Lake County's housing market starting to heat up
LAKE COUNTY – The Lake County real estate market is starting to heat up, following a Treasure State market that thawed from a long winter that hampered early sales activity.
Lambros Real Estate CEO Bruno Friia said sales started ticking up in April. His company sells real estate in Lake County.
“It first started in Missoula, followed by the Bitterroot, Kalispell, Libby and now to Lake County and Polson,” Friia said. “July has all offices now seeing very brisk sales.”
Data from the Northwest Montana Association of Realtors shows the median residential sales price is up $13,000 from the same period in 2013 with condos, townhouses and lots following similar trends.
“It seems the market in the south – Bitterroot, Missoula — has finally come together with the northwest offices (in) Kalispell (and) Libby pushing the business to Lake County. Typically this is following a trend of the past when lake properties came into season, late May to mid-June.”
In the eight largest markets across the state nearly 2,700 single-family homes were sold in the past three months, accounting for 64 percent of total sales through the first half of 2014.
The northwest is one of eight major markets in Montana. The other seven are: Billings, the Bitterroot, Butte, Gallatin, Great Falls, Helena and Missoula.
In those eight markets, a total of 4,190 single-family homes were sold in the first six months of 2014, compared to 4,456 during the same period of time in 2013, a decrease of six percent.
However, activity was down nearly 12 percent through the first three months of this year, showing that the second quarter has been more active, according to the association. Three housing markets reported an increase in single-family home sales through the first six months of 2014 compared to the same time period in 2013.
Additionally, six reported an increase in average sales price, seven reported an increase in median sales price and four reported a decrease in average days on market.
“The warming in the weather has also warmed our state’s housing markets across the state,” said Dennis Cook, Association President. “While the state is still a bit behind last year’s pace, overall our markets are still very stable. Interest rates remain near historical lows.”
The Bitterroot Valley Board was just off of last year’s pace, selling 211 single-family homes during the first two quarters compared to 219 in 2013. Missoula realtors were also down 15.6 percent or -91 homes.
The association’s number is 441-4871.
A complete list of local associations in Montana is at www.MontanaRealtors.org/mar-directory.