Oops! Somehow, in the blur of last week's gorgeous sunshine (hello Vitamin D!), a flurry of client showings and new Revel listings brought to market, the last week of April came and went - and with it, so did our deadlines! While it's officially May, below is your April issue of The Revel Roundup, dedicated to keeping you informed and up-to-date on all things Real Estate in Western Montana.
Q1 2023 Market Report
While real estate is like springtime in Montana – nothing for certain – data suggests that we are starting to look towards more positive times, with a stabilizing market. Here are three signs pointing us in that direction:
1. Stabilizing Home Prices
After the peak of June - August 2022, and a subsequent dip, home prices are now starting to stabilize, allowing for more accurate - and adequate - pricing of homes. In fact, last quarter, listed homes sold for between 95-96% of list price, up a point from Q4 2022.
2. A Shifting Sellers' Market
While inventory across Western Montana remains low, especially in certain high-demand areas (waterfront and properties zoned for short term/nightly-weekly rentals, most notably), supply sat longer in Q1. In fact, across Western Montana months' supply saw triple digit increases from a year prior (+263% in Whitefish, +188% in Missoula and +220% in Helena), while average days on market also increased substantially.
3. The Cyclical Nature of Real Estate
During the pandemic-fueled buying frenzy of 2020 and 2021, it was hard to predict anything in the realm of real estate, from inventory to pricing. Now, we're seeing the cyclical traits of real estate returning. Watching the graphs return to "normal" is one last sign that the market is stabilizing, providing greater stability - and security - in your investments.
Graph: New Listings across Flathead, Missoula and Lewis & Clark counties.
While there are several factors impacting the real estate market that are out of our control (mortgage rates and inflation being two of the most volatile as of late), there are things in our control that can positively influence our listing success. We can control the appropriate pricing of the inventory we do
have, how our listings show, a robust go to market plan and the timing of it all. By doing so, we will keep inventory churning, reducing stagnation. If you are interested in listing your home to sell, allow us to provide clarity on the above, in order to positively impact your real estate goals.
This gorgeous, mountain modern home in The Timbers is a peaceful retreat nestled in the forest with its own private trail system and room to roam. Situated on just over an acre, it offers 4 bedrooms + bonus room and 3 bathrooms across 2,274 sq ft. Massive windows in every direction accentuate the large open concept living/dining/kitchen, which flow seamlessly to the large covered back deck. The kitchen features leathered granite countertops, custom cabinets with undermount lighting, a stunning stone backsplash and large
pantry. The master suite is located on the main floor, separately from the other bedrooms, creating a peaceful retreat, with a large ensuite and walk-in closet. Two additional bedrooms are on the main floor, with the 4th bedroom, office and additional family room/playroom upstairs. An oversized double-car garage, RV/boat parking and plenty of storage add to make this the perfect home. Located within the Whitefish school system yet conveniently located just minutes to Kalispell’s amenities as well.
Enjoy the forecasted sunshine this week across Western Montana. If you're out enjoying the weather and want to meet up after your hike or round of 18, give us a call. We'd love to catch up!
