Missoula— A sunny Missoula summer was kind to the local housing market, as area home sales enjoyed a healthy increase over the first nine months of 2014.
In Multiple Listing Service data released today by the Missoula Organization of REALTORS®, sales through the first nine months of the year are up 11 percent compared to the same time last year, with 949 homes sold so far in 2015 compared to 852 in the first nine months of 2014. The absorption rate – or the time it would take to work through the available inventory at the current pace – is just over four months. Absorption between three and nine months is considered healthy.
The median price in year-to-date sales is $240,000, an increase of about 5 percent from 2014. Notably, active listings through September are down about 9 percent from the same time last year.
“These numbers reflect that nicer single-family homes at lower price points have sold quickly,” said MOR president Mike Nugent. “While Missoula has had good new construction in recent months, we’re still not keeping pace with the demands at those lower prices.
“And that shortage has also caused prices to creep up,” Nugent added.
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