Missoula Organization of REALTORS®



MARKET TRENDS

Market information solely from listings entered into the MOR Regional Multiple Listing Service. Therefore, figures may not reflect all real estate activity in the market.

Residential Market Activity in the Missoula Urban Area
(single family homes, condos/townhouses, and manufactured/modular)

**Missoula Urban Area - Month of July**
Year	# of Sales	Median Price	Avg Days on Market
2008	93	$225,500	104
2007	131	$215,000	95
2006	138	$209,450	84
2005	140	$182,900	99
2004	124	$179,950	87

**Missoula Urban Area - YTD - January through July**
Year	# of Sales	Median Price	Avg Days on Market
2008	528	$213,000	114
2007	696	$210,000	119
2006	802	$197,987	105
2005	717	$182,700	107
2004	616	$173,000	102

Sales represent properties that have transferred and the transaction has closed. It is the best reliable indicator of what prices the real estate market will bear.

Residential Market Activity in Missoula County
(residential, AND residential with acreage)

**Missoula County - Month of July**
Year	# of Sales	Median Price	Avg Days on Market
2008	118	$221,500	111
2007	178	$223,750	105
2006	174	$213,250	85
2005	196	$190,000	109
2004	184	$181,250	99

**Missoula County - YTD - January through July**
Year	# of Sales	Median Price	Avg Days on Market
2008	689	$220,000	122
2007	928	$220,000	124
2006	1,087	$209,900	112
2005	1,011	$190,000	118
2004	871	$175,700	112

Sales for Missoula County provide a more regional picture. However, a county representation is not a reliable indicator of the market in any of the individual and unique communities within the county.

**Number of Active Listings: August 5th, 2008**
	Residential	Condos / Townhomes	Res. with Acreage	Multi-Family	Land	Commercial
Missoula Urban Area	810	210	102	63	512	133
Missoula County	981	212	388	71	1,026	166
Central / North Ravalli County	104	6	323	16	272	52
Mineral & Sanders Counties	137	6	174	11	556	47
Granite, Powell & Deerlodge Counties	73	n/a	46	3	250	27

Active listings indicate the number of properties from which buyers can choose. An increase/decrease in the number of listings indicates seller activity and may affect buyer choices.

On July 30, President Bush signed the Housing and Economic Recovery Act of 2008. There are several provisions in the legislation that affect FHA, Fannie Mae, and Freddie Mac. The one that may be of particular interest is a new tax credit of up to $7,500 as an incentive for first-time homebuyers. It can be applied for any single-family residence, including condos, that will be used as a principal residence. There are income limits. It can be applied to purchases on or after April 9, 2008.

The provision that may be overlooked is that there is a recapture clause whereby a portion of the credit is to be repaid each year for 15 years and if the home is sold before 15 years, the remainder of the credit is recaptured at the time of sale. First-time homebuyers will want to review all of the provisions and do a careful analysis of their particular situation to determine whether or not to apply for the tax credit.

So what's happening in the Missoula market? Missoula tends to lag behind the national trends and the numbers show that that is the case in this latest cycle. While many markets were beginning to see the downturn at the end of 2006 and into 2007, it wasn't until the end of 2007 and into 2008 that the numbers from the Missoula market began to show the changes.

And in a changing market, it's easy to focus on what isn't like it used to be, and make no mistake--there's a lot that isn't like it used to be, even six months ago. It's a time to be wary of blanket slogans, to take time to do the research, and to tap into the expertise of everyone connected with the transaction to help analyze your particular situation.

It's also important to focus on what IS happening. Just over 525 properties have sold in the Missoula urban area so far this year. Sellers are identifying a price point that works, buyers are getting loans, and homeownership continues to be a realistic goal for a cross section of Missoulians.

2006 State of Missoula Housing Report

2007 State of Missoula Housing Report

2008 State of Missoula Housing Report

Market information is provided as a public service by the Missoula Organization of REALTORS® based on statistics generated through the MOR Regional Multiple Listing Service. This information is not based on all real estate activity and is intended to indicate general trends only and should not be used to determine what to expect in any specific neighborhood or community. Contact a REALTOR® for more specific and detailed market analysis.