Record Year For Home Sales In Missoula – Median Price Now $240,000
2015 was a record year for residential home sales in Missoula.
Brint Wahlberg with Windermere Real Estate, appearing on the KGVO Radio program Missoula Real Estate Today, said the new record is unofficial, pending the year-end report from the Missoula Realtors Association.
"It was a record-setting year for home sales in Missoula," Wahlberg said. "Unofficial numbers for Missoula, but there were 1,222 residential sales in the Missoula valley alone, so this is not Frenchtown, this is not Lolo. This does include East Missoula, but does not extend to Bonner. That's our highest ever."
Wahlberg also unveiled a new median price for residential properties in Missoula.
"The new median sales price is now $240,000," he said. "That means $240,000 is your dead-center of all 1,222 sales.We were at $215,000 two years ago and we were at $227,000 last year, so basically, we went up $12,000 two years ago, and we've gone up another $13,000 in median price."
Wahlberg said 2016 may present a challenge, in that the Federal Reserve allowed a slight increase in the interest rates they charge major banks, which may raise rates for home buyers, but that as of January 1, there are a large number of buyers looking for homes in the price range of $150,000 to $250,000, and homes placed on the market within that price range could sell quickly, depending upon location and condition.
Missoula Real Estate Today airs Saturday at 8:00 a.m. and Sunday at 10:00 a.m. on KGVO 1290 AM and 101.5 FM, as well as streaming on Newstalk KGVO dot com.