Home sales slowly rebounding
Flathead did not fit into statewide trend
The Montana Department of Commerce had good news recently about housing prices statewide, but the good news didn’t apply to the Flathead.
Citing U.S. Census Bureau statistics released Nov. 14, the median value of an owner-occupied home in Montana increased 5 percent in the past few years of the economic recession.
The median value of an owner-occupied home in Montana in 2010-2012 was $183,000, compared to $174,900 in 2007-2009.
Several counties, however, posted declines for the same periods, including two counties that saw tremendous growth just prior to the recession. The median value declined 7.5 percent in Flathead County and 11.2 percent in Gallatin County.
Nationwide, the median home value declined nearly 11 percent to a post-recession value of $174,600.
According to the most recent market trend report from Kelley Appraisal, a real estate consultant in Kalispell, the median price of homes sold in Flathead County from January through October was $214,050, which is about 15.7 percent higher than for the same period last year but about 14 percent lower than for the same period in 2007.
The number of home sales in the Flathead for the same 10-month period has continued to increase, taking a 29.8 percent jump in 2012 and another 16.6 percent jump in 2013.
The stronger home sales figures for the Flathead could suggest that the market has bottomed out as fewer foreclosed properties are listed and sold.
The number of bank-owned home sales in the Flathead from January through October was 49 percent less than for the same period last year, and the number of short sales was down 38 percent. Meanwhile, the number of non-distressed home sales was 53 percent higher, and the median sale price for non-distressed homes was about 44 percent higher than the median sale price for bank-owned properties.
Foreclosure rates from foreclosure.com show a steady decline over the past year from 6.7 units per 1,000 in the U.S. to 5, from 3.3 units per 1,000 in Montana to under 2, and from 6.5 units per 1,000 in Flathead County to about 3.