Condominiums and townhouses have been a stable portion of the Flathead housing market
Condominiums and townhouses have been a stable portion of the Flathead housing market for that last 25-30 years. In 2000 they accounted for 12 percent of the residential sales, 17 percent in 2005, 16 percent in 2010 and 15 percent in 2015.
The pattern of price increases and declines have generally followed the rest of the housing market, with a few exceptions. The median price in the overall market peaked in 2007, while the median price on condominiums and townhouses had a slight decline in 2007, then peaked in 2008. The average price did follow the same pattern as the rest of the residential market, with its peak of $328,641 in 2007.
In 2015 the median price declined by 2.6 percent and the average price declined by 5.5 percent. In 2016 there have been 43 sales, representing nearly 19 percent of the homes sold.
Less that 3 percent of the condominium and townhouse sales have been foreclosure or distressed sales, which is lower than the overall residential market which was closer to 8 percent in 2015.
By Jim Kelley