I am grateful for not only my team, but also all of you. I was just looking at the numbers and we have 86 sold and pending homes. This wouldn't be possible without the hard work of my administrative, sales, and marketing team as well as all of the referrals I get from past and current clients like you.
To show our appreciation for our clients we had an amazing customer appreciation party at the Highlander Brewing Company in July. Over 100 past clients, friends, families, and vendors came and had fun. I just want to say thank you for joining us and for sending us business so far this year.
As for the market, it was booming until May 1. Then we had low inventory and were getting multiple offers. Now, though, we have seen a severe slowdown in the number of showings and offers received marketwide.
So, what's happening? As I told you back in June, the inventory is increasing. In Missoula, even though we are still below historic averages, we have an average days on market of 132 days. Currently, there are 390 properties listed for sale on the market. This is over 100 more than what we saw from February to May. When the days on market start to increase, sellers start to get nervous and lower their price. A snowball effect then occurs for neighborhood comps, bringing them down as well.
Meanwhile, in Hamilton, there is an average of 280 days on market, which puts us in a buyer’s market. There are currently 135 homes for sale. Here, we are seeing many high-end homes come onto the market which I think is driving the market upward.
"If interest rates increase another point, this could mean buyers could pay an additional $350 to $400 per month for their mortgage versus buying now."
In Florence, there are 65 properties currently listed with an average days on market of 146. Stevensville has 46 homes for sale with an average of 144 days on market.
What you need to remember about these creeping up numbers is that anything over 180 days on market is moving into a buyer's market. Sellers, I can't stress enough that we are seeing a leveling in pricing and an increase in the number of days on market. If you think waiting until next spring is a good idea, you should know that with increasing interest rates and decreasing comps, you could end up with tens of thousands of dollars less on your sale. So, why not just sell now?
Buyers, you should get out and buy now because the increased inventory gives you more to choose from and you can take advantage of price reductions from sellers sitting on the market. Also, if interest rates increase by another point, this could cost you an additional $350 to $400 per month for your mortgage.
If you are a buyer and want to see a property, all you have to do is contact us and someone on my team can go with you any time. If you are thinking about selling your home, let us know if you want us to do an evaluation of your home. We look forward to speaking with you.