Sanders County Ledger - Your Best Source For Sanders County News

March seemed like an early mud season to me. As to the real estate market, it was very stable with bare land slowing, and it is always the first to slow. The inventory levels pushed up just a stitch, but mostly remained level, thus inventory is still low and prices are still climbing on homes, but not land. Average land price for sales fell, while average home sale prices rose. The contingent sale activity is also encouraging. The commercial market trend is a leading indicator and may be showing that inflation is hitting home among business owners.

Pending sales were quite low, which is a leading indicator as well, but again seasonal (even though it feels like summer) and indicative of a buyer's market. Contingency sales are still on the rise, with the interest rates pushing people to need to sell before they buy. Those stacked sales are always so challenging! Properties that are priced well are still going rather quickly and we just had another bidding war, but the market is slowing.

Percentage of list price is 95+% which is up a bit from the previous month. In March for residential, seven homes sold, with 83 listed. Land was much lighter with only four bare land sales. The market is very steady right now, with very little coming on the market. We shall see what spring will bring. The interest rates have held steady, not what they once were, and the market is definitely feeling that effect. The market is still holding its own but feeling as though the tides are turning to the balance!

On a sad note, we lost Jim Brown, peacefully and at home. Jim and Gail have been Hereford ranchers in Trout Creek for more years than I can remember. They have helped many a youngster through the 4-H ropes and so many of us have Hereford beef in our freezers. God bless Keystone Herefords and those who still work with the land and feed us in this valley.

March 2024

Ranch

3 active (same), $1,616,000 average listing price (same), 0 sales and pending.

Residential Homes

83 active (up), 7 sold (down), 15 under contract (up), 1 pending (same), $645,571 average sold price (up), $745,851 average listing price (up)

Land and Lots

105 active (same), 4 sold (down), sold price average $139,250 (down), 8 under contract (same), 0 pending (down), $139,250 average sold price (down), $388,120 average listing price (up)

Commercial

15 active (up), 2 under contract, 1 sold (down), $608,633 average listing price (up), $450,000 average sold price

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