monthly market numbers
Here is housing number through February 28th 2010 while there will be some additional closed transaction reported throughout the end of the week, not enough to radically change what follows below. You can see the impact to the tax credit and my belief is we are off to the races regarding the April 30th 2010 expiration of the credits for purchase agreement to be in place, so for the next sixty day I would expect pending sales to pace last years increases after the tax credit was passed the first time. It will interesting see what happens after the credit expires , my belief is there will a substantial market pause before it reaches equilibrium, since a lot of purchasers will have been drawn into the market place earlier instead later in the year. I have also include below a graph show the percentage to pending to active to show the relative strength of the last three year. I am glad I live in Billings!!!
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Market update at glance |
2/28/2010 |
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Year |
Percentage Increase |
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Yellowstone County |
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2009 |
2010 |
or -Decrease |
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Residential Closed Sales Units |
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159 |
155 |
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-3% |
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Residential Pending Sales Units |
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187 |
219 |
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17% |
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Residential Active Property Units For Sale |
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851 |
817 |
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-4% |
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Average sales price Single family Home |
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$200,732 |
$203,945 |
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2% |
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Average Square feet Single family Home |
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2324 |
2312 |
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-1% |
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Median sales price Single family Home |
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$177,850 |
$183,500 |
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3% |
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Median Square feet Single family Home |
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2223 |
2150 |
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-3% |
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Average Days on Market Till Offer Received |
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Single Family Home |
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81 |
64 |
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-21% |
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Absorption rate - |
TIME IN DAYS |
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Time it would take for all existing |
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202 |
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properties to sell with no new inventory coming |
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into the market place - residential |
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SINGLE FAMILY PERMIT ISSUED FOR MONTH |
15 |
15 |
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0% |
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SINGLE FAMILY PERMIT ISSUED FOR YEAR |
17 |
25 |
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47% |
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Average Number of Rentals Advertised Sundays |
400 |
350 |
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-13% |
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Average Asking Price for a Rental Home |
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$1,024 |
$984 |
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-4% |
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Average Asking Price for a Rental Apartment |
$670 |
$655 |
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-2% |
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