MISSOULA - You'll probably still end up paying the asking price for a new home in Missoula's robust housing market this summer.
But local Realtors are seeing fewer houses sold in "bidding wars" above the list price. The median house price in Missoula, which climbed above $500,000 for the first time last spring, hasn't dropped any, with the average at $538,000.
However, higher interest rates and inflationary pressures mean houses are remaining on the market for about 35-days, much closer to normal levels than the six-day average last winter. And in the last month, some sellers are even offering slight discounts to entice buyers. In fact, sales which had reached 105% over listing are leveling off.
"That's started to peel back. But it's still over 100%. Right now setting about 101.5% over the list price. So that still tells me a good majority of this market is still seeing bidding over in a lot of situations, said Brint Walberg with the Missoula Organization of Realtors.
But definitely, the peak craziness we saw, especially this past winter, and the fall before, is maybe a thing of the past," he continued. "Essentially there's just fewer buyers in the pool than there usually are in summer markets. But what's still happening is when things are found you still need to pay top dollar for them or pretty darn close."
And it's not just Missoula. Even in Mineral County, the median price is well over $400,000 and $470,000 in Granite County. Click here to read the full report from the Missoula Organization of Realtors.
