How’s the market doing? Are homes still selling with COVID-19? Should we refinance our home? I would love to answer some of your questions today and give a quick update on how the Bitterroot market is weathering during some uncertain times.
Are homes still selling in the Bitterroot?
The Bitterroot market is still producing, and homes are selling at a higher rate than last year at this time regardless of COVID-19 and the mandated shutdowns. In March 2019, 44 homes sold in the Bitterroot Valley. In March of 2020, 59 homes sold! That’s a 34% growth rate. There is also an increase in homes listed this month compared to last year. In March 2019, 94 homes were listed. In March 2020, 109 homes were listed.
For more information on Bitterroot housing markets visit: https://mt.flexmls.com/cgi-bin/mainmenu-compress.cgi?cmd=srv%20stats/market/index.html
Is now a good time to list?
Markets still indicate that this is a sellers market. There is still extremely low inventory which is driving prices up in the Bitterroot. The average sales price has climbed by 6.86% from $357,500 in March 2019 to $381,900 in March 2020.
To understand if unemployment in correlation to home sales visit: https://www.keepingcurrentmatters.com/2020/04/06/will-surging-unemployment-crush-home-sales/
Is now a good time to buy?
Although housing prices are up there is still an incentive to buy. Interest rates have plummeted and are as low as 2.9%. Get in touch with a lender to find out what rate you can qualify for.
One of our favorite lenders: https://justinblodgett.mannmortgage.com/
What I have seen in the Bitterroot market lately.
Going into March 2020 home sales were on the rise, and DeVries Real Estate predicted a strong spring market. Once Corona hit we were unsure of how our deals would pan out. Would people drop out of transactions? Would home sales fall through? As March came and went we had a few deals fall apart due to COVID, but we were able to pull them back together! Although this wasn’t quite the spring market we had anticipated, things are still selling!
If you have further questions please contact me anytime!