Thought I would update through tax day. We now have 9 home shopping days left for the tax credit and truly we are sprinting to the finish line when you look at the percentage increase in pending sales over last year. There are a couple of other worthy notes is the median and average square footage of the homes sold decreasing, yet pricing moving slightly ahead a positive trend to build a solid floor on pricing. The other stand is the decrease in availed rental units. I searched hard to find the most reasonable explanation and I believe it is that people are moving to Yellowstone County in search of employment since we have one of the lowest unemployment numbers in the region. This in migration will probably show up in Yellowstone counties unemployment increasing more than the business environment on its’ own would lead to occur.

Market update at glance

4/15/2010

 

Year

Percentage Increase

Yellowstone County

 

 

2009

2010

or -Decrease

 

 

 

 

 

 

 

 

 

Residential  Closed Sales Units

 

 

356

374

 

5%

 

 

 

 

 

 

 

 

 

Residential  Pending Sales Units

 

245

337

 

38%

 

 

 

 

 

 

 

 

 

Residential  Active Property Units For Sale

 

814

915

 

12%

 

 

 

 

 

 

 

 

 

Average sales price Single family Home

 

$199,653

$201,522

 

1%

 

 

 

 

 

 

 

 

 

Average Square feet Single family Home

 

2295

2272

 

-1%

 

 

 

 

 

 

 

 

 

Median sales price Single family Home

 

$180,000

$183,400

 

2%

 

 

 

 

 

 

 

 

 

Median Square feet Single family Home

 

2184

2158

 

-1%

 

 

 

 

 

 

 

 

 

Average Days on Market Till Offer Received

 

 

 

 

 

Single Family Home

 

 

 

77

61

 

-21%

 

 

 

 

 

 

 

 

 

Absorption rate -

TIME IN DAYS

 

 

 

 

 

Time it would take for all existing

 

 

231

 

 

properties to sell with no new inventory coming

 

 

 

 

into the market place - residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SINGLE FAMILY PERMIT ISSUED FOR MONTH

13

45

 

246%

 

 

 

 

 

 

 

 

 

SINGLE FAMILY PERMIT ISSUED FOR YEAR

30

70

 

133%

 

 

 

 

 

 

 

 

 

Average Number of Rentals Advertised Sundays

400

331

 

-17%

 

 

 

 

 

 

 

 

 

Average Asking Price for a Rental Home

 

$1,024

$1,025

 

0%

 

 

 

 

 

 

 

 

 

Average Asking Price for a Rental Apartment

$670

$653

 

-3%