MARKET UPDATE AT A GLANCE MAY 16TH 2008

Monday, May 19, 2008

by Howard Sumner

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Howard,

Here's how the residential market is performing so this year. My best description would be "surges" by that I mean purchasers seem to be coming into the market in bunches then a pause. The closed sales are holding steady at about 13% decline from a year ago same time period compared, which has been true since febuary. I would attribute at least half that decline on stricter undewritting reqirements insituted by the secondary market for loans. Overall I would say the majority of purchasers are buying "shelter" as seen by the decrease in the size of purchased as compared to last year. The pricing continues in a positive direction, yet condition and location determine that trend, more so than in recent years.

Market update at glance	5/16/2008	Year	Percentage Increase or -Decrease
Yellowstone County		2007	2008

Residential Closed Sales Units		695	636	-8%

Residential Pending Sales Units		363	282	-22%

Residential Active Property Units For Sale		678	794	17%

Average sales price Single family Home		$198,545	$204,254	3%

Average Square feet Single family Home		2367	2285	-3%

Median sales price Single family Home		$175,200	$180,300	3%

Median Square feet Single family Home		2207	2156	-2%

Average Days on Market Till Offer Received
Single Family Home		72	70	-3%

Absorption rate -
Time it would take for all existing			196
properties to sell with no new inventory coming
into the market place - residential

Average Number of Rentals Advertised Sundays		90	96	7%

Average Asking Price for a Rental Home		$851	$902	6%

Average Asking Price for a Rental Apartment		$639	$678	6%