The Missoula Organization of REALTORS reports 58 new residential listings for the past week, with an average list price of $224,900. The average days on market was 135 as of 4/6/10.
The Montana Lifestyle – What it Means for Property Values
In The Market on April 7, 2010 at 7:42 pm
Montana is an incredible place that offers recreation, culture and a sense of community. For this reason, cities like Missoula and Bozeman have seen tremendous growth the last 15 years. The majority of new residents consist of outdoor enthusiasts, retirees, professionals and college students. These cities feature:
- Higher Education
- World Class Medical Facilities and Personnel
- Top Rated Ski Resorts
- The Famed Flyfishing Golden Triangle
- Proximity to Flathead Lake
- Glacier National Park & Yellowstone National Park
- A Vibrant Artistic Community
State of the Market
Property values have fallen in several segments of the market, specifically commercial space and homes above $400,000. But compared to markets nationwide Missoula has been extremely resilient in holding value and has one of the lowest foreclosure rates in the country. According to the 2010 Missoula Housing Report, “In 2009, sales of homes under $275,000 increased by 12%.”
The Economy is driven by a 15,000 student university and two large hospitals. As the county seat, Missoula also provides many government jobs and related businesses that help ensure stability for many Missoulians.
Business Friendly. Favorable tax laws, a highly educated workforce and low expenses for office space have led to several small businesses and startups calling Missoula home.
These factors contribute to a fairly stable economy and by extension, consistent demand for housing. The geography of the city also assists in protecting property value. Because the city is surrounded by mountains and much of the open space is protected, locations for new development are limited.
Looking Forward: There is much uncertainty regarding the economy locally and nationally. Furthermore, the expected termination of the Home Buyer’s Tax Credit program has the potential to drive down demand and prices in the short term. Having said that, the nature of the city and the expectation that our Montana lifestyle will continue to attract new residents, creates a stable if not desirable market for investors.
Our New Office
In Uncategorized on January 21, 2010 at 11:16 pmWe just opened our new office next to Caras Nursery and Landscape. Come visit us at 2727 S. 3rd W.
And visit our website:
