With negative and stress-inducing headlines continuing to run rampant across the airwaves, it’s easy to get spooked. But in this Halloween season, we’re here to reassure you: the sky is not falling. Read on for the Q3 2022 Market Report, and one key action to take in today’s market.
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Average & Median Sales Price By County
| Average Sales Price | % Change (vs LQ) | % Change (vs LY) | Median Sales Price | % Change (vs LQ) | % Change (vs LY) | |
|---|---|---|---|---|---|---|
| Flathead | $790,877 | -13% | flat | $580,000 | -16% | +5% |
| Missoula | $585,286 | -14% | +7% | $525,000 | -5% | +11% |
| Ravalli | $672,957 | -6% | -1% | $570,000 | -7% | +9% |
| Lewis & Clark | $477,541 | -4% | +15% | $439,300 | -5% | +16% |
While we saw a decrease in home prices compared to the quarter prior, demand for homes in Western Montana is still very apparent, with both average and median percentage of list pricing still hitting at, or just under, 100%.
Months Supply has continued to creep back up, with Q3 2022 ending at:
- Lewis & Clark County: 1.8 months, +50% vs Q2
- Missoula County: 2.5 months, +47% vs Q2
- Ravalli County: 3.8 months, +41% vs Q2
- Flathead County: 4.7 months, +68% vs Q2
Months Supply of Homes for Sale
Average & Median Sales Price By Town
| Average Sales Price | % Change (vs LQ) | % Change (vs LY) | Median Sales Price | % Change (vs LQ) | % Change (vs LY) | |
|---|---|---|---|---|---|---|
| Whitefish | $1,231,849 | -10% | +17% | $820,000 | -4% | +14% |
| Kalispell | $622,728 | -14% | +15% | $527,250 | -12% | +17% |
| Bigfork | $1,086,689 | -30% | -3.4% | $751,000 | -12% | +13% |
| Missoula | $590,540 | -8% | +14% | $540,000 | -1% | +14% |
| Helena | $474,441 | -7% | +14% | $443,000 | -7% | +17% |
| E Helena | $450,162 | -11% | +7% | $425,000 | -5% | +6% |
While we saw a drop in prices compared to Q2, the gains in equity over the past few years have been significant. Comparing Average (ASP) and Median Sales Price (MSP) increases from Q3 2020 to Q3 2022, the results are staggering:
- Whitefish: MSP +39% | ASP +40%
- Kalispell: MSP 54% | ASP +55%
- Bigfork: MSP +50% | ASP +52%
- Missoula: MSP +44% | ASP +45%
- Helena: MSP +41% | ASP +40%
- East Helena: MSP +37% | ASP +39%
Median Price Per Square Foot
Even with the pricing dip we’re experiencing, the equity gained over time has been significant, as seen from the above graph, showcasing the Median Price Per Square Foot of homes in the Western Montana towns of Whitefish, Kalispell, Bigfork and Missoula.
So What Do I Do Now?
Every property, and every home owner’s situation, is different. Today, the dialogue has never been more specific, and nuanced, for each client. If you have concerns, questions or want to plan for the future, now is the time to find good counsel – an experienced Agent who has weathered these storms before – to help understand your goals and help you plan your real estate journey. Contact us to schedule a time to sit down with one of our experienced Agents and start planning.
