With negative and stress-inducing headlines continuing to run rampant across the airwaves, it's easy to get spooked. But in this Halloween season, we're here to assure you: the sky is not falling. It's time for the October issue of the Revel Roundup, dedicated to keeping you informed and up-to-date on all things Real Estate in Western Montana.
Trick...or Treat?
We do believe we've seen the peak of home prices in our area...but there are still plenty of positives coming out of the most recent Q3 Market Report. Here are some of the highlights:
In Flathead County, the Median Sales Price rose +44% from Q3 2020 to Q3 2022. Specifically in Whitefish, prices rose +40% from Q3 2020 to Q3 2022. Home prices above pre-pandemic levels
means that homeowners across Western Montana have gained significant equity over the past few years.
Over the last 6 recessions, mortgage rates dropped as much as 5% (1981). Looking back over the past 3 recessions (2001, 2008 and 2020), mortgage rates dropped an average of
0.92%. If this recession is on a similar trajectory, we may see falling rates next year.
If you want - or need - to move, even with higher interest rates, the equity you've gained over the past few years can power your move. According to CoreLogic, the total average equity per
borrower, nationally, has now reached almost $300,000, the highest in the data series. Here in Western Montana, with property values rising so significantly over the past few years, your equity might be even higher.
Q3 2022 Market Report
While flat from Q3 LY and a 13% drop from Q2, Average Sales Price is up significantly, +39%, vs Q3 2020.
Down 16% from Q2, Median Sales Price is up +5% from Q3 LY and +44% from Q3 2020.
Down 7% from Q2, but up +16% from Q3 LY and a whopping +60% versus Q3 2020.
Down 10% from Q2, but up +17% from Q3 2021 and +35% from Q3 2020.
Down 4% from Q2, but up +14% from Q3 2021 and +40% from Q3 2020.
The largest increase we saw across the board in this quarter's report, Whitefish PPSF was up +85% vs Q3 2020, and +20% vs Q3 2021, while down 5% vs Q2.
