The Missoula area 12 month median home price at the end of March was up 3.7% over last year and at its highest point in nearly 5 years.
March home sales in the Missoula area were down 20.2% from last year. This marks the fourth consecutive month of declining homes sales. Total home sales for the 12 month period ending in March were up 15.1%.
At the end of March, the inventory of homes on the market in the Missoula area was at its lowest point for this time of year since 2005.
The short term Missoula area absorption rate (months of inventory) was up 22.1% at the end of March but the long-term absorption rate was down 14.8%.
|Median Home Price||2012||2013||+/-|
|3 Month Average||$192,867||$211,125||+ 9.5%|
|12 Month Average||$207,354||$215,503||+ 3.7%|
|3 Month Total||210||156||- 25.7%|
|12 Month Total||1108||1275||+ 15.1%|
|3 Month Average||658||576||- 12.5%|
|12 Month Average||797||688||- 13.7%|
|March||8.5 Months||8.9 Months||+ 1.1%|
|3 Month Average||9.5 Months||11.6 Months||+ 22.1%|
|12 Month Average||8.8 Months||7.5 Months||- 14.8%|
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.