Real Estate Trends

February was not very wintery, but the market feels a little more wintery. . . While there are still sales, this is when the market tends to get quietest. The inventory levels are down in all categories except commercial indicating more of a seller's market remains, unless you include days on market which is growing and percentage of list to sale prices which is dropping, while seasonality certainly plays a role. A consequence of this low inventory is that prices are remaining high. The contingent sale activity is also encouraging. The commercial market trend is a leading indicator and may be showing that the inflation is hitting home among business owners.

Pending sales were down, which is a leading indicator as well, but again seasonal and indicative of a buyer's market. Contingency sales are very much on the rise, with the interest rates pushing people to need to sell before they buy - back to the days of the nerve-wracking dominos sales effect. Those properties that are priced well, are still going rather quickly and there are still the very occasional multiple offer situations, but it feels like the market is slowing.

The days on market is median 67 (down) in Sanders County for February. Percentage of list price is 92.4% which is down quite a bit from the previous month. The months of supply for Sanders County is 6.71 for residential, better than last month. In February for residential, nine homes sold, with 78 listed.

Land was much lighter with only three bare land sales, over 13.36 months of inventory, and 92% average list to sale price. The market seems to get quiet, then when the news heats up with turbulence, we see a jump in activity. The interest rates have dropped a little, but are still not what they were 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 balanced, but slightly buyer's market!

We have made it over the winter hump! While I LOVE snow, there are days in February where you ache for sunshine warming your back on a nice walk among God's artwork. Next is March and we are headed squarely into mud season! Get those Muck boots out and play in a murky puddle.

And our prayers go out to those affected by the fire in Noxon. May rebuilding commence and Noxon's services be restored to the west end of Sanders County. If anyone wants to start a Go Fund Me for those affected, that would be a great idea!

February

Ranch: 3 active (down), $1,616,000 average listing price (up), 0 sales and pending.

Residential Homes: 78 active (down), 9 sold (down), 11 under contract, 1 pending (up), $614,556 average sold price (up), $711,663 average listing price (down)

Land and Lots: 105 active (down), 8 sold (up), sold price average $219,750 (up), 8 under contract, 1 pending (up), $219,750 average sold price, $308,386 average listing price (up)

Commercial: 14 active (up), 2 under contract, 0 sold (down), $541,000 average listing price (down)

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