Bitterroot Valley Residential Market Update
Happy New Year! We are already halfway through the first month of the year and I am sure 2018 will go as fast as 2017 did. I waited a couple of weeks before I did this year end re port, so that the numbers were as accurate as possible. You can definitely see that the lack of homes on the market in 2017 had an impact on our residential housing market.
In 2017 we saw the medium sales price of homes increase to $232,750 which is up 9.56% from 2016 and the medium days on market down by 23.58% to 94 days. There were 559 homes sold in 2017 and that is only slightly down from 2016 by 2.4%. The overall numbers of homes that were on the market in 2017 was 1413 and that is down 8.4% from the previous year.
Bareland sales have been busy this year also with the number of sales up 10% from 2016. There has been an increase in the median sales price of 12.2% and the days on market has shortened up significantly.
Even though it is winter time in the Bitterroot Valley we are continuing to see a strong demand for real estate. If you are thinking of selling now is a great to time to put your home or land on the market, while inventory levels are still low. Give us a call here at Real Living Greater Montana at 406-549-3353 for a Free Comparative Market Analysis and a cusomized Market Plan for your property.
Stats pulled January 14, 2018 from Bitterroot Valley Board of REALTORS MLS.