As the season begins to change, so does the look of our monthly email. Don't worry, it's still chock full of the local details and data points you've come to expect from us every month. So without further ado, let's dive into this month's Revel Roundup, dedicated to keeping you informed and up-to-date on all things Real Estate in Western Montana.
How Does Today's Market Impact Me?
Sellers
As we reported in last month's Revel Roundup, time to "pending" has increased significantly since the panic-buying days of the Pandemic. In fact, the average amount of time a residential home in Whitefish sat on market before going under contract/pending increased 3 days from last month, up from 54 days in August to 57 days in September. Why does this matter? Be patient! If your home is priced well and is show-ready, you will see it go pending - no stressing needed.
Buyers
The shift in the market has opened the door for the return of negotiations. Between September 1-27 in Whitefish, we saw 25 residential closings, 60% of which closed below list price. An informal in-office poll showed that all Revel agents are using Home Inspections as negotiation tactics, as opposed to proposing "no contingencies" during the pandemic-fueled bidding wars seen over the past two years. Why does this matter? Depending on the property, there might be some wiggle room in your offer.
Owners
Of the 25 residential homes that closed in Whitefish between September 1-27, the Median Sales Price topped $842,500, +9% from September 2021, +33% from September 2020 and a whopping +70% from September 2019. While the market settles back in, we don't see prices coming down to pre-pandemic numbers, so even if you have owned your property for only a year, you have already built incredible equity.
By The Numbers Whitefish, Montana
March 2021 saw only 57 active residential listings in Whitefish. Since then, our listings have slowly begun to creep up. Across the state, we will continue to see listings return to a healthier load.
After what felt like a quiet few months this summer, activity is picking back up in Whitefish and across Western Montana. While the winter months see a general slow down, we are experiencing an active fall season.
While ASP was down slightly from August ($1,482,312), it is up significantly, +47%, from September 2020 ($982,365).
*For this report, September data was pulled on 9/27/22 (date range 9/1/22 - 9/27/22)
