Missoula—The Missoula housing market has opened 2015 in good condition, with more sold houses and a higher median sales price than the comparable first quarter numbers of 2014.
In Multiple Listing Service data released today by the Missoula Organization of REALTORS®, sales in the first quarter (January through March) are up more than 20 percent, with 177 homes sold so far in 2015 compared to 140 in the first three months of 2014. Among other things, the increase is a reflection of the harsher-than-usual first quarter Missoula endured in 2014, when record-breaking amounts of snow placed a chill on the local market. In comparison, in the first three months of 2013, 187 homes were sold in the Missoula market.
“This is definitely good news for the Missoula market,” said MOR president Mike Nugent. “At the same time, we’re cautiously optimistic. We realize these numbers reflect how challenging the beginning of 2014 was in Missoula.”
The median sales price in the first quarter of 2015 was $229,000, up about 8 percent from the same time in 2014. And the absorption rate – or the time it would take the market to work its way through the current inventory – is just over six months. Nugent said an absorption rate between three and nine months is considered healthy.
As of early April, there were just over 480 active listings in the Missoula area, up about 14 percent from the same time last year.
“Although the number of active listings is up from the same time last year, we are still below normal, especially in the lower price-points across Missoula,” Nugent said. “If there are homeowners who are undecided – especially if their home is under $300,000 – this is as a good a time to sell as we have seen in Missoula in years.”
The Missoula Organization of REALTORS® issues a monthly Market Report as well as the annual Missoula Housing Report. MOR is a trade association dedicated to providing valuable programs, products and services to members, to affiliate members and the community. Find out more at www.MissoulaRealEstate.com