Sales and prices increase for first quarter.
As reported here and elsewhere, 2012 was a year that showed a significant turnaround for the local Flathead Valley real estate market. Questions remained as to whether this initial recovery trend would continue through the winter months and first quarter of 2013. Based on the sales trends we are tracking, it seems to be the case. All indicators showed an increase for the first quarter of 2013 compared to the same period last year.
The distressed segment of the market has diminished significantly overall, and inventory levels are at 5 year lows. These trends can only begin to move prices upwards.
Total Sales from NMAR MLS
Quarterly Sales by Segment
The land and commercial segments also showed strong sales increases in volume.
As you can see in the graph below, 2012 sales were significantly higher across the board when compared to the past two years of relative stagnation.
If low interest rates and prices continue to drive demand in combination with a decrease in distressed property, I expect these positive trends to continue throughout 2013.
