While it is still considered a buyer’s market in many
places throughout the country, it appears that in Montana
the control is beginning to shift back to the sellers.
Currently, the greatest real estate activity is done by
repeat buyers, and the largest reason to buy and sell
property is due to steady population growth, meaning that
the supply must meet the demand, and houses are being sold
in most areas at 100% of their original asking price.
This is a very different trend when compared to what we are seeing in the
rest of the country. While homes in other parts of the country will sit on the
market for well over 180 days with no sale in sight, in Montana, uniformly
throughout most of the state, the average time from listing to sale is around
120 days, and no where is this more true than in Bozeman. The downturn suffered
in Bozeman for homes being sold is minimal, at best. The local real estate
market has seen around a 5% drop in this area from last year, which is
incredible when comparing it to dismal markets in other areas that have suffered
declines greater than 30%.
Missoula on the other hand has had a very dismal last two years with home prices
plummeting to near the 30% number. The average time from listing to sale haws
been closer to 200 days but both these trends seem to be turning around for this
University on Montana home town.
Montana, as a state, looks like it is in a good position for real estate and
home sales to excel moving into the New Year. While it’s still too early to call
the real estate crunch “over” it appears that in many Montana cities it is
defiantly on the upswing. There are still some lingering issues with sub-prime
loans, and foreclosures in the area, but Montana has just about stamped those
out and is well on its way to having a healthy real estate climate once again.
