LET'S TALK INVENTORY
In the current real estate climate, inventory is showing signs of growth across most sectors
Posted: June 30, 2024 by Erin Duval
One of the highlights of this time of year and the current real estate climate is that inventory is showing signs of growth in most sectors. This is a positive shift following many years of critically low inventory. Realtor.com indicates that the number of homes for sale nationally in May was notably higher than last year, growing by 35.2%, the seventh straight month of gain. Join me as we take a closer look at the numbers in Montana.
The Montana Regional Multiple Listing Service (MLS) covers central and western Montana, including PureWest's service areas of Flathead, Lake, Lincoln, Missoula, and Ravalli counties and the surrounding communities. Looking at the first five months of 2024, inventory is up almost 11%, including residential and land combined. Properties are staying on the market a bit longer, an average of 161 days, up 9% from last year, with the months of supply rising by 8% to 12.5 months, meaning growing opportunity in this desirable region.
The Big Sky MLS, which encompasses PureWest's Bozeman, Belgrade, Big Sky, and Ennis offices, reflects similar trends. Inventory is up over 16% for residential and land combined, the average days on the market rose 19% to 105 days, and the available supply of 13 months is also up 8% in the southwest portion of the state. The market in this high-demand area is active but more relaxed than we've seen in recent years, indicating a manageable atmosphere for both buyers and sellers.
Our Billings and Red Lodge offices are part of the Billings MLS, which includes the south-central and southeastern parts of Montana. This region is slightly different, with a 0.5% increase in inventory, and both days on the market and months supply numbers are stable compared to last year. These trends are typical in this area, which enjoys a steady economy and somewhat lower housing costs, resulting in less fluctuation.
All three regions currently show moderate but continued growth in total sales volume and sales prices. In the coming weeks, we will compile our mid-year market trend reports, and I look forward to sharing that information with you. Meanwhile, summer has arrived, and we hope you're enjoying everything this glorious season brings! Please feel encouraged to reach out to your PureWest agent if this information piques your interest!
