The Missoula Real Estate Guide features the very latest real estate listings and homes for sale in Missoula and Western Montana

The Missoula Real Estate Market – December, 2013

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%.

Market Statistics

Median Home Price20122013+/-
November$209,700$205,750- 1.9%
3 Month Average$209,567$210,950+ 0.7%
12 Month Average$206,720$212,054+ 2.6%
Home Sales20122013+/-
November7696+ 26.3%
3 Month Total279308+ 10.4%
12 Month Total10671332+ 24.8%
Listing Inventory20122013+/-
November700622- 11.1%
3 Month Average769663- 13.8%
12 Month Average822715- 13.0%
Absorption Rate20122013+/-
November9.2 Months6.5 Months- 29.4%
3 Month Average8.4 Months6.5 Months- 22.6%
12 Month Average9.8 Months7.0 Months- 28.6%

Median Home Price

Graph of Missoula Home Price Trends
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

Graph of Missoula Home Sales Volume
Home sales represents the number of closed residential sale transactions during the indicated time period.
 


Listing Inventory

Graph of Missoula Listing Inventory Trends
Listing inventory represents the number of unsold residential listings at the end of the indicated time period.
 


Absorption Rate

Graph of Missoula area absorption rates
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.
 

  • just wondering

    Interesting, home prices fall off over the last sereral year and then suddenly sales numbers pickup – I’m not a genius but it seems that lower prices stimulated the market, So why oh why pray tell me is every one so eager and excited to get house price elevated again.
    I know – because when I sell my house it will be worth more – dahhh – yea but i won’t realize any gain because I’ll have to pay more an inflated price for the next house I’m buying. In fact doing the math – I’ll be worse off than had the prices stayed low when it was time for me to move.
    And the more a first time buyer has to pay in a mortgage is all that much less money that they have to spend in the local economy/community. And the money that they pay in mortgage leaves the community to some big wall st bank/mortage company.
    So who’s benefitting from all of this – can you say “big bank” can you say “wall st”, can use “uncle sam”

    • http://www.mindypalmer.com/ Steve Palmer

      Speaking as real estate agents, we are not “eager and excited” to get housing prices elevated again. We would prefer that they stay where they are or go down to something more affordable for the vast majority of folks in the Missoula area. However, most current homeowners are more than happy to see home prices increase because that means they are more likely to realize a gain when they sell. Of course, that’s a double edged sword because that means that you’ll have to pay more for your next house, unless you are downsizing, of course. Yes, it’s a double edge sword but it’s the nature of the beast.

 
Listing information is provided by the Missoula County Association of REALTORS®, Inc. dba Missoula Organization of REALTORS® from a copyrighted compilation of listings. Read the full disclaimer here.  |  IDX is © Diverse Solutions 2014, Privacy