Missoula—The Missoula housing market heads into the second half of the year on a roll, as sunny temperatures have helped spur an increase in sales.
In Multiple Listing Service data released today by the Missoula Organization of REALTORS®, sales through the first seven months of the year are up almost 13 percent compared to the same time last year, with 706 homes sold so far in 2015 compared to 626 in the first seven months of 2014.
“This is a continuation of good news for the Missoula market,” said MOR president Mike Nugent. “Missoula is bouncing back from some of the weather-related challenges of 2014.
“It’s typical for the market to heat up with the temperatures,” Nugent said, “and local REALTORS® are certainly helping buyers and sellers take advantage of that.”
The median sales price through July of 2015 was $239,250, up a little over 6 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 under four months. Nugent said an absorption rate between three and nine months is considered healthy.
At the end of July, there were 601 active listings in the Missoula area, barely above the same time last year.
Nugent said so-called “entry level,” lower-priced homes continue to stand out.
“Lower price-point homes – under $300,000 or so – are in very short supply,” he said. “We see lots of competition and not very many days on market for those homes.
“For those sellers, there is no better time to get your home on the Missoula market.”
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