GreaterMontanaGMAC’s Weblog

Market in the Bitterroot Valley didn’t improve much in the month of January.  There was was only 24 closing for the month in Ravalli County.  Listing taken is about the same from a year ago with 197 new listings.   What do you expect there was 182 expired listings in the multiple listing service for the Bitterroot Valley on January 1, 2008.   Of course some of those are going to relist.  We are starting to see more of the Foreclosures in our market place, but you are not going to see that as heavy as in other parts of the country.  I would love to hear how you think the market is going to be in Montana for the coming year!!  At the moment we are being cousiously optomistic!!  We are seeing more inquiries on properties, and more of the buyers we are working with are seeing offers on their current homes.  We are not saying that is going to be a banner year but we are seeing more opportunities for the rest of the year.

Well we have finally finished with the holiday’s and can now go back to work.  I thought that you might be interested in an update on the Bitterroot Real Estate market. 

The market was off 22% in closed sales from 2006.  In Ravalli County there where a total of 746 sales with an Average Days on Market being 177 Days.

Residential – 586 Sales w/Average DOM 165

Land – 130 Sales w/ Average DOM 224

Commercial – 18 Sales w/Average DOM 224

Multi-Family – 12 Sales w/Average DOM 167

When you compare that to some of the other markets across the country I don’t think we are doing to bad.   Of course we are going to be off when half of our buyers come from those markets that are of 50% to 60%.    I am extremely pleased that Greater Montana GMAC Real Estate was only off 15% in sales from 2006.   Way to go GMAC  Team!!