Montana’s Housing Markets Continue To Have Strong Year
Helena, MT – Bolstered by a strong summer, single-family home sales in Montana are up nearly 15% through the third quarter of 2013 when compared to sales data from the same period of time last year. The Montana Association of REALTORS® received sales data from local associations across the state, and overall there was an increase of 14.4% in the number of single-family homes sold year-to-date in 2013 compared to the same time period in 2012.
In the eight major markets in Montana, 7,639 single-family homes have been sold in 2013 compared to 6,678 in 2012. When looking solely at third quarter (July through September) sales data, there were 3,174 single-family homes sold over the past three months, representing more than 41% of the market activity for the year. The average and median sales price increased in every area as well, while the average number of days a house was on the market dropped in seven of the eight major markets.
“The summer months are typically the busiest time of year for REALTORS®, and this year was no exception,” MAR President Pam Wood said. “Home buyers continue to take advantage of low interest rates. If a prospective buyer is thinking about buying their first home, or current homeowners are considering moving up or downsizing, contacting a local REALTOR® is the best way to start that process.”
The largest percentage increase in year-to-year sales of single family homes was reported by the Missoula Organization of REALTORS®. The area had a 20.6% (+165 homes) increase in the number of homes sold to date in 2013 when compared to 2012, one of six markets to post double-digit percentage increases in the number of single-family homes sold. The Gallatin Association of REALTORS® was next at 19.2% (+212), followed by the Northwest Montana Board of REALTORS® (+16.7%/223 homes), the Billings Association of REALTORS® (+13.0%/198 homes), the Bitterroot Valley Board of REALTORS® (+12.3%/39 homes), the Helena Association of REALTORS® (+11.8%/68 homes) and then the Great Falls Association of REALTORS® (+8.6%/68 homes). The Butte Board of REALTORS® was only slightly off of last year’s pace, having sold 341 single-family homes in 2013 compared to 343 in 2013, a decline of less than one percent.
MAR also collected townhouse/condo statistics, as well as sales of lots. Those statistics are available at MAR’s website.
Submitted by Bryan Haines MBOR on October 24, 2013Tracy Raich