First Quarter Bitterroot Valley Market Report 2019

First Quarter Market Results 
by Craig Siphers

This will be our first market report going back to 2008 that will use the Montana Regional Multiple Listing Service statistics for Ravalli County. You can see prior year end market reports on our website at montanarealestatepro.com under the resources tab.  EXIT Realty Bitterroot Valley is active in both Missoula and Ravalli Counties and the Farm+Ranch+Land Division markets and acts as buyer representatives for all 56 counties in Montana, depending on price point.

Residential:

In Ravalli County in the first quarter we saw 112 total units sold vs. 125 for the same period in 2018 for a decline of 10 percent, however, total sales were $51,896,902 against $42,776,240 in 2018 for a 21% increase.  The average home price went from $342,210 to $463,365 for an increase of 35%.  You have to understand that this is not a 35% increase in value per home in the valley but rather the average home price.  We have been seeing a pretty steady 7.5% per year increase and that generally is holding steady despite a general slow down in the 4th quarter last year due to upward trending interest rates and the uncertainty of the mid-term elections.  Homes were selling at 96% of ask vs. 97% of ask in the same period in 2018.

Land:

Land sales were up again in the 1st quarter by 36% with 41 units selling vs. 30 last year this time and the volume went from $2.97 million to $4.66 million for a 56% increase.  The average land sale was $113,595 vs. $99,001 in 2018 for a 14% increase and land is selling at approximately 94% of ask.

C&L Real Estate prides itself on doing the most in-depth market analysis and research for our clients.  We provide you with quality market information and buyer/seller motivation in order to help develop the best strategy for securing the property that meets your criteria.  Don't settle for anything less!