Here are the numbers through the end of April. Since real estate sales were driven by the 8k and 6.5k tax credit all numbers are looking good. The most note worthy number is the decrease in availability for rental units. There has been a consistent steady decline since mid January. The only reasonable explanation is an inflow of persons living in Yellowstone County. The curious part of that is, I can find no evidence of broad based hiring, which leaves me to ponder are people moving into the area because overall the economy of Yellowstone county is performing better than the region (which it is) to look for jobs or is that they found a job move here and no is admitting that they are hiring. I keep trying to discern which  is actually happening. All numbers from the housing sales numbers are positive except absorption. 237 days. Based on sales and current inventory trends over the next 30 days, that will shift downward pretty fast , yet still stay above 180 days which is the National Association of Realtors demarcation line for buyers have more power than sellers. It will be interesting to watch how the market reacts with no tax credit support. My belief is we will have a quite period for between 60 to 120 days where sales are slower since people took action earlier to take advantage of the tax credits.  

Market update at glance 4/30/2010

Year

Percentage Increase

Yellowstone County

 

2009

2010

or -Decrease

 

 

 

 

 

 

 

 

Residential  Closed Sales Units

 

445

497

 

12%

 

 

 

 

 

 

 

 

Residential  Pending Sales Units

273

373

 

37%

 

 

 

 

 

 

 

 

Residential  Active Property Units For Sale

823

919

 

12%

 

 

 

 

 

 

 

 

Average sales price Single family Home

$194,653

$200,481

 

3%

 

 

 

 

 

 

 

 

Average Square feet Single family Home

2243

2264

 

1%

 

 

 

 

 

 

 

 

Median sales price Single family Home

$178,100

$183,900

 

3%

 

 

 

 

 

 

 

 

Median Square feet Single family Home

2162

2113

 

-2%

 

 

 

 

 

 

 

 

Average Days on Market

 

 

 

 

 

Till Offer Received Single Family Home

75

62

 

-17%

 

 

 

 

 

 

 

 

Absorption rate -

TIME IN DAYS

 

 

 

 

Time it would take for all existing

 

237

 

 

properties to sell with no new inventory

 

 

 

 

coming into the market place - residential

 

 

 

 

 

 

 

 

 

 

 

 

SINGLE FAMILY PERMIT  MONTH

17

23

 

35%

 

 

 

 

 

 

 

 

SINGLE FAMILY PERMIT I YEAR

47

93

 

98%

 

 

 

 

 

 

 

 

Average # of Rentals Advertised Sundays

400

324

 

-19%

 

 

 

 

 

 

 

 

Average Asking Price for a Rental Home

$1,024

$1,036

 

1%

 

 

 

 

 

 

 

 

Average Asking Price for a Rental Apartment

$670

$652

 

-3%