Real Estate Trends: Market remains favorable

by Tina Daugherty

June brought a lot of rain, some gorgeous thunderstorms and finally warm weather!

The market is seasonally blooming with many more home sales and a decline in land sales. Interest rates continue to rise, which will affect the market. Summer is in full swing with quite a lot of tourist activity and busy highways. This feels like the tale end of the best market I've seen in my 31 years of selling real estate in this and other areas. A correction feels imminent but always takes longer than you think it will. The good news is that the market is still favorable, summer is here and Sanders County is absolutely spectacular this time of year.

The days on market is average 127 days on the market in Sanders County for June, which is down from last month and seasonally appropriate. Percentage of list price is up just a bit, at 96.7% (with even an occasional bidding war again). The months of supply for Sanders County has jumped up to 11.4, back to nearly a year on the market for many listings, unless prices competitively. In June for residential, 16 homes sold, with 113 listed. Land was much slower with only 7 bare land sales. With inventory rising and the market slowing a bit, prices are still holding their own for now.

Prime time to get out on the rivers and fish the creeks and pick some huckleberries (purple fingers will give you away). We are incredibly blessed! Until next month. . .

JUNE

Ranch

5 active (up), $1,363,100 average listing price (down), 0 sales and pending.

Residential Homes

113 active (up), 16 sold (up), 1 pending (down), $735,312 average listing price (down)

Land and Lots

121 active (up from 107), 7 sold (down from 19, sold price average $167,000), 2 pending (same), $420,160 average listing price (up)

Commercial

11 active (down), 2 sold (same), $710,545 average listing price (up)

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].