre-pandemic levels (which were very healthy!)
No longer are Buyers panicking about Mortgage Rates. Rather, it's the lack of inventory that's stressing them. In Flathead County, May '23 has 17% LESS
inventory than May '19 (pre-pandemic), and Missoula (-32%), Ravalli (-44%) and Lewis & Clark (-36%) Counties are experiencing even more of a drop. If you are considering selling your property, NOW IS THE TIME!
Last week, Montana counties sent out newly proposed property and tax assessments. As expected, these proposed amounts have increased, and in some parts of
the state, quite significantly. So what's next? If you have questions or concerns about any of this, give me a call.
Let's Discuss!
Did any of these conversation starters pique your interest on the local market, or how your home's value (or future investment strategy) has shifted? Give us a call or stop by the office for coffee or a drink to discuss how the Western Montana Real Estate market is looking this year.
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