Real Estate Trends

by TIna Daugherty

October was a wet one. . . while there are still sales, this is when the market tends to get quieter. The inventory levels are down slightly indicating more of a seller's market, while seasonality certainly plays a role. Pending sales were down, which is a leading indicator, but again seasonal and indicative of a buyer's market. Those properties that are priced well are still going rather quickly and there are still the very occasional multiple offer, but it feels like the market is slowing a bit.

The days on market median is 73 (down from 87) in Sanders County for October. Percentage of list price is 98.5% which is down from the previous month. The months of supply for Sanders County is 11.3, a little better than last month. In October for residential, 14 (down from 17) homes sold, with 101 listed. Land was much lighter with only 5 bare land sales. The market seems to get quiet, then when the news heats up with turbulence, we see a jump in activity. The interest rates are high and the market is definitely feeling that effect. The market is still holding its own but feeling as though the tides are turning to the buyer's market!

November is next with snow and turkey dinner with all of the Montana trimmings. Hunting season is upon us and soon. . . the ski hill calls!

On a personal note, Thompson Falls lost a bright star in our community, Miss Lacey Kinser. She worked hard and always with a big smile at the Little Bitterroot Thrift Store. In her spare time, she knitted and crocheted wonderful kitchen accessories, scarves and the like which so many of us have hanging in our kitchens, each woven with laughter and her positive attitude. Heaven has gained an incredibly bright star, and we are blessed with her eternal optimism and so many beautiful memories of her. She inspired us all and made us better.

October

Ranch

4 active (same), $1,361,999 average listing price (down), 0 sales and pending.

Residential Homes

101 active (down), 14 sold (down), 1 pending (up), $434,077 average sold price (down), $734,864 average listing price (up)

Land and Lots

132 active (down), 5 sold (down), sold price average $105,000 (down), 0 pending (down), $419,227 average listing price (down)

Commercial

12 active (up), 0 sold (down), $696,500 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].