missoula market update 1-23-2012
TRANSCRIPT
13 72999
1682.0 30
3.0
7
231
3.0 113
184
3
6
1.0 - 2.5acres
33
$ 210,000
6
4
113
3.0
6,501 -8,000 sqft
42.0
1249 4,501 -6,500 sqft
113
$ 169,000
3.0
274
0.25 - 0.50acre$ 289,900
4.0$ 499,000
20
7
2249
The market seems to have paused around this plateau. TheMarket Action Index is a good leading indicator for the durabilityof this trend.
The market has shown some evidence of slowing recently. Bothprices and inventory levels are relatively unchanged in recent weeks.Watch the Market Action Index for changes as it can be a leadingindicator for price changes.
Inventory has been tightening and days-on-market increasingrecently. The Market Action Index has been basically flat, notproviding strong indication for market conditions.
MISSOULA, MTMarket TrendsExecutive Summary
113
1749
2.0
Monday January 23, 2012
The median list price in MISSOULA, MT this week is $239,450.
Investigate the market in quartiles -where each quartile is 25% of homesordered by price.
Most expensive 25% of properties
Upper-middle 25% of properties
Lower-middle 25% of properties
Least expensive 25% of properties
Quartile Median Price Lot Size Beds Baths Age Inventory New Absorbed DOMSq. Ft.
Prudential Montana Real Estate | (406) 721-4141
No change Strong upward trend Strong downward trend
Slight upward trend Slight downward trend±+ == ≠≠
≠=
Powered by Altos Research LLC | www.altosresearch.com | Copyright ©2005-2010 Altos Research LLC
Single Family Homes
Median Lot Size
17.2
Percent Relisted (reset DOM)
1749
2.0
2 %
Median Number of Bathrooms
214
Median List Price
Average Days on Market (DOM)$ 136
Percent Flip (price increased)
8,001 - 10,000 sqftMedian House Size (sq ft)
$ 239,450
23 %
3.0
Market Action Index
Median Number of Bedrooms
Asking Price Per Square Foot
n/aPercent of Properties with Price Decrease
Strong Buyer's
±+
==
==
±+
Bottom/Fourth
Lower/Third
Upper/Second
Top/First
This Week
Supply and Demand
Real-Time Market Profile Trend
Price
Price Trends
Market Action Index
The Market Action Index answers the question "How's theMarket?" by measuring the current rate of sale versus theamount of the inventory. Index above 30 implies Seller'sMarket conditions. Below 30, conditions favor the buyer.
QuartilesCharacteristics per Quartile
7-Day Rolling Average 90-Day Rolling Average Buyer/Seller Cutoff
7-Day Rolling Average 90-Day Rolling Average
Median List Price
Median Lot Size
17.2
Percent Relisted (reset DOM)
1749
2.0
2 %
Median Number of Bathrooms
214
Inventory of Properties Listed
$ 136
Percent Flip (price increased)
8,001 - 10,000 sqft
Median House Size (sq ft)
$ 239,450
23 %
3.0
Market Action Index
Median Number of Bedrooms
Asking Price Per Square Foot
n/a
Percent of Properties with Price Decrease
Strong Buyer's
≠≠
±+
==
==
±+
Altos Research Value Statistics
Most Expensive Listing
Average Days on Market (DoM)
Bottom/Fourth
Lower/Third
Upper/Second
Top/First
This Week Real-Time Market Profile Trend
The Market Action Index answers the question "How's the Market?" by measuringthe current rate of sale versus the amount of the inventory. Index above 30implies a seller's advantage. Below 30, conditions give the advantage to thebuyer.
Supply and Demand
Characteristics per Quartile
13 72999
1682.0 30
3.0
7
231
3.0 113
184
3
6
1.0 - 2.5acres
33
$ 210,000
6
4
113
3.0
6,501 -8,000 sqft
42.0
1249 4,501 -6,500 sqft
113
$ 169,000
3.0
274
0.25 - 0.50acre$ 289,900
4.0$ 499,000
20
7
2249
Inventory has been tightening anddays-on-market increasing recently.The Market Action Index has beenbasically flat, not providing strongindication for market conditions.
Monday January 23, 2012
Prudential Montana Real Estate | (406) 721-4141
113
1749
2.0
The median list price in MISSOULA,MT this week is $239,450. The 452properties have been on the marketfor an average of 214 days.
Most expensive 25% of properties
Upper-middle 25% of properties
Lower-middle 25% of properties
Least expensive 25% of properties
Quartile Median Price Lot Size Beds Baths Age Inventory New Absorbed DOMSq. Ft.
No change
Strong upward trend Strong downward trend
Slight upward trend Slight downward trend±+
== ≠≠
≠=
MISSOULA, MTCity Overview
Least Expensive Listing
Average List Price
Average Age of Listing
452
$ 3,985,000
$ 45,900
$ 323,586
30
Trend Key:
The market has shown someevidence of slowing recently. Bothprices and inventory levels arerelatively unchanged in recentweeks. Watch the Market ActionIndex for changes as it can be aleading indicator for price changes.
Page 2 of 31
Single Family Homes in
Prudential Montana Real Estate | (406) 721-4141
City OverviewMISSOULA, MT
Monday January 23, 2012
Median PriceThe market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability ofthis trend.
90-day Average7-day Average
Quartile PricesPrices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift(up or down) in the Market Action Index before prices move from these current levels.
First/Top Second/Upper Third/Lower Fourth/Bottom
Page 3 of 31
Single Family Homes in
Prudential Montana Real Estate | (406) 721-4141
City OverviewMISSOULA, MT
Monday January 23, 2012
Price per Square FootThe value placed on homes continues to increase, despite the fact that prices in general have been basically flat recently.These conditions can arise when inventory is light and more, smaller homes have more influence on overall prices.
90-day Average7-day Average
Inventory of Properties Listed for SaleInventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look tothe Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
90-day Average7-day Average
Page 4 of 31
Single Family Homes in
Prudential Montana Real Estate | (406) 721-4141
City OverviewMISSOULA, MT
Monday January 23, 2012
Market Action IndexThe MISSOULA market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Indexstands at 17.19. With several months of inventory available at the current sales rate, buyers should find ample choice.
Buyers/Sellers Cutoff90-day Average
Market Action Index per QuartileNot surprisingly given the overall Market Action Index, all quartiles are in the Buyer's Market zone with several months ofinventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall marketshifts. Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole groupchanges.
First/Top Second/Upper Third/Lower Fourth/Bottom
Buyers/Sellers Cutoff
Residential house prices are a function of supply and demand, and market conditions can be characterizedby analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’sAdvantage zone (below 30) for a long period, prices are likely in for a downward correction.
Page 5 of 31
Single Family Homes in
Prudential Montana Real Estate | (406) 721-4141
City OverviewMISSOULA, MT
Monday January 23, 2012
Days on MarketThe properties have been on the market for an average of 214 days. Half of the listings have come newly on the market in thepast 152 or so days.
90-day Average7-day Average
Days on Market per QuartileIt is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.
First/Top Second/Upper Third/Lower Fourth/Bottom
Page 6 of 31
Single Family Homes in
4 02249
1801.8 4
2.0
0
187
2.0 30
174
3
0
10
$ 161,950
0
0
30
2.2
02.0
999
30
$ 125,750
2.0
488
$ 210,000
3.0$ 375,000
18
2
1249
Price trends continued their recent uptrend this week. Whilestill below the market's price high-point, we've seen a nice runrecently.
In terms of supply and demand, the market is getting cooler - moresupply is coming on the market relative to the sales demand.However, in recent weeks prices have been moving higher. Since it istechnically a Buyer's market, this price trend may be a result ofimproved quality (newer, larger homes) of the homes being listed.Look at the descriptive statistics where you may notice the homesbeing listed are larger and younger than they have been in the past.
Inventory has been decreasing lately but the Market Action Index isfalling also. With days-on-market climbing, these are relativelynegative implications for the market.
MISSOULA, MTMarket TrendsExecutive Summary
29
1249
1.0
Monday January 23, 2012
The median list price in MISSOULA, MT this week is $179,900.
Investigate the market in quartiles -where each quartile is 25% of homesordered by price.
Most expensive 25% of properties
Upper-middle 25% of properties
Lower-middle 25% of properties
Least expensive 25% of properties
Quartile Median Price Beds Baths Age Inventory New Absorbed DOMSquare Feet
Prudential Montana Real Estate | (406) 721-4141
No change Strong upward trend Strong downward trend
Slight upward trend Slight downward trend±+ == ≠≠
≠=
Powered by Altos Research LLC | www.altosresearch.com | Copyright ©2005-2010 Altos Research LLC
Condos - Townhomes
10.9
Percent Relisted (reset DOM)
1249
2.0
0 %
Median Number of Bathrooms
255
Median List Price
Average Days on Market (DOM)$ 139
Percent Flip (price increased)Median House Size (sq ft)
$ 179,900
18 %
2.0
Market Action Index
Median Number of Bedrooms
Asking Price Per Square Foot
n/aPercent of Properties with Price Decrease
Strong Buyer's
==
==
==
≠≠
Bottom/Fourth
Lower/Third
Upper/Second
Top/First
This Week
Supply and Demand
Real-Time Market Profile Trend
Price
Price Trends
Market Action Index
The Market Action Index answers the question "How's theMarket?" by measuring the current rate of sale versus theamount of the inventory. Index above 30 implies Seller'sMarket conditions. Below 30, conditions favor the buyer.
QuartilesCharacteristics per Quartile
90-Day Rolling Average7-Day Rolling Average Buyer/Seller Cutoff
90-Day Rolling Average7-Day Rolling Average
Median List Price
10.9
Percent Relisted (reset DOM)
1249
2.0
0 %
Median Number of Bathrooms
255
Inventory of Properties Listed
$ 139
Percent Flip (price increased)
Median House Size (sq ft)
$ 179,900
18 %
2.0
Market Action Index
Median Number of Bedrooms
Asking Price Per Square Foot
n/a
Percent of Properties with Price Decrease
Strong Buyer's
≠≠
==
==
==
≠≠
Altos Research Value Statistics
Most Expensive Listing
Average Days on Market (DoM)
Bottom/Fourth
Lower/Third
Upper/Second
Top/First
This Week Real-Time Market Profile Trend
The Market Action Index answers the question "How's the Market?" by measuringthe current rate of sale versus the amount of the inventory. Index above 30implies a seller's advantage. Below 30, conditions give the advantage to thebuyer.
Supply and Demand
Characteristics per Quartile
4 02249
1801.8 4
2.0
0
187
2.0 30
174
3
0
10
$ 161,950
0
0
30
2.2
02.0
999
30
$ 125,750
2.0
488
$ 210,000
3.0$ 375,000
18
2
1249
Inventory has been decreasing latelybut the Market Action Index is fallingalso. With days-on-market climbing,these are relatively negativeimplications for the market.
Monday January 23, 2012
Prudential Montana Real Estate | (406) 721-4141
29
1249
1.0
The median list price in MISSOULA,MT this week is $179,900. The 119properties have been on the marketfor an average of 255 days.
Most expensive 25% of properties
Upper-middle 25% of properties
Lower-middle 25% of properties
Least expensive 25% of properties
Quartile Median Price Beds Baths Age Inventory New Absorbed DOMSq. Ft.
No change
Strong upward trend Strong downward trend
Slight upward trend Slight downward trend±+
== ≠≠
≠=
MISSOULA, MTCity Overview
Least Expensive Listing
Average List Price
Average Age of Listing
119
$ 667,500
$ 77,500
$ 226,840
21
Trend Key:
Inventory levels have been relativelyconsistent relative to sales. Despitethe fact that there is a relativelyhigh amount of available inventory,this Buyer's market is still seeingprices move higher. Given inventorylevels, these price conditions arerelatively fragile. If the marketcools off further, the price trend islikely to reverse.
Page 2 of 26
Condos & Townhomes in
Prudential Montana Real Estate | (406) 721-4141
City OverviewMISSOULA, MT
Monday January 23, 2012
Median PricePrice trends continued their recent uptrend this week. While still below the market's price high-point, we've seen a nice runrecently.
90-day Average7-day Average
Quartile PricesPrices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift(up or down) in the Market Action Index before prices move from these current levels.
First/Top Second/Upper Third/Lower Fourth/Bottom
Page 3 of 26
Condos & Townhomes in
Prudential Montana Real Estate | (406) 721-4141
City OverviewMISSOULA, MT
Monday January 23, 2012
Price per Square FootThe market appears to be placing an increasing premium on homes. When list prices and price per square foot consistentlyincrease in tandem, as they're doing now, you can often find short-term investment opportunities. Watch the Market ActionIndex for persistent changes as a leading indicator for these trends to flatten or drop.
90-day Average7-day Average
Inventory of Properties Listed for SaleInventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look tothe Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
90-day Average7-day Average
Page 4 of 26
Condos & Townhomes in
Prudential Montana Real Estate | (406) 721-4141
City OverviewMISSOULA, MT
Monday January 23, 2012
Market Action IndexThe MISSOULA market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Indexstands at 10.94. With several months of inventory available at the current sales rate, buyers should find ample choice.
Buyers/Sellers Cutoff90-day Average
Market Action Index per QuartileNot surprisingly given the overall Market Action Index, all quartiles are in the Buyer's Market zone with several months ofinventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall marketshifts. Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole groupchanges.
First/Top Second/Upper Third/Lower Fourth/Bottom
Buyers/Sellers Cutoff
Residential house prices are a function of supply and demand, and market conditions can be characterizedby analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’sAdvantage zone (below 30) for a long period, prices are likely in for a downward correction.
Page 5 of 26
Condos & Townhomes in
Prudential Montana Real Estate | (406) 721-4141
City OverviewMISSOULA, MT
Monday January 23, 2012
Days on MarketThe properties have been on the market for an average of 255 days. Half of the listings have come newly on the market in thepast 162 or so days.
90-day Average7-day Average
Days on Market per QuartileIt is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.
First/Top Second/Upper Third/Lower Fourth/Bottom
Page 6 of 26
Condos & Townhomes in