2018 Year End Market Report - Bitterroot Valley
Craig Siphers, Erica Siphers
Year End Market Report -2018
By Craig Siphers
The Bitterroot real estate market felt a small slow down starting the end of July due to market contractions in feeder markets of the Montana market effected by the unknown effects of the mid term elections as well as the interest rate hikes of the fed. Even so, the Bitterroot Valley real estate general ended UP year over year in 2018.
Residential Sales Continue to Be Strong
Condos had a generally strong year in 2018. there were 19 units sold in 2018 vs. 15 in 2017. The volume of condo sales went from $2.6 million to $3.3 million for an increase of 26%. The average sale price held steady at approximately $173,000 per unit.
Homes on lots were up 5% for number of units; from 222 in 2017 to 237 in 2018. Volume went from $50.12 million to $56.24 million in 2018. The average home on acreage went up from $225,756 on average to $237,302 for a 5% increase. The sale price to the list price was steady between 2017 and 2018 at 97%.
The big segment of the market are homes on acreage and in 2018 the number of units were at 378 vs. 354 in 2017 with the volume going from nearly $150 million in sales to $178.10 million. The average sale went from $417,717 to $471,161 for a 12% increase. The sale to list price went from 95% to 96%.
Land Takes Strong Increase in Units and Volume
lots less than one acre took a huge jump from 9 to 30 units in 2018 for a 233% increase and volume shot from $406,000 to $2,183,225 for a 437% increase and the average lot sale went from $45,111 to $72,774, up 61% however, more inventory pushed competition in 2017 to 96% of ask for the sale to list price. That number dropped to 92% in 2018.
Acreage above 1 acre was also popular as units went from 167 to 173 for a modest 3% increase but volume was up significantly from $17.9 million to nearly $24 million for a 33% increase. The average acreage lot went up to $139,000 from $107,000 and the sale to list got stronger from 90% to 93%.
C&L Real Estate Sales in 2018
Craig and Laura's team contributed better than $10 million in sales in 2018 and together they have surpassed over $165 million with an economic impact approaching $42 million for the Montana economy over the past 32 years. Give a a call to see what we can do for you.
Real Estate Sales and the Impact on the Economy
Real estate is an important part of the national economic scene. CLICK THIS LINK to be transported to a great website that will show you the impact each home sale has on the economy of each state.
