Missoula Housing Report
The 8th Annual Housing Report has been release for the Missoula area. A disginguished group of Missoula business people that are in the industry spent countless hours putting together a report of current trends, information and collected feedback from the industry.
Here is some of what is included in the report:
* Sales of bare lots has increased slightly
* The number of homes sold in Missoula increased by 22 percent.
* Mortgage interest rates in 2012 continued downward, ending the year 3.25 percent for a conventional loan.
* Missoula did have an increase in distressed sales in 2012, but a lesser percentage than the past 3 years.
* Missoula's unemployment rate declined to six percent in 2012, from it's peak in 2010 of nearly seven percent.
* Almost all measures point to a housing market that if finally on the rebound. The increase in income and decrease in interest rates has allowed homes in the Missoula area to be more affordable in 2012 despite the increase in median home prices.
Let us not forget, Missoula still has higher-than-average median home prices and lower-than-average median incomes. We have a lot of work to do, but things are looking up!
If you have been thinking of buying, this is the time! If you have been on the fence about selling, inventory is lower and this is a good time to sell!
If you would like a copy of the entire report, please contact me at (406)880-6462 Jolene Tatum, Broker