If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.
Closed Sales increased 14.9 percent for Single Family homes but decreased 23.6 percent for Condo/Townhouse homes. Pending Sales decreased 6.3 percent for Single Family homes and 5.0 percent for Condo/Townhouse homes. Inventory decreased 7.5 percent for Single Family homes and 21.7 percent for Condo/Townhouse homes.
The Median Sales Price increased 20.9 percent to $450,000 for Single Family homes and 20.2 percent to $299,000 for Condo/Townhouse homes. Days on Market increased 26.5 percent for Single Family homes and 44.2 percent for Condo/Townhouse homes. Months Supply of Inventory decreased 7.7 percent for Single Family homes and 22.9 percent for Condo/Townhouse homes.
Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.
Current as of November 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.
October Monthly Indicator