Flathead Valley Real Estate Sales Report
Second Quarter Gains Steam
As we find ourselves right in the middle of a hot summer season in the Flathead Valley, we see sales heating up as well – especially in the residential sector.
Residential sales are continuing their positive trends for both volume and prices. Sales were up nearly 38% over the second quarter last year, while median prices were up over 12%.
The trends for other segments of the market were somewhat mixed. Land sales posted a modest increase in sales volume, but a drop in median pricing of nearly 5%. Commercial and multifamily segments were down for both volume and pricing, but continue to represent less than 5% of the total market in volume.
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 since 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