Real Estate Trends

June has been a wet, cold and windy with intermittent hot, beautiful summer days and many a rainbow! The gardening and hay seem to be suffering, but we are still very blessed to live in this gorgeous area. Also, many of the ornamental and fruit trees did not enjoy the unseasonably cold weather, dang it! The very helpful county extension agent sent out a newsletter saying not to give up on those trees. They may well come back!

As to the real estate market, the inventory is thankfully climbing in all categories, typical of June in Montana. The sales were up for land and homes, down for commercial and ranches. Which means the market is definitely finding balance.

The inventory levels are feeling like a person has a few more choices now, thank Heavens. Average sold prices for homes and for land are down, while homes average list price is down, and list price on land has risen. The contingent sale activity continues to have a place in this market. The commercial market trend is a leading indicator and is definitely showing that the inflation is hitting home among business owners, with no sales and 16 listings.

Pending sales were down in all categories except residential which was the same, however Sanders remains just slightly in the buyer's market territory, all stats considered. Properties that are priced well, are still going rather quickly, but overall days on market for residential is 143 days average for sold properties, just a bit less than last month, also good news. 34% of listings decreased their price which is higher than last month and seems to be a lasting trend indicating we have crested the top.

In June for residential, 15 homes sold, with 119 listed and 25 under contract. Land was more positive with 15 bare land sales, 131 active and 13 under contract. The market is steady right now, with listings trickling on the market. We shall see what summer will bring. The interest rates have held steady, cooling demand. From the ground, there was an ever so slight pause, then it picked up and feels quite hectic again. On to July, a really wonderful time to explore the mountains.

Surrounded by national Forests, mountain lakes, hiking trails, fishing galore, we are blessed to live within a giant playground. May you all be blessed with the memories made traveling down the roads and trails into the magnificent landscapes we have access to, just a couple of miles in any direction. Hopefully, we will see you out on the trails!

June

Ranch

5 active (Higher), $1,758,600 average listing price (higher), 0 sales and pending.

Residential Homes

119 active (up), 15 sold (up), 25 under contract (same), 1 pending (down), $491,800 average sold price (down), $808,299 average listing price (down)

Land and Lots

131 active (up), 15 sold (up), sold price average $180,767 (down), 10 under contract (down), 3 pending (down), $380,173 average listing price (up)

Commercial

16 active (up), 2 under contract (same), 0 sold (down), $1,629,438 average listing price (up),

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