The Great Falls real estate market still finds itself with very high inventory and almost unchanged buyer demand. The demand remains fairly consistent through the summer with in between 20-30 closed sales each month and 30-45 total pending contracts. The number of active listings begins to climb in February and demand simply can’t keep up, by the end of August we had 212 active listings. Active listings just peaked in July with 230 but there have been over 210 since May. If we continue to follow the historic trend from the last number of years then we can expect demand to drop but not too drastically. We can expect a huge drop in active listings though, typically we bottom out December through February, then we again start to climb. The beautiful listing featured above is our newest listing in Great Falls, located at 1107 Jonquil Circle, learn more Here!
The pricing ratios we’ve seen this summer have actually been very strong for Great Falls. The graph below shows the median sales price to list price ratio as well as the median sales price to original list price. It’s important to examine both of these because homes so often have to adjust price in Great Falls because sellers need to adjust to buyer demand. You can see that we’ve remained above 95% for original list price and above 97% for list price since March. In August, homes sold at 97.7% of list price and 96.1% of original list price. This shows that sellers weren’t too far off when they originally listed. When you look back to February, you can see that the median sold to original list price ratio was 88.2%!
Days on Market
All of the stats we’re talking about today are very dependent on each other ultimately all relying on buyer demand. Days on market is no different, with higher buyer demand, days on market will be less and buyers will pay closer to list price. As we just discussed, homes that sold in February sold for 88.2% of original list price, now look at the graph below and see homes that sold in February had a median days on market of 178! Once the sold to list price ratios started to puck up, days on market started to go down. Homes that sold in August had a median days on market of 31!
The Great Falls market is very unique and each home needs a personalized marketing strategy in regards to price, timing and condition. The summer inventory spike has remained a constant aspect of our market for many years, increased buyer demand is the only way to break that cycle. Unfortunately, no one has control over that! With the cost of entry so high in Great Falls, the pool of buyers is only so big. Get in touch with The Canto Group today so we can develop the strategy for your home to beat out the competition. See The Canto Group Difference Here!