July 2015
Market Trends Update Flathead County This midyear update also addresses various sub-markets in Flathead County so you can have a better idea on how the market has reacted to conditions in the national economy.
Overall Residential Sales in Flathead County
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Market Trends Update Flathead County July 2015
All Residential Listings in Flathead County
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Sub-Markets in Flathead County July 2015 This next section addresses the three cities in Flathead County and a geographic area that includes the cities and an area that extends 3.5 miles outside of the city limits. Kalispell and 3.5 miles outside of the city limits:
Whitefish and 3.5 miles outside of the city limits:
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Market Trends Update Sub-Markets in Flathead County July 2015 Columbia Falls and 3.5 miles outside of the city limits:
Community Sub-Markets: The towns of Bigfork and Lakeside include all sales that are located within a five-mile radius of the center of each community. Bigfork and five miles from its center:
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Market Trends Update Sub-Markets in Flathead County July 2015 Lakeside and five miles from its center:
Lakefront homes and condominiums on Flathead Lake (Flathead and Lake County):
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Market Trends Update Sub-Markets in Flathead County July 2015 Lakefront homes and condominiums on Whitefish Lake:
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Market Trends Update Flathead County This graph illustrates the monthly volume over the last nine years.
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Residential Bank Owned Properties (REOs):
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Market Trends Update Flathead County July 2015 The following graph illustrates a 30-year history of the relationship between the overall median home price in Flathead County and the annual affordability index. The assumptions in this affordability index are as follows: • • • • •
Annual Median Household Income in Flathead County Average annual interest rate for a 30-year mortgage for that year Annual property taxes and insurance equals 1.3% of that year’s median home price Annual mortgage payment equals 28% of median household income There is a 25% down payment
Based on those assumptions, the affordability index has been a close match to what the median home price has been in Flathead County for the 21 years prior to 2004. The median home price in the first half of 2015 was $235,500, which falls in line with the historic affordability trend line. This graph illustrates that home prices are still affordable.
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Market Trends Update Flathead County July 2015
Residential Land Sales in Flathead County
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Residential Land Listings in Flathead County
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Market Trends Update July 2015 The following graph illustrates the historic volume of land sales on a monthly basis in Flathead County:
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Commercial Building Sales in Flathead County: The following table shows the history of commercial building sales and listings.
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For the last 33 years, Kelley Appraisal has been specializing in appraisals for purchases, sales, commercial loans, residential loans, litigation as well as economic and real estate statistical data in northwestern Montana. Kelley Appraisal has extensive experience, education and qualifications in the following: · · · · · · · · · · · · · · · · ·
Commercial and residential real estate loans Subdivision analysis, valuation and market studies Condominium project analysis, valuation and market studies Complex real estate problems Real estate portfolios Proposed properties and construction loans Legal and tax matters Litigation support and court testimony Partial interests of property rights Estate settlements Estate planning High-end residential properties Rural land and large acreage appraisals Recreational and waterfront properties Historical values and related value trends Forensic real estate valuation Market studies and analysis
For information on pricing for any of the services offered by Kelley Appraisal, E-mail
[email protected]
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Foreclosure Data (From Courthouse Records) The first graph shows a seven-year history of the Notices of Trustee Sales which have been recorded at the Flathead County Courthouse. The number of notices continues to decrease.
Note:
The Notice of Trustee’s Sale must be recorded 120 days prior to the actual Trustee’s Sale. These graphs reflect all classes of real estate, which includes residential, vacant land and commercial properties.
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Other Useful Economic Data: http://www.ourfactsyourfuture.org/ http://www.ourfactsyourfuture.org/cgi/dataanalysis/AreaSelection.asp?tableName=Labforce http://www.realtor.org/research/research/ehsdata http://www.minneapolisfed.org/publications_papers/fedgazette/issue_index.cfm Montana Bedtax Trends: http://www.travelmontana.org/newsandupdates/bed_tax_revenue/ltrhome.asp
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