First Half 2022 Bitterroot Valley Real Estate Market Report

First Half 2022 Bitterroot Valley Market Report

The market has turned!!!  Not a 180 degrees but it certainly has changed over the last two or three months.  Let's take a look at the market through the first half of the year for Ravalli County.

Attached residences, specifically condos and townhomes have become more and more popular where owners can lock and walk.  The details of maintenance is taken care of and the increased demand has been evident in the valley for the last three to five years.  Our team with conjunction with MT Builders have been suppliers of some of the finest condominiums in this market place over the last several years in the Hamilton market.  In the first half of 2022 there were 17 condos sold compared to 8 this time last year. That represented an increase of 112%.  The volume went  from roughly $2 million to $6.2 million for an increase of 218%.  The average condo price went from $244,875 to $367,406, up 50% with condos selling at 99% of list price in the first half of 2022 vs. 100% in 2021.

Townhomes have also been very popular primarily because they are easier to finance than condos (topic for another newsletter) and they provide relatively inexpensive housing in comparison to detached single family homes.  In 2021 we saw 21 townhomes sold vs. 15 this time in 2022 for a drop of 28%.  Total volume went from $6.35 million in volume to $5.8 million in total sales for a decrease of 9% but the average sale went from $396,226 to $493,410 for a 24% increase in average price.  The strong demand for townhomes pushed the sale to list price ratio from103% in 2021 to 106% in 2022.  We'll see how that holds up.  I think we'll see these numbers start to come down as we get through the 3rd and 4th quarters.

On the residential side, there were 377 homes sold in 2021 and 321 sold in the first half of 2022 for a 14% reduction.  Volume went down from $234 million to $210 million for roughly 2% decline yet the average home price went from $636,988 to $729,311, up 14% and sold to list ratio dropped from 100% to 99%.

Land sales were also off in the first half of 2022.  Total sales for vacant land went from 197 units in the first half of 2021 to 103 units in 2022.  Volume went from $43.5 million to $29.3 million, down 32% and the averages were up from $221,078 to $284,466 which represented a 28% increase and land sold at 97% vs. 98% in 2021.

The market is slowly turning.  The mid term elections ALWAYS have this effect on the market but with rising interest rates (approaching 6% for 30 year fixed) and dramatic price increases have taken the buyers out of the market.  We'll see continued decline in sales and a general movement to lower prices as inventory levels rise over the coming months.

Craig has been through 3 MAJOR market shifts it makes sense to work with a professional with enough experience to explain what to expect and how to navigate the current market.  35 years of experience can make a difference.  Additionally, Craig has advised, counseled and mentored some of the top producers in the Bitterroot Valley.  If the top agents call him for advice when they are not part of his firm, doesn't it make sense for you to put his knowledge to use to benefit you in the real estate process.

Below is a set of graphs showing the current market conditions for Ravalli County.  To get more in depth information on the market, contact Craig directly and let him, along with his team at C&C Real Estate Services Team be your go-to real estate resource.

Bitterroot Valley Real Estate- Craig Siphers, Senior Broker
Providing trusted consultation on buying and selling Montana
real estate for over 30 years in Lolo, Florence, Stevensville,
Victor, Corvallis, Hamilton, and Darby. Call or text Craig Siphers
at 406-360-9108 to make a legendary deal!