January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in - 68.4% December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.
Closed Sales decreased 23.8 percent for Single Family homes but increased 36.2 percent for Condo/Townhouse homes. Pending Sales decreased 10.0 percent for Single Family homes and 5.9 percent for Condo/Townhouse homes. Inventory decreased 66.8 percent for Single Family homes and 71.9 percent for Condo/Townhouse homes.
The Median Sales Price increased 24.4 percent to $560,000 for Single Family homes and 9.0 percent to $368,500 for Condo/Townhouse homes. Average Days on Market decreased 62.7 percent for Single Family homes and 29.9 percent for Condo/Townhouse homes. Months Supply of Inventory decreased 70.4 percent for Single Family homes and 81.6 percent for Condo/Townhouse homes.
The Mortgage Bankers Association’s January research estimates approximately 2.7 million homeowners with mortgages are currently in forbearance plans. Some of these homes may eventually come to market, but given the strong appreciation in most market segments in recent years, these eventual home sales are likely to be mostly traditional sellers. However, a modest increase in short sales and foreclosures at some point this year would not be surprising.
Current as of February 10, 2021. All data from Big Sky Country Multiple Listing Service®.
Percent changes are calculated using rounded figures.