Real Estate Trends

by Tina Daugherty

Happy May! Bring on the flowers!!! The real estate market is blooming as it always does with the flowers in May. More listing are coming on the market daily. What is striking from the data is that we are normalizing in dollar volume to pre-COVID numbers, which equates to approximately 1/2 of the volume of sales due to the average value of a property being at least double what it was then.

The listing inventory remains low. April 2019 there were 144 home listings in Sanders County, with only 78 in April 2023, while April 2011 was 276 homes! However, we are roughly twice as many listing this April in comparison to last, so the inventory is growing. With that, the prices should stabilize.

The days on market is markedly increasing with 207 days on the market in Sanders County for April. This is reminiscent of the 2015 market. We are pushing price is what that says, as there are so few listings, that prices continue to be pushed higher, with high interest rates negatively affecting purchasing power, this trend looks likely to continue increasing.

May all have a fabulous spring! Isn't that green grass and sunshine glorious?! Until next month. . .

APRIL

Ranch: 3 active (same), $1,580,833 average listing price (same).

Residential Homes: 77 active (up from 61), 5 sold (same), 2 pending (up from 0), $772,305 average listing price (up from $725,402).

Land and Lots: 104 active (up from 91), 4 sold (down from 8), 6 pending (up from 2), $283,022 average listing price (down from $285,442).

Commercial: 10 active (down from 11), 0 sold (down from 4), $524,700 average listing price (down from $586,636).

Data from CoreLogix, Montana Regional MLS. Data does not include private sales.

Tina Daugherty is a Broker Associate with Realty Northwest in Thompson Falls and has been selling real estate for 30 years. Reach her at [email protected].