The market positives inventory down and number of sales is closing the gap on 2010, prices are down about 3% year over year same time period.My belief is 2011 will go down as the low point in the market place this cycle and by the end of the 1st quarter we should be seeing year overyear increase in sales and at the minimum stable prices. this should help give both buyers and sellers confidence which will improve market conditions from both perspectives.
|
Market update at glance |
|
Year |
Percentage Increase |
||||
|
Yellowstone County |
11/30/2011 |
|
2010 |
2011 |
or -Decrease |
||
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|
|
|
|
|
|
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|
Residential Closed Sales Units |
|
1601 |
1542 |
|
-4% |
||
|
|
|
|
|
|
|
|
|
|
Residential Pending Sales Units |
|
193 |
198 |
|
3% |
||
|
|
|
|
|
|
|
|
|
|
Residential Active Property For Sale |
870 |
766 |
|
-12% |
|||
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|
|
|
|
|
|
|
|
|
Average sales price Single family Home |
$212,424 |
$206,330 |
|
-3% |
|||
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|
|
|
|
|
|
|
|
Average Square feet Single family Home |
2361 |
2356 |
|
0% |
|||
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|
|
|
|
|
|
|
|
|
Median sales price Single family Home |
$188,900 |
$183,700 |
|
-3% |
|||
|
|
|
|
|
|
|
|
|
|
Median Square feet Single family Home |
2226 |
2211 |
|
-1% |
|||
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|
|
|
|
|
|
|
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|
Average Days on Market Till Offer Received |
|
|
|
|
|||
|
Single Family Home |
|
|
65 |
71 |
|
9% |
|
|
|
|
|
|
|
|
|
|
|
Absorption rate - |
TIME IN DAYS |
|
|
|
|
||
|
Time it would take for all existing |
|
|
190 |
|
|
||
|
properties to sell with no new inventory |
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|
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|
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coming into the market place - residential |
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|
|
|
|||
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|
|
|
|
|
|
|
|
|
SINGLE FAMILY PERMITS MONTH |
16 |
20 |
|
25% |
|||
|
|
|
|
|
|
|
|
|
|
SINGLE FAMILY PERMITS YEAR |
229 |
186 |
|
-19% |
|||
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|
|
|
|
|
|
|
|
|
Average # Rentals Advertised Sundays |
345 |
329 |
|
-5% |
|||
|
|
|
|
|
|
|
|
|
|
Average Asking Price Rental Home |
$1,041 |
$1,065 |
|
2% |
|||
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|
|
|
|
|
|
|
|
|
Average Asking Price Rental Apartment |
$645 |
$658 |
|
2% |
A top selling real estate agent in the Billings, Montana area specializing in residential and multi-family properties. Licensed for 27 years, maintains a large statistical file of real estate data
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