Somehow, it's already the last day of January! For those who set lofty goals for the new year, we hope they're progressing, or at the very least, intact! Our team at Revel Real Estate will continue our goal of serving our clients with a concierge-level, white-glove service and the highest expectations in place for ourselves and our team, to ensure YOU have everything you need to accomplish your real estate goals this year. With that, it's time for The Revel Roundup, dedicated to keeping you informed and up-to-date on all things real estate in Western Montana. Happy New Year, and happy
reading!
Looking Back to Look Ahead
Q4 2022 Market Report
The fourth quarter of last year was a bit of a mixed bag, with prices varied across Western Montana. Flathead, Missoula, Ravalli and Lewis & Clark Counties all saw median home prices increase year over year, yet prices dropped from Q3 in Missoula and Lewis & Clark Counties, while increasing in Flathead County and remaining flat in Ravalli County. Moreso, Average Sales Prices reflected a healthy outlook:
A softening and equalizing of the housing market, however, is not cause for panic. In fact, data indicates that "...there's a strong case to be made that the worst may be behind us," according to recent reports compiled from Case-Shiller, the FHFA, Black Knight and CoreLogic.
3 Key Takeaways from the Report:
While prices are fluctuating across the state, the equity gained in homeownership in Flathead County has increased 44% since 2020.
Homes are sitting longer than they were a year ago, up 183% from Q4 2021. However, this is allowing a healthier return to market stabilization, giving Sellers a chance to properly market their homes, and Buyers the chance to conduct proper due-diligence.
Homes for sale in our area hit their lowest levels ever recorded during the pandemic. Now, watching inventory levels return to a more 'normal' level is yet another indicator that the market is returning to an overall 'healthy' place.
