November Market Update
As we approach the end of the year we typically expect sales to be seasonally slower this time of year, which they have been, with a total amount of sales in Richland County of about $1.1 Million.
The total number of home sales was four, and the average sales price was around $290,000. That number has been holding steady for all of 2023, so we're seeing some good support in the market. That average sales price has not fluctuated from that number. If anything, it's increased slightly.
The active homes we had for sale, currently not under contract were 36. This is between the high and the low of 29 being the lowest and 50 being the highest. So again, showing there's still not a lot available on the market for a first time home buyers, with just a few properties in each category.
The number of pending home sales was eight, which is about average for the year of 2023. So again, we're seeing good support in the marketplace with enough options for new buyers who are entering the market. In addition, interest rates have come down more than half a percent since the end of October, which is great news for home buyers.
And there are great programs available for first time home buyers in Montana. You could get a 30 year fixed rate mortgage for almost a point less than the current market rate if you work with a lender in the state of Montana. If you have additional questions about that, I'd be happy to direct you to a local lender.
