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!!!

Market update at glance

2/28/2010

 

Year

Percentage Increase

Yellowstone County

 

 

2009

2010

 or -Decrease

 

 

 

 

 

 

 

 

 

Residential  Closed Sales Units

 

 

159

155

 

-3%

 

 

 

 

 

 

 

 

 

Residential  Pending Sales Units

 

187

219

 

17%

 

 

 

 

 

 

 

 

 

Residential  Active Property Units For Sale

 

851

817

 

-4%

 

 

 

 

 

 

 

 

 

Average sales price Single family Home

 

$200,732

$203,945

 

2%

 

 

 

 

 

 

 

 

 

Average Square feet Single family Home

 

2324

2312

 

-1%

 

 

 

 

 

 

 

 

 

Median sales price Single family Home

 

$177,850

$183,500

 

3%

 

 

 

 

 

 

 

 

 

Median Square feet Single family Home

 

2223

2150

 

-3%

 

 

 

 

 

 

 

 

 

Average Days on Market Till Offer Received

 

 

 

 

 

Single Family Home

 

 

 

81

64

 

-21%

 

 

 

 

 

 

 

 

 

Absorption rate -

TIME IN DAYS

 

 

 

 

 

Time it would take for all existing

 

 

202

 

 

properties to sell with no new inventory coming

 

 

 

 

into the market place - residential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SINGLE FAMILY PERMIT ISSUED FOR MONTH

15

15

 

0%

 

 

 

 

 

 

 

 

 

SINGLE FAMILY PERMIT ISSUED FOR YEAR

17

25

 

47%

 

 

 

 

 

 

 

 

 

Average Number of Rentals Advertised Sundays

400

350

 

-13%

 

 

 

 

 

 

 

 

 

Average Asking Price for a Rental Home

 

$1,024

$984

 

-4%

 

 

 

 

 

 

 

 

 

Average Asking Price for a Rental Apartment

$670

$655

 

-2%