Miles City Market Update – Summer 2012
So, it’s back! The Miles City Market Update! I kind of refrained from posting these for a bit, just because the FSBOs were out of control and that made it hard to give real numbers, but alas, here is your Summer re-cap for Residential Sales (no FSBOs).
June 2012 (2011)
15 Homes Closed (11)
Avg DOM – 111 (134)
Avg List Price – $124,936 ($129,000)
Avg Sales Price – $117,708 ($124,000)
Sales Yield – 94% (94%)
July 2012 (2011)
5 Closed (9)
Avg DOM – 44 (102)
Avg List Price – $70,860 ($123,000)
Avg Sales Price – $70,380 ($112,000)
Sales Yield – 99% (92%)
August 2012 (2011)
12 Closed (11)
Avg DOM – 101 (91)
Avg List Price – $164,273 ($121,000)
Avg Sales Price – $145,300 ($118,000)
Sales Yield – 88% (97%)
But what does it all mean?! Well, the market is just as healthy as it was last year, and inventory remains roughly the same – low. Days on Market is definitely improving overall, with the average yearly DOM at 116, compared to 124 last year. Appraisers are keeping home prices in check and preventing them from unjustly sky-rocketing by way of fair market appraisals. Some sellers are learning the hard way about how over-pricing can adversely affect your entire home sale, while buyers are learning how difficult some home transactions can become with financing and home inspections. Overall, it appears that our market is stabilizing itself, and maybe we’ll return to some sort of normalcy. The housing market has seen a HUGE increase in the past nine months, but things have definitely calmed down over the last several weeks. I can’t say for sure whether it’s because inventory - quality inventory – is dropping way down, or not, but demand is still very high.
