Affordable Housing Market Stats-Ave. List & Sold Prices
Below are the charts for Average List Price and Average Sold Price for homes in the $100,000 to $250,000 range for Missoula.
Great news if you're a seller, but a tougher message if you are a buyer (except for the last 2 quarters of 2009). Average list prices in this catagory continue to increase overall year to year, even with the addition of more condo units which frequently carry lower prices and price pressure from aggressive buyers. These numbers are based on the final list prices of homes before they were sold or withdrawn from the market.
I think 2007 was a fairly good expample of market trending we had come to expect, ie higher prices in the late spring and summer, with lower prices in the winter and early spring. 2008 was radically different, largely due to the bad economic news in October. For 2009, I think we saw some discounting as the year progressed and sellers became nervous about getting their homes sold before the first-time buyer tax credit ran out. Seeing average sold prices dip below 2007 in the 3rd of 2009 is amazing, but I don't think it signals the beginning of a trend and we'll probably see average sold prices go back up in the 4th quarter. Now that the tax credit has been extended--and expanded to other buyers--it will be interesting to see how we'll finish the year out.
Next I'll put up the numbers for average days on market and the list to sale price ratios which will tell us how long homes are staying on the market and willing sellers are to discount.
And now the Disclaimer and Qualifiers:
Area: this area corresponds roughly to an area from East Missoula to Y and then down to Lolo
Type: I included everything from single family homes to mobiles, priced from $100,000 to $250,000
Source: the MOR MLS database (so this won't include properties sold without a Realtor)
Accuracy: these graphs are meant to illustrate trends, not provide specific data-contact your agent for more detail
**sales numbers are rounded to the nearest $1000
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