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Montana’s Housing Market Continues to Improve

The Montana Association of Realtors recently released a mid-year report covering home sales for the first 6 months of 2012 in the areas covered by the eight largest associations in the state. An excerpt from that report is listed below.

Montana’s housing market continues to improve, with nearly every major market across the state reporting an increase in activity through the first six months of 2012. The Montana Association of REALTORS® received sales data from the eight largest associations in the state, and in seven there was an increase in the number of single-family homes sold compared to the same time frame in 2011.
Overall, in the eight major markets in Montana, 3,725 single-family homes have been sold thus far in 2012 compared to 3,476 in 2011, an increase of 7.2%.
“Most of our markets, most of our major cities are up compared to last year and that is good news,” said MAR President Judy Gudgel. “Seven of the eight major cities are reporting improved numbers, and that is great to see.”
The Billings Association of REALTORS® saw the largest increase in single-family home sales at the mid-way point of the year. Through the year’s first six months, BAR recorded 895 sales, up from 756 at this time last year for an increase of more than 18%. The Missoula Organization of REALTORS® was next with an increase of 83 homes, followed by the Great Falls Association (+61), Helena Association (+56), Gallatin Association (+40), Bitterroot Association (+22) and the Butte Association (+19). Only the Northwest Association of REALTORS® reported a drop in the number of home sales from year-to-year, although the 633 home sales in 2012 is still an increase from when the market bottomed out in 2009.
The average sales price of a home and the median sales price rose in five of the eight markets and the average days a home stayed on the market fell in four of the eight markets. Those figures do not include townhouses or condos, although every market in the state reported an increase in the number of those sales as well.

Montana Mid-year 2012 Housing Statistics (PDF)