Real Estate Trends

August was a hot one, but oh is September looking amazing so far! August, September and October are always the most active selling months of the season. The inventory levels grew in August, but so did the sales. Pending sales were down, which is a leading indicator. Days on market is down again, but those properties that are priced well go quickly and there are still multiple offers, while the overpriced or those testing the market tend to sit a bit longer.

Compared to this month last year, the median sales price for Sanders County is down 22%, while new listings are up 9.5%, homes for sale are up 65%, pending sales are down 80%, closed sales are down 4.8%, and we are up over a year's worth of inventory on the market at 12.6 months.

The days on market average is 71 (up from 55) in Sanders County for August. Percentage of list price is up a tad, at 98.3%. The months of supply for Sanders County has jumped up to 12.6, back to over a year on the market. In August for residential, 22 (up from 13) homes sold, with 119 listed. Land picked up the pace a little with 12 bare land sales. With inventory growing during this late season and the market slowing a bit, prices are still holding their own but I feel a cool breeze blowing through the market. . . for now.

September is a glorious month in Montana. The leaves are already starting to turn and the squirrels are stocking their pantry shelves. Snow isn't so far away and the ski slope calls.

AUGUST

Ranch

5 active (up), $1,423,099 average listing price (up), 0 sales and pending.

Residential Homes

119 active (up), 22 sold (up), 1 pending (down), $436,614 average sold price, $730,926 average listing price (up)

Land and Lots

134 active (up), 12 sold (up, sold price average $236,667 (up), 0 pending (down), $423,412 average listing price (up)

Commercial

12 active (same), 0 sold (down), $710,000 average listing price (down)

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].