Flathead Valley Real Estate Sales Report
First Quarter Continues Positive Momentum
As we fully make the transition from winter to spring in the Flathead Valley, we have the chance to take a look at the first quarter sales data for all of Northwest Montana.
Residential sales are continuing their positive trends for both volume and prices. Sales were up nearly 25% over the first quarter last year, while prices were just slightly higher.
The trends for other segments of the market were somewhat mixed. Land sales posted a large drop when comparing first quarter of this year to the first quarter of 2014. This was due almost entirely to 3 significantly large sales that combined for a total of nearly $14M and skew the data when compared year over year.
Commercial and Multifamily numbers posted a healthy increase, but here again the smaller numbers are easily biased by a few large transactions.
Total Residential Sales from NMAR MLS
Sales by Segment
As you can see in the graph below, the growth trends of 2013-2014 have been relatively stable since the last quarter of 2013. The increase in sales for the second half of 2014 are giving the 12 month trend line a positive boost.
Residential Listing Trends
The seasonal listing trends can be seen in the graph below. Residential listings over the past 12 months have ranged between 2200-2800 total active listings in the MLS. The absorption rate follows a very similar trend line and bottomed out at 12.8 months in February.
Inventory of homes in the median price range have dropped considerably, and we expect to see an increase in demand for land for primary home construction.
Residential Listings and Absorption Rates