Housing market up locally, statewide

Despite a slow start this year, housing sales in Montana have seen a spike since July.

According to third quarter statistics, the Montana housing market has jumped up in many areas.

The state has seven major markets that report sales each quarter: Billings, the Bitterroot Valley, Gallatin Valley, Great Falls, Helena, Missoula and Northwest Montana. The Montana Association of Realtors received sales data from these markets from July 1 through Sept. 30 for this year, which showed more single-family homes, townhouses, condominiums and lots have been purchased during the third quarter of 2014 than last year at the same time.

Of the seven reporting markets, the Northwest Montana Association of Realtors in Kalispell saw the second-largest increase in residential home sales, up 14.2 percent above the first half of 2014. The Helena association saw the largest increase, up more than 16 percent.

According to the Northwest Montana Association of Realtors, this increase looks like it will continue throughout the rest of the year and into next year.  

“It’s a very optimistic time for the market,” said Tia Robbin, executive director of the Northwest Montana Association of Realtors. “Not only do you have good values on the market that have been there for awhile, but you also have buyers who are actively looking to buy. It’s a unique time for the market, but a good opportunity for everyone.”

During the third quarter, there were 571 single family homes sold in Northwest Montana, up over the 500 sold last year during the same time period. The average sale price was $323,335, an increase of around $8,000 since the third quarter of 2013.

The sales of townhouses and condos increased from 79 in 2013 to 85 this year, and the sale of lots increased from 214 to 216.

“Buyers are actively looking,” Robbin. “This area took a decrease with the difficult economic times, but now we’re bouncing back, with new construction, new retail and the market infusion from the Canadian buyers.”

A total of 3,037 single family homes were sold throughout the state between July 1 and Sept. 30 this year, compared to 2,910 during the same time in 2013.

Reporter Brianna Loper may be reached at 758-4441 or by email at bloper@dailyinterlake.com.