MARKET UPDATE AT GLANCE 2012

By
Real Estate Broker/Owner with Howard Sumner Real Estate RRE-BRO-LIC-2190

MARKET UPDATE AT GLANCE JUNE 30TH 2012

A YEAR HALF OVER, SO THE QUESTION BECOMES,

IS THE GLASS HALF FULL OR HALF EMPTY IN YELLOWSTONE COUNTY?

FIRST LETS START BY LOOKING AT THE POSITIVES--- CLOSED SALES UP 19%-- POSITIVE, PENDING SALES UP 37%-- POSITIVE, INVENTORY DOWN 34%-- POSITIVE, PRICING UP 2% Y O Y WHEN COMPARING SIZE AND PRICE-- POSITIVE, TIME IT TAKES TO RECEIVE AN OFFER ON PROPERTIES THAT SELL DOWN BY 15%-- POSITIVE, ABSORPTION RATE OF ALL THE INVENTORY 141 DAYS (DOWN FROM 259 LAST JULY)-- POSITIVE, NUMBER OF SINGLE FAMILY PERMITS ISSUED UP 72%-- POSITIVE, NUMBER RENTALS AVAILABLE DOWN 11%-- POSITIVE, FREDDIE MAC 30 YEAR MORTGAGE RATES  3.68% (DOWN FROM 4.74%) POSITIVE

I WOULD  VENTURE THE GLASS IS MORE THAN HALF FULL AND THE RESIDENTIAL REAL ESTATE MARKET IN YELLOWSTONE COUNTY HAS HEADED IN A POSITIVE DIRECTION (TONGUE IN CHEEK). THE ADDITIONAL COMMENT I WOULD MAKE IS WHEN THE MARKET FIRST PULLS IT’S SELF IN POSITIVE DIRECTION THE GAINS ARE USUALLY OUTSIZED, WHICH ARE  SEEING IN THE FIRST HALF OF 2012. I WOULD SUGGEST THE NUMBERS WILL MODERATE A LITTLE, YET REMAIN IN THE DEFINITELY POSITIVE CAMP FOR 2012. ADDITIONALLY ONCE A MARKET HEADS IN POSITIVE DIRECTION IT WILL MOVE IN THAT GENERAL DIRECTION UNTIL SOME LARGE OUTSIDE INFLUENCE CHANGES ITS DIRECTION. THE LARGEST DAMPING INFLUENCES TO OUTSIZE GAINS IN PRICING ARE, THE APPRAISAL PROCESS, BUYERS NATURAL CAUTION, AND THE EVENTS STILL OCCURRING NATIONAL IN THE HOUSING MARKET.

Market update at glance   Year  Percentage Increase 
Yellowstone County   06/30/2012   2011 2012 or -Decrease
               
Residential  Closed Sales Units   777 922   19%
               
Residential  Pending Sales Units   259 355   37%
               
Residential  Active Property For Sale 933 613   -34%
               
Average sales price Single family Home $204,260 $212,532   4%
               
Average Square feet Single family Home 2362 2405   2%
               
Median sales price Single family Home  $180,250 $192,000   7%
               
Median Square feet Single family Home  2196 2304   5%
               
Average Days on Market Till Offer Received        
Single Family Home      78 66   -15%
               
Absorption rate -  TIME IN DAYS        
Time it would take for all existing     141    
properties to sell with no new inventory         
coming into the market place - residential         
               
SINGLE FAMILY PERMITS MONTH  20 31   55%
               
SINGLE FAMILY PERMITS YEAR  95 163   72%
               
Average # Rentals Advertised Sundays 335 272   -19%
               
Average Asking Price  Rental Home $1,061 $1,020   -4%
               
Average Asking Price Rental Apartment $657 $673   2%

 

 

 

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