As we type, kids across the state are heading back to school, tourist crowds are starting to thin, and a slight anticipation of 'fall'
hangs in the air. While we soak in the rest of our gorgeous Montana summer, it's hard not to look ahead to fall, and what it means for our Real Estate market. Typically, fall sees the highest number of closings across our area, which means we will begin to see a large uptick in properties going under contract. Even for those skeptical about the current market, we encourage you to keep watching, as the market remains strong. Welcome to your latest issue of the Revel Roundup, dedicated to keeping you informed and up-to-date on all things Real Estate in Western Montana.
August 2023 Market Snapshot
After its 2022 peak, and subsequent dip, we've seen prices across Western Montana equalize. While news of mortgage rate increases continues to fill the airwaves, many might think that Buyers have retreated, however, we're here to tell you that that's not the case. In fact, national data shows that Buyer traffic is 54% higher than the last reported "normal years" (pre-Covid years of 2017, 2018 and 2019).
"Interest rate hikes continue to further cut into Buyers' purchasing power, although they appear to have adapted to the higher mortgage rate environment."
- Danielle Hale, Chief Economist, Realtor.com
This week alone, our office has fielded several calls from clients curious about selling property in today's market. Our answer for them: don't put off selling your home or land when there clearly is a market for it. Take advantage of this time of year, when Buyers are looking to settle before the winter and holidays. Reach out and let us know what questions we can answer about your property, the equity you've built up and your options.
Keeping in mind June 2022 saw the peak of the pricing market across Western Montana, ASP is down only 8% from this same time last year, and has been relatively steady since last fall.
Relatively flat this entire year, Missoula County's ASP is down just 5% from the same period last year.
Down 5% from the same period last year, but since January, has been slowly inching up all year.
While ASP was down 6% from the same period last year (the peak of the market), Median Sales Price was up 37% ($946,500).
The most consistent market we analyzed, Missoula's ASP has stayed calm with minimal change all year.
While it experienced the largest drop (-28%) compared to last year, Bigfork's micro-market has a very large swing of home prices.
All data pulled from Montana Regional MLS on 8/30/23. Each data point is three months of activity.
As a reminder, the Montana Property Tax Rebate provides qualifying Montanans up to $675 of property tax relief on a primary residence in both 2023 and 2024. To claim your rebate, visit getmyrebate.mt.gov. If you need help filling out your rebate form, need your geocode or want to talk about the market, give us a call or reply directly to this email.
Featured Properties
BACK ON MARKET: Stone Creek Camp
20225 Hwy 35, Bigfork, MT 59911 Offered at $14,950,000 9 bed | 17 bath | 15,034 sqft | 16.68 acres | 718' Flathead Lake frontage
We hope you are able to get out and enjoy the Labor Day holiday, typically an absolutely stunning time in Western Montana. Afterwards, let's talk! Give us a call, or better yet, swing on by the office the office to talk shop over a coffee or drink.
