We know we've been saying this a lot lately, but where is the time going? It's already Halloween (Happy Halloween!) and according to every major retailer, Christmas might as well be tomorrow. Before we get ahead of ourselves, may we all enjoy the changing of the seasons in Western Montana; the larches have been popping, their vibrant yellows highlighting the mountainsides, our resorts are starting to accumulate a snowfall as we eagerly anticipate opening day, and our kids are layering up, several times over, underneath tonight's Halloween costumes. Before you head home to hand out candy, 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 Halloween, Happy Fall and Happy Reading!
Q3 2023 Market Report
Contrary to popular belief – or recent media headlines – neither the sky, nor real estate prices, are falling. In fact, as we analyze the data from Q3, it’s safe to say that the market continues to normalize, coming off the ‘unicorn years’ of the pandemic.
The Highlights:
1. Average Sales Prices are UP
All reported counties reached their highest recorded quarterly average sales prices since the Pandemic Peak of Q2 2022, and in some cases, topped it altogether (Lewis & Clark County and Ravalli County).
2. Listings were down...but Closings were up.
General office consensus agrees that Mortgage Rates negatively impacted the number of listings brought to market this quarter. In short, Sellers were apprehensive their property wouldn't sell. However, smart and savvy Buyers found ways around the market, knowing full well it was smarter to close this quarter than watch rates - and prices - increase in future quarters.
3. Cash is king...but there are ways around that, too.
This past quarter, we saw a large influx of cash sales across the state:
Whitefish - 50% of all residential closings were cash sales
Kalispell - 29% of all residential closings were cash sales
Bigfork - 55% of all residential closings were cash sales
Missoula - 33% of all residential closings were cash sales
Helena - 31% of all residential closings were cash sales
While cash provides many benefits to both Buyers and Sellers, there are ways around if you don't have cash to purchase. Working with a seasoned and experienced Mortgage Broker can help you put a strong, smart and strategic plan in place; from rate buy-down plans to down payment assistance plans to delayed financing or bridge loans, there are many options that will allow you to successfully purchase that dream property. Need a recommendation? Contact us - we'd be more than happy to put you in touch with an expert who can assist based on your needs and goals.
Read On!
Curious how the rest of the quarter did? We've got all the Q3 2023 stats, data and analysis you could want, over on the Revel Blog.
