Real Estate Trends

July was dry and unseasonably hot! The market was not quite as hot with pretty level inventory levels, growing days on market and inventory levels up over a year as far as months of supply absorption rate. Interest rates continue to rise, which is affecting the market as well. We have seen a lot of price reductions, but steady value on sold properties thus far. These next few months are always the busiest for closing sales typically in our local real estate market. So, they will tell the story soon.

The huckleberries are the biggest, juiciest, most plentiful crop I have ever seen. The bears must think they have died and gone to bear heaven. What a glorious place we live in with mountain lakes, lightly traveled wilderness areas, spectacular river recreation and that archery season which is just around the corner. Who wouldn’t want to live here?

The days on market is average 55 days in Sanders County for July, which is down from last month again and seasonally appropriate. Percentage of list price is down just a hair, at 96.5%. The months of supply for Sanders County has jumped up to 12.9, back to over a year on the market for many listings, unless priced competitively. In July for residential, 13 homes sold, with 117 listed. Land picked up the pace a little with 13 (including two private) bare land sales. With inventory stable and the market slowing a bit, prices are still holding their own. . . for now.

Until next month, my fingers will be purple and I’ll have a huge grin on my face, sore from the hike and feeling as blessed as one can feel… enjoy August!!!

JULY

Ranch

4 active (down), $1,416,375 average listing price (up), 0 sales and pending.

Residential Homes

117 active (up), 13 sold (down), 3 pending (up), $723,479 average listing price (up)

Land and Lots

122 active (up), 11 sold (up, sold price average $171,611, up), 1 pending (down), $443,675 average listing price (up)

Commercial

12 active (up), 0 sold (down), $723,333 average listing price (up)

Data from CoreLogix, Montana Regional MLS. Data does not include private sales.

Tina Daugherty is a Broker Associate with Realty Northwest in Thompson Falls and has been selling real estate for 30 years. Reach her at [email protected].