At the end of November, 12 month median home prices were up 2.6%, 12 month total home sales were up 24.8%, the 12 month average listing inventory was down 13%, and the 12 month average absorption rate was down 28.6%.
|Median Home Price||2012||2013||+/-|
|3 Month Average||$209,567||$210,950||+ 0.7%|
|12 Month Average||$206,720||$212,054||+ 2.6%|
|3 Month Total||279||308||+ 10.4%|
|12 Month Total||1067||1332||+ 24.8%|
|3 Month Average||769||663||– 13.8%|
|12 Month Average||822||715||– 13.0%|
|November||9.2 Months||6.5 Months||– 29.4%|
|3 Month Average||8.4 Months||6.5 Months||– 22.6%|
|12 Month Average||9.8 Months||7.0 Months||– 28.6%|
Median Home Price
The median home price is the price for a given period of time where half the homes sold for higher and half sold for less.
Home sales represents the number of closed residential sale transactions during the indicated time period.
Listing inventory represents the number of unsold residential listings at the end of the indicated time period.
The absorption rate is a theoretical measure of how many months it would take to deplete a given level of inventory based on a given monthly rate of sales.
For example, if there are 100 homes on the market, and 100 homes sold during the previous 6 months , then the absorption rate would be 6 months.
(100 homes on the market) ÷ (100 homes sold ÷ 6 months) = 6 months
In general, absorption rates below 6 months indicate a sellers market. Rates above 6 months indicate a buyers market.
The statistics and graphs presented above are updated every month and represent residential sales and inventory data for the greater Missoula area real estate market. The data is taken directly from the Missoula Organization of Realtors multiple listing service (MLS) database.