With lots of conversation and speculation surrounding the Real Estate Market in Montana, and in this specific case; Southwest Montana, I’m posting this update to help folks analyze the larger picture.
In a very broad attempt to illustrate our market’s ability to absorb inventory, I wanted to illustrate the weekly relationship between quantities of New Listings, and Closings. Every week ( going back last +/- 4 years), I circulate a local Real Estate Market Summary that encapsulates much of this data on a more micro scale. I answer a lot of questions about how to best “time” and/or “position” client’s interests in the market. In order to help answer that question, it’s important to evaluate past trends in the market.
Largely drawing data from our Multiple Listings System managed by the Gallatin Association of Realtors, I’m able to filter information down to great detail. On a larger scale today, I’ve selected for given quantities of both New Listings, and Closings posted every Tuesday, for the last 3 years. In the graph provided, it’s easy to notice a spike in New Listings around March of each year. Additionally, you can see a similar spike in Closings that trails the rise in New Listings.
While both Closings and New Listings seem to be, at least for the moment, reasonably predictable. The question I set out to shed light towards, was our local economy’s ability to absorb new inventory. While the frequency of Closings from week to week is relatively flat in comparison to New Listings; the yearly average for New Listings is not drastically all that different. The market in SW Montana does not have “in general” what I would call an over-saturation of inventory. It is clear that there is a very consistent community of able-buyers, and when the right opportunities are presented, properties sell.
To see this information tailored to a more specific sector of Montana’s Real Estate Market, or to receive my weekly updates, please reach out. I’m always excited to make new acquaintances, and to share what I can about Real Estate in Montana.
Thanks for taking the time to read this post, and have a fantastic day. -Chris Awe.