Mineral County Median Home Prices Remain Strong Through 2007

There has been a lot of negative national press about the real estate market recently. Reports of increased foreclosures and falling home prices seem to headline every news segment. What these national stories don't report is that many markets remain steady or are even growing slightly. So is the case with Mineral County and much of Western Montana.

During 2007, median home prices in the county increased significantly. The area of Alberton saw the median home sales price rise to $168,500, a 9.2% increase from 2006. The area from Fish Creek through Superior saw a median home price of $148,000, a 6.1% increase from 2006. And the west end of Mineral County, which experienced the highest gains, saw the median home price rise to $222,500 - a 37.6% increase from 2006! Homes are taking a longer to sell in the County though, with an average of 170 days on the market, up from 151 days in 2006.

There was a story on the front page of The Missoulian just before Thanksgiving announcing that Mineral County was the No. 1 hottest county for land in the United States! This story reported on the growth spurt that Mineral County is experiencing and how Mineral County was 1st in the nation in September for hits on a popular website Landwatch.com. Second and third in the country were Nicholas County of West Virginia and Calhoun County of Florida respectively. It is important to note that these numbers were based on interest and not on actual sales however.

In general, we have also been able to avoid the large number of foreclosures that residents of other parts of the country have experienced. A recent foreclosure activity report shows that there were 146 foreclosure filings in the state of Montana in October, ranking us low at # 41 out of 50 states for the number of foreclosures.

As Mineral County Real Estate Specialists and residents, it comes as no surprise. Mineral County remains a desirable place to live boasting majestic mountains with pristine lakes, rivers, streams, wildlife, and abundant recreational opportunities. With 82% of land in the county owned by the public, the amount of available real estate is limited.

With interest rates down to 5.87% this week for a 30-year fixed mortgage, Real Estate is still a good long-term investment. Owning real estate also helps build a community and is part of the American Dream - having a place to call your own. With the limited supply of land in Montana, and Missoula, real estate will remain a viable investment for many years to come.

For more information on Mineral County, Montana including the towns of Superior, St. Regis, Deborgia, Haugen, Saltese, Alberton, and Lozeau, visit www.mymineralcounty.com.

Monica Ray is a Realtor® and Accredited Home Staging Specialist with Streamside Realty. Monica and her husband Kevin Ray, also a Realtor, work primarily in Mineral County. Their website is http://www.yourmt.com/. Kevin & Monica can be reached at 406-207-1185.