This past quarter in Missoula and the Bitterroot Valley, we saw sun, snow, and great real estate sales. The numbers from Q3 of 2018 are in! Find the full report here.
During the third quarter of 2018, compared to the same period in 2017, the median price of homes sold by PureWest agents in the western Montana region increased by 7.74 percent. We saw this trend reflected in almost every Missoula or Bitterroot Valley market: Missoula, Hamilton, Stevensville, and Corvallis. Over the first half of 2018, these markets all grew rapidly, and growth continued into this quarter. Corvallis was the star, with a 34.4 percent bump over Q3 2017.
There was also an increase in total volume of residential sales across the region, from $531 million in Q3 of 2107 to $565 million in Q3 of this year. Again, Corvallis outpaced other local markets, reporting a 163 increase by this metric. Not far behind, Stevensville had a 145.7 percent increase.
The Bitterroot Valley maintained its robust trends when it came to number of residential sales: Corvallis went from 17 in Q3 of 2017 to 32 this quarter and Stevensville doubled its sales, from 30 to 60. Hamilton and Lolo also posted gains, however they were not as dramatic.
In land sales, the region saw a 7.72 percent increase from Q3 2017 to Q3 2018. The median price increased by 5.8 percent, and the total volume increased by 5.3 percent, compared to the same period last year. Of the individual markets, Lolo performed best in median price, with a 117 percent bump. Missoula saw a 33 percent increase, and Hamilton saw a 40 percent increase. For total volume sold, Missoula was in the lead, with $5.5 million for a 17.2 percent gain over Q3 2017.
Both residences and land parcels spent less time on the market this third quarter, with improvements across all markets.
Fall is an excellent time to sell Missoula and Bitterroot Valley real estate. You can browse online for Missoula real estate and Hamilton Montana real estate. Give our local offices a call today to learn more about listing your Missoula or Hamilton MT property with one of our exceptional PureWest agents.
PHOTO: Hamilton MT property, featuring Nhn Skalkaho. For more information, contact Bobbi J. Lockhart at (406) 880-0117.