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And just like that, summer has arrived to Western Montana! While our waters are still running high from the extreme rainfall, we are finding ways, both on water and land, to soak up the glorious sunshine and 80+ degree temperatures. Whether you're reading this from a dock, boat or trailhead, it's time for The Revel Roundup, dedicated to keeping you informed and up-to-date on all things Real Estate in Western Montana.
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Should I Be Worried About The Housing Market?
With real estate clickbait headlines bombarding the airwaves, calls to our office with concern - or curiosity - have increased. If you've wondered about the housing market lately, you're not alone: according to Google, between June 12-18, 2022, the search phrase "Housing Market" peaked at its highest search rate ever recorded, even higher than March 2020 (its previous high), showing a fevered interest in the subject. So, the question is - should you worry about the housing market?
The answer: No.
Imagine you've been on a treadmill for 20+ minutes at a 9:30 pace. Then, someone presses the "speed" button until you're sweating your way at a 6 minute mile, way faster than you've ever run before. It's exhausting and extremely challenging, but you're maintaining speed. And then, suddenly, the treadmill returns to its 9:30 pace. Even though 9:30 was the pace you were used to for most of your workout, it now seems much slower. This is velocitization.
Velocitization
The condition of being accustomed to high speeds,
so that they no longer seem as fast
In essence, the Real Estate market over the past two years has just experienced this same thing. We've grown accustomed to rising prices, low mortgage rates and bidding wars. Now, as things return to "pre-pandemic levels," mentally, we're still stuck in the 6 minute mile pace.
What we've forgotten is that the past two years were NOT normal. Now, the pendulum is starting to shift back to a more "normal" state.
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Property Values Have Risen
In Flathead County, we've seen triple-digit increases in Average Sales Price (ASP) since January 2020 (+118%, $870,460). Whitefish's ASP now sits at $1,257,995 (+152%) and Kalispell at $700,230 (+106%). Even with the market slowing back to pre-pandemic levels, pricing has reset, and we don't anticipate prices to drop that significantly.
Curious about the equity in your home? We'd be happy to discuss.
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Experience Trumps All
We've confidently lived and worked through this for years, and have been through other market shifts before as well. As your trusted experts, we rely on data, as well as experience, to provide valuable context, advice and recommendations to you regarding your Real Estate purchases and investments.
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There Is Still An Inventory Shortage
With simple economics, supply and demand coexist, and there is still an inventory shortage in Western Montana - especially with certain types of properties (waterfront and short-term rental properties, to name a few). According to Lawrence Yun, chief economist for the National Association of Realtors, nationally, inventory levels need to almost double to cool home price appreciation.
ADOM = Average Days on Market
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What If I'm Trying To Sell?
As the market shifts, gone are the days of the feverish way Buyers approach - and bid on - properties. If you're currently selling, or thinking about selling your property, we've identified some of the most important things to help you achieve your Real Estate goals.
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*ASP Data: Each data point is three months of activity. All data from the Montana Regional MLS and pulled June 29, 2020.
Data deemed reliable but not guaranteed.
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If you're looking for Flathead Valley activities over the 4th of July, here are a few of our favorites:
43rd Annual Whitefish Arts Festival
July 1-3 @ Depot Park
Stroll through Whitefish's Depot Park and enjoy over 100 artists, food vendors and more. You can find more details HERE.
Bigfork 4th of July Parade
July 4 @ 12:00PM
A family favorite for many of our Revel teammates. As parking is limited in downtown Bigfork, a free shuttle service is available from 8:00AM - 5:00PM downtown. You can find more details HERE.
Fireworks over Whitefish Lake
July 4th @ Dusk (10:30PM ish)
Launched from a floating barge some 300-feet off the shore of Whitefish City Beach, this fireworks show is one not to miss! Food trucks and vendors will be out in full force before the show starts, but be aware that parking is extremely limited. You can find more details HERE.
Kalispell 4th of July Parade
July 4th @ 10:00AM
Kalispell, Montana also shines on the 4th of July with a charming parade of their own, right on downtown's Main Street. You can find more details HERE.
Lakeside Fireworks ShowJuly 4th @ 11:00PMFor those spending the day on Flathead Lake, you'll love this show, hosted at the Lakeside Marina. You can find more details HERE.
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Want
More?
Our doors are always open, and we'd love to welcome you to our office to talk shop over a drink or coffee.
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