Flathead Valley Real Estate Sales – Third Quarter 2015

Flathead Valley Real Estate Sales Report

Third Quarter Maintains Momentum

The Flathead Valley is enjoying a beautiful fall.  While the weather patterns have remained much dryer than past years, the seasonal transition has been steadier.  The result has been cool mornings, pleasant days, and the ability to enjoy the changing of the season’s colors to the fullest extent.
Residential sales are continuing their positive trends for volume, while median prices have stalled out.  Sales were up 6.7% over the third quarter last year, while median prices held steady at $236,000.

The trends for other segments of the market were somewhat mixed.  Land sales posted the largest relative increase in sales volume, and a 10% increase in median prices.  Commercial and multifamily segments were down for volume, but showed a modest increase in median price.  This segment represents around 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.

 

 

 

The seasonal listing trends can be seen in the graph below.  Residential listings over the past 12 months have ranged between 2100-2800 total active listings in the MLS.  The absorption rate follows a very similar trend line and bottomed out at 12.9 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