We are deep into the throws of a classic Montana summer - early mornings, with a hint of crispness in the air, perfect for an early morning bike ride or run, gorgeous, sunny days, full of endless adventure on the mountain, trails or rivers, and long, warm nights, perfect for an evening wake sesh on the lake, or a stroll through town. However you're enjoying your summer, we hope you'll take a few minutes to indulge in the latest issue of The Revel Roundup, dedicated to keeping you informed and up-to-date on all things Real Estate in Western Montana. Happy reading!
Q2 2023 Market Report
What a difference a year makes! Last year at this time, we were reporting the highest home prices our area had ever seen, as June 2022 saw the highest Average and Median Sales Prices across Western Montana counties. Now, one year later, while temperatures are heating up, local housing market has cooled, and prices continue to rightsize.
Our three takeaways:
1. After the June 2022 price peak, home prices slowly began to drop, and over the last several quarters, have hovered at almost flat. The consistency in data is a welcomed site for those of us in the industry, as it allows for a
more comprehensive approach to pricing, analysis and forecasting, providing you with better data to make well-informed decisions.
2. While Q2 typically sees some of the highest number of new listings compared to other quarters, and while the number of new listings did increase compared to last quarter, inventory is still less than where we were at this time last year. Once again, Western Montana's greatest challenge is inventory (or lack thereof). Especially in certain segments (including affordable/starter homes and waterfront listings), we are seeing some of those listings go under contract almost immediately, and some with multiple or back-up offers.
3. Even with inventory lacking (making it, still, a Sellers' Market), we are seeing
months supply and days on market increasing. With that, Buyers have more negotiating power than in past quarters. In fact, percentage of list price (how much off the list price Buyers are able to negotiate) has dropped (from its peak at 100%+), hovering between 95% and 99%.
We've analyzed all the Q2 2023 market data for Western Montana, and have the full market report on our blog for you to enjoy:
What does this mean for you and your real estate goals or current home equity? Call us, we'd love to discuss with you in person or over the phone, how this quarter's market report impacts you.
However we can be of service to you, it is an honor to help you work towards - and achieve - your real estate goals. Call, click or swing by our office at any point!
