How's the housing market in Billings Montana? Our local market news continues to intrigue every homeowner, whether they plan to sell their home, buy a new home or just comfort themselves about their current home value.
I've had 3 people in my friends and family group who have talked to me about refinancing their current mortgage. I just think these rates hovering around 4% are so remarkable, getting a payment to work for a homeowner is pretty attractive right now.
If a home sale is in the future, people want to know, what's the home selling market news like in Billings Montana?
Let's have a look at one of the factors that tells the most current story. It's called the Activity Index. What it measures is the number of homes that have received an accepted offer compared to the total number of homes that are listed for sale but have not sold in our local Billings Association of Realtors MLS. I use the most local listings for this search, areas 1 through 10 in our search criteria which includes all of Billings, Lockwood, Briarwood, Ironwood, Laurel, Park City, Huntley, Worden, Shepherd and the Billings Heights for this number.
Here is a picture graph of how to interpret the numbers, I use this when I help people make decisions about home selling and pricing their homes to sell, it just gives them a good feel for the current market.
Right now our Activity Index for Billings Montana is 17.6%, if you look at the graph, you can see that this number reflects a balanced number, or consumption for the current inventory.
What you don't see in this index, is that the total inventory is rather high, and in fact, it would take roughly just more than 9 months to clear the current number of unsold homes from the Billings Montana housing market, if the pace and the trend were to continue.
A more balanced inventory would be more like 5 to 7 months (so we're over) and going into the winter months the pace could slow just a bit, or at least it usually does.
A few other numbers that may surprise but also interest you include:
- Over the last 90 days, on average, 127 homes sold per month
- Over the last 90 days, on average, it took 73 days for those homes to sell (does not include the unsold)
- The average list price of the sold's is $211,780
- The average sold price of those listings that did sell was $206,277
- The monthly payment of principal and interest (does not include insurance, mortgage insurance, taxes) for the average sold home priced at $206,277 at a 30 year fixed rate of 3.875% would be approximately $969.99
These numbers are pretty incredible to me. Let me know if you want to check into qualifying for a new home!
The Quilting Realtor
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Many Dream Of Living In Montana I'm One of the Lucky One's That Already Do! Wanda Thomas Call or Text 406-698-8640 for help with all things Montana. |
