As we move into the new year the number of active listings in Great Falls is the lowest it’s been in 12 months but the number of closings is also down. With almost 11 months of inventory, the market is still considered to be a buyer’s market but with interest rates being still historically low buyer’s have more buying power.
There were 108 active listings at the end of the month, as mentioned above that is a 12 month low in Great Falls. Following annual trends, January and February are typically the month’s with the lowest inventory. Many people are waiting for the arrival of spring to list their homes. Just 10 homes closed in January and there were a total of 27 under contract by month’s end.
The Spring Market
Now I spoke about annual trends above so I want to discuss those in a little bit more detail. If you look at the graph above, the yellow line shows us active listings, you can see that it jumps from 121 in February 2014 and consistently increases through June where it hits 227 active listings. The spike in inventory through the spring is pretty common but where the Great Falls market lacked was that the buyer demand didn’t increase at the same rate or much at all. The buyer’s were pretty shy in 2014. At least so far in January, we have a 35% increase in pendings from January 2014, so we are off to a better start. Only time will tell how buyer demand and seller’s supply will play out in 2015. Low interest rates combined with a more stable economy could mean a good year for Great Falls.
Pricing Trends & Days on Market
January had a good median sold price of $1,242,500, there were a few outliers in 2014 mainly in February, June and December but besides those three months, the median sold price was pretty consistent. The graph above shows median sold price over the last 12 months, a majority of the year it hovered around/close to $1,200,000. The Median sold price for homes in Great Falls in January was 144 days. Days on market was kind of all over the price in 2014, it was extremely low in late spring/early summer then hopped around through the fall. If homes are priced right and show well, they will sell quickly. The spring market can be more competitive so the homes that sold quickly were showcased well and priced better than their competition.
2014 was a a bit of an odd year for the Great Falls Real Estate Market, with increased economic stability and great interest rates as we move in 2015 it has the potential to be a much better year for Great Falls.
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