The facts about Park County real estate..
May 25th, 2007 by Gillian
Right now, everyone has an opinion about the real estate market; national media coverage of the drop in prices in various parts of the country has put everyone a little on edge, and every day I’m asked how our market is, here in southwest Montana.
So instead of just another opinion, here are the facts about the market in first five months of the year in Park County. I’ve compared these first months of ‘07 to January through May in ‘06. Information is taken from the Gallatin Association of Realtors MLS.
So far this year, we have had 37 closings for single family home sales on one acre or less, with an average list price of $203,000 and an average sales price of $195,000, while for the same period in 2006 there were 64 closings, with an average sales price of $175,000 — prices appear to have risen by about 10% in this category, but the number of sales has dropped over 60%.
As far as the out-of-town residential market goes, so far this year there have been 15 sales for properties with one or or more acres. The average list price of these properties is $503,000, with an average sales price of $472,000. In 2006, there were 17 closings by this time, and the average sales price was higer by 5% at $497,000.
One of the biggest changes is in the number of townhomes/condos that have sold this year: from January to May ‘06 4 sales were recorded, with an average price of $139,000 — this year, there has been a total of 16 closed sales, with an average price of $165,000 — a jump of almost 20% in price.
So what does this mean to buyers & sellers in Park County? It means that if you’re a seller, your property must be priced competitively to have a chance of selling. As of today, there are 105 homes on less than an acre on the market in Park County, with an average list price of $226,000. That’s a lot of competition.
If you’re a buyer, do these statistics mean that it’s a buyer’s market? Not entirely. This year, homes have been selling within about 4% of the listing price — a good indication that Park County’s market is strong.
Interested in a set of statistics that I haven’t presented here? Let me know.
There’s always a lot of speculation about our housing market. How nice to get some real numbers and insight into what is happening. Thanks for posting this! And also for posting those rare under 100K homes! Just when I thought we’d never see the likes of them again.
Mike…
Let me disagree….
Thanks for your comment, Mike, but why do you disagree?