home sales: Rent versus Buy Yellowstone County - 03/21/14 01:17 PM
 
I ran into an interesting article about rent versus buy the article contained a calculator comparing renting versus buying that showed, what I thought, a realistic cost comparisons. The calculator let you change the the price and rents so I ran the information for Yellowstone County. 
 
The housing costs I used were from the MLS going back to March 1st 2013, the information from the MLS showed that average and median home sold in Yellowstone county contained four bedrooms and two baths.
 
The average sales price since March 1st 2013  of $239,332 and the median (half selling for more, half selling for less) was $218,000.
 
For the rental information I used a … (1 comments)

home sales: Market Update at Glance december 2013 End of the Year - 01/11/14 11:45 AM
December 31st 2013
“End of the Year, Dichotomies”
Wow another year and it went by at light speed. 2013 was a two part year, the first half a rocket ship headed for the best year Yellowstone County has ever seen, the second half, while good, had changed dynamics and we ended still 10.62% fewer homes sold than 2006 the peak year for number of sales in Yellowstone County. First I will look at the changes from year end 2012 to year end 2013, and second, I will and look at second half of 2013.  In single family permits we see … (0 comments)

home sales: Market Update at a Glance November 2013 - 12/07/13 11:13 AM
“Looking Back”
 
I am going to do two things month, which will make this a long report overall. First I will look at the changes form November 2012 to November 2013, then second I will go back and look at 2006 (the peak year in residential sales) and compare to 2013 to see how we have done.  In single family permits we see the fourth  year over year monthly decrease (permits down 13% from November 2012,  total single family permits still have a gain of 17% for the year, as a comparison in march 2013 permits were up 66% year … (2 comments)

home sales: NEW CONSTRUCTION BILLINGS MONTANA - 12/02/13 11:01 AM
 
THIS TIME OF YEAR I START ASKING MYSELF QUESTIONS ABOUT THE MARKET PLACE AND THE ANSWERS I ALWAYS FIND INTERESTING
 
NEW CONSTRUCTION IN BILLINGS AREA
 
WHEN LOOKING HOW WELL OR POOR WE ARE DOING THERE ARE MANY DIFFERENT WAYS TO LOOK AT THE SEGMENT.
 
#1 COMPARING NUMBER OF SINGLE FAMILY PERMITS ISSUES
 
#2 COMPARING SINGLE FAMILY PERMITS PLUS DUPLEX PERMITS MULTIPLIED BY 2 FOR LIVING UNITS
 
#3 COMPARING TOTAL DOLLAR VALUE OF PERMITS ISSUED
 
#4 COMPARING POPULATION TO TOTAL OF PERMITS ISSUED
 
#5 COMPARING EMPLOYMENT TOTAL OF PERMITS ISSUED
 
 
 
MY … (0 comments)

home sales: County employment Montana - 11/24/13 09:42 AM
 
Since our friends in Washington D.C. decided to shut down for a while. Employment numbers have not been published for a couple months for Montana. Always good to see what is happening with employment since more people working means,  in all likely hood, more homes will be sold. Although not a direct correlation employment is a good predictor, since it is impossible now to qualify for a loan without income.
 
 
 
 
 
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home sales: Market up date at Glance through November 2012 - 12/07/12 10:26 AM
Market up date at Glance through November 2012
Noise, Noise, Noise……. As I sat down to review this months & year to date information, the election ads got me to thinking about all the misleading information you need to sort through to understand the underlying direction of housing within our market place. So first, just a brief diversion into the noise. Of course I mentioned the election, then we have the “fiscal cliff”,  the  “national debt”, taxing the “rich”, the stock market gyrations, the European union and  Greece, Spain, Portugal or Italy’s mess, China’s exports and buying our debt, last but … (0 comments)

home sales: How clear can you forcast -- Yellowstone County-- your city or Area - 12/02/12 10:43 AM
Thoughts to ponder for Real estate in Yellowstone County
2011 to 2012
Residential sales, number of units up 20%
Inventory, number of units,  down by 21%
Price, considering size, up solid 3%
Interest rates are down 16%
Number of employed in Yellowstone county is up 2.4%
Number of three bedroom homes w/garage for rent down 12.22%
 
2008 to 2012
Residential sales, number of units up 1.5%
Inventory, number of units, down by 34.73%
Price, considering size, up solid 1.5%
Interest rates are down 44.9%
Number of employed in Yellowstone county is down .09%
Number of three bedroom homes w/garage for … (1 comments)

home sales: Market update at a glance October 2012 - 11/07/12 08:38 AM
Market up date at Glance through October 2012
Solid gains in price movement, closed sales, pending sales and reduction in inventory. So as I look at the numbers below the question comes to mind has the mix of sales affected the sales price and if so why. The short answer is yes it becomes most self-evident if you look at the size of selling this year 1st going back to 2008 houses sold are  7.89% bigger yet you are only paying  4.79% more in grossing selling price . If you look at payment with interest rate in 2008 the average sales … (0 comments)

home sales: Market up date at glance august 2012 - 09/11/12 04:38 AM
Market at a glance august 2012
We are now two thirds through the year and the good numbers continue to roll through the housing market here in Yellowstone Count, Inventory lower by 34%, pending sales up by 48%, closed sales up by 21%, new home permits up 77% all outstanding performance for the residential market. The driver for most of this outstanding performance comes from three things interest rate and jobs and population growth.   First let’s talk about interest rates, the Federal Reserve through their “operation twist”, selling short term bonds and buying mortgages, has managed to drive interest rates to … (0 comments)

home sales: 41 Clark Avenue, Billings MT 59102 - 09/01/12 05:55 AM
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home sales: 128 Monroe Street, Billings MT - 08/23/12 05:44 AM
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home sales: Market Upadte at a glance july 2012 - 08/11/12 07:47 AM
 
Market update at glance July 31st 2012
 
Dichotomy of the market place ----- my best description for our market so far this year.
 
The positive numbers in all categories at the end of July can only be described in superlatives,  closed sales up 18%, pending sales up 43%, inventory down 34%, time on market down 14%, single family permits issued by the City of Billings up 77%, number of rental available down 17%,  interest rate on a 30 year fixed rate 3.55% down 21.9% from a year ago, monthly payment to purchase the average priced home in Yellowstone  … (1 comments)

home sales: 624 Custer Billings Montana 59101 - 10/29/11 09:09 AM
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home sales: 544 lewis avenue Billings Montana 59101 - 10/11/11 10:48 AM
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home sales: is now a good time to buy a home - 09/20/11 11:31 AM
When making a major decision such as a buying a home many factors come into play. The first piece of information would be how long you plan to live in the home. In my opinion, your time frame should be a minimum of five years, unless there is some plan to convert the property to an investment property, which can change the parameters of the decisions.
Below is the information for Yellowstone county to compare what has happened since 2007 mid-September to mid-September 2011. In reviewing the information from 2007 you can see why  my opinion is that five years should … (2 comments)

home sales: 2010 "what a long strange trip" - 01/03/11 09:20 AM
 "What a long strange trip it has been."  Grateful Dead  the song "trucking"
Real estate has been anything but boring. Changes in the market place continue to provide plenty of challenges. Although there are positive signs that real estate's  fall from grace and the market, is close to approaching the bottom of the trip , my belief is 2011 will still provide all the challenges a person wants in accomplishing sales. While the number of person going into default will be on the decline, the number of properties actually foreclosed will increase. The natural repercussion of more foreclosed properties will be, … (0 comments)

home sales: Real Estate Quote - 12/31/10 09:55 AM
The following is the most appropriate quote in relation to ownership of real estate I have seen. The wealth creation of owning real estate does not occur in a 12 month period 
If you are planning for one year, grow rice. If you're planning for 20 years, grow trees. If you're planning for centuries, grow men." - Chinese proverb
 
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home sales: housing and numbers - 12/23/10 10:53 AM
Census bureau information is starting to be released and with some simple math you can get a feel for the length of time it is going to take to resolve the housing oversupply/foreclosure problem.
From census in 2000 to the 2010 census
1st the population in the united states  increased by approximately by  27 million people
2nd that increase means that households increase by approximately  9.3 million
3rd number of housing units increased by approximately 14.5 million
Soooooooo simple math says as now 2010 we have an oversupply of about 5 million housing units (new housing units 14.5 minus new households … (0 comments)

home sales: Building permits and starts nationally - 12/16/10 05:17 PM
Thought it might be useful to compare total permits and single family on graphs together . The important take  away is, total permits and starts include multifamily, single family is single family, at the peak you can see the larger separation of the two measurements and how the spread has narrowed. In the immediate run as we increase employment and household formation combined with the low levels building  in relations indicate pressure on both rents and sale price in the midterm (out 12 to 48 months) some demand will be filled by the foreclosures for both rental and ownership sales, yet … (0 comments)

home sales: makert stats through November 2010 - 12/04/10 12:49 PM
 When you look at single family permits you can see the effect of the new building code that went into place November 1st. last month they we up and you can see the decline this month. We should end the year with a tie for 2009 in building permits. So 2011 should most probably exceed 2009-2010. There is a cave eat installation of fire suppression sprinklers may go into effect January 1st 2011 and if that happens the cost of new homes with jump without any added space or new amenities , which most probably will depress demand until existing prices … (0 comments)

 
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Howard Sumner

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Billings, MT

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Howard Sumner Real Estate

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