Market Trends: First Two Months of Residential Sales

March 16, 2016

Sales of residential properties in Flathead County for 2016 continues at a near record rate with a 17.7 percent increase over the first two months of 2015. Mortgage interest rates continue at near record lows with the average 15-year rate at around 3.2 percent and the average 30-year rate at around 3.75 percent.

There were 193 residential sales in Flathead County in January and February compared to 164 in the first two months of 2015. In the first two months, 51 percent of residential sales were on small urban or suburban lots, 21 percent were on half acre to three-acre lots and 15 percent were on three to 20-acre tracts.

The median sales price for January and February was $234,000, which is less than 1 percent higher than the same period in 2015.

The current overall inventory level is about the same as it was a year ago, however, only 20 percent of the overall inventory is priced below the year-to-date median of $234,000.

In January and February there were 17 bank-owned or distressed sales, compared to 22 in 2015.   Non-distressed sales represent 91.2 percent of the market, compared to 86.6 percent for the same period in 2015.

Overall, 2016 continues at a near record pace for residential home sales.

In 1981, Jim started Kelley Appraisal in Kalispell and has since built an extensive database of economic and real estate-related data on northwestern Montana. Over the last several years, he has published annual reports on the Flathead Real Estate Market and been a guest speaker on numerous occasions for various groups in the Flathead.