Real Estate Trends

Supply returns to pre-COVID numbers

 

December 7, 2023



November went so fast, I am not convinced it was ever here. The market is showing seasonality as well as market slowdown with half the sales of last month as far as residential. The average sold price of houses was down as well. The months of supply has returned to 2018 numbers, so the market appears to be retreating to pre-COVID sanity.

The days on market is median 159 in Sanders County for November. Percentage of list price is 98.9% which is slightly up from the previous month. The months of supply for Sanders County is 11, about the same. In November for residential, seven (down from 14) homes sold, with 102 listed. Land was a bit improved from the prior month with eight bare land sales. The interest rates are high and the market is definitely feeling that effect. Let's see how this market looks for the winter. The last five winters have had seasonality but still showed movement!

December is next with REAL snow and a Merry Christmas. Skiing, snowshoeing or sidling up to the wood stove with a good book and a glass of hot what-have-you! The pure white snow, blanketing the trees and muffling the sounds and making you feel a bit like hibernating, contemplating. . . On to January! Time for winter projects!!!!

November

Ranch

3 active (same), $1,632,667 average listing price (up), 0 sales and pending.

Residential Homes

102 active (up), 7 sold (down), 1 pending (same), $349,271 average sold price (down), $753,498 average listing price (up)

Land and Lots

121 active (down), 8 sold (up), sold price average $194,125 (up), 0 pending (down), $331,688 average listing price (up)

Commercial

14 active (up), 1 sold (up), $640,143 average listing price (down), sale price $270,000

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].

 

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