M O N T A N AL I V I N G BOZEMAN • BIG SKY • LIVINGSTON • BILLINGS
J U L Y I N M O N T A N A
July in Montana...
We have been seeing a lot of visitors as well as interest in property in Montana. Interest rates are at historic lows as well! Mortgage Rates Dip Below 3%
Our inventory is low, so if you are interested in selling, it may be a great time! See below for a snapshot of our market statistics.
We have had a lot of questions about the real estate market and what to expect in the coming months. Well...it was apparent that the states with a lot of open space would become more and more desirable. Not only are people searching Montana more than ever, but locals are also seeking to explore the idea of living on more land.
While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers.
Closed Sales decreased 0.6 percent for Single Family homes but increased 27.3 percent for Condo/Townhouse homes. Pending Sales increased 32.9 percent for Single Family homes and 89.5 percent for Condo/Townhouse homes. Inventory decreased 22.9 percent for Single Family homes and 1.1 percent for Condo/Townhouse homes.
The Median Sales Price increased 6.7 percent to $456,325 for Single Family homes but decreased 14.9 percent to $285,000 for Condo/Townhouse homes. Average Days on Market decreased 3.5 percent for Single Family homes and 27.1 percent for Condo/Townhouse homes. Months Supply of Inventory decreased 20.0 percent for Single Family homes and 17.1 percent for Condo/Townhouse homes.
While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.
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