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SUMEMR SALES ON PACE WITH PREVIOUS YEAR Following four years of a dramatic covid-19 real estate market that saw rapid price appreciation, very limited inventory and multiple offers on many properties, the past two years have seen sales in the local market stabilizing. Locally, we are coming off a real estate run with virtually no inventory, to an increasing inventory. Nationally, active home inventory for sale is 22% higher than it was this same time last year. Properties with unique aspects like creek front, bordering forest service, mountain...
Kevin Wetherell of Clearwater Montana Properties, Inc. Thus far in 2023, there has been a total of 34 homes sold, which is behind the pace of the 45 total homes that sold in 2022. The number of homes for sale has continued to rise as sales have slowed not only in our area but throughout Montana. All markets have seen increases in inventory, price reductions and increasing days on the market. SEELEY LAKE RESIDENTIAL SALES FAST FACTS In 2023, the average home price in Seeley Lake has dropped to...
SEELEY LAKE RESIDENTIAL SALES FAST FACTS Thus far in 2023, there has been a total of 27 homes sold, which is behind the pace of the 45 total homes that sold in 2022. The number of homes for sale has continued to rise as sales have slowed not only in our area but throughout Montana. All markets have seen increases in inventory, price reductions and increasing days on the market. In the past year, the average home price in Seeley Lake rose slightly from $575,000 to $582,200. The average home...
INTEREST RATES, CASH AND BUYER CONFIDENCE Thirty-year mortgage rates have more than doubled this year, and after running up above 7%, now have settled out around 6.5%, and 15-year rates are currently at 5.95%. Compared to prior decades current mortgage rates are good, however over the past 8 years most homeowners have obtained new mortgages with 3 to 4% interest rates, and many have been unwilling to sell their current home and give up their 3% mortgage rate and move on to a new home with a 6.5% interest rate. This has resulted in less homes...
By Kevin Wetherell Clearwater Montana Properties, Inc. The effect of rising interest rates Mortgage rates have more than doubled this year, as 30-year mortgage rates have risen from below 3% last year, to near 7% presently. As a result, the number of homes sold in Seeley Lake has dropped 30% over last year at this time. Although the number of homes currently on the market in Seeley Lake has risen to 16, most are no longer selling quickly as they have in the past. Looking at homes currently on...
THE SUMMER SLOWDOWN Following four years of a dramatic real estate market that saw rapid price appreciation, very limited inventory and multiple offers on many properties, the market has begun to stabilize. This year has seen the Federal Reserve raise rates in their effort to slow inflation. This has resulted in home mortgage rates rising from 3% in January for a 30-year fixed rate mortgage to 5.9% for the same mortgage today. This results in the monthly payment for a home purchase today to be nearly double what it was six months ago. Rising...
5 - THE REAL ESTATE BREAKOUT The past year has seen intense buyer pressure in the local real estate markets. Montana buyers primarily from Missoula, Helena, Bozeman and Great Falls continued buying in the Seeley-Swan Valley. Many of the Montanans coming here are seeking weekend and summer homes to bring families together for recreation. Others are seeking homes or land for their retirement. Out of state buyers primarily from Washington, Oregon, California, Colorado, Texas and the southeast...
SEELEY LAKE - I wanted to reaffirm the record with regard to a Letter to the Editor last week from Lauraine Lowe where she made an assertion that I had never had ownership in what is now her property and, as a result, I had provided incorrect information in a Missoula County Commissioners hearing regarding approval of Alpine Trails. I urge Mrs. Lowe to review the Warranty Deed dated Feb. 15, 2006 conveying ownership of Tract 3 of Carnes Seeley Lake Tracts No. 1 which is recorded in Missoula County Book 468 Micro, Page 1516. This deed conveyed...
WHAT A DIFFERENCE THREE YEARS MAKES In 2018 and 2019 the local real estate market was healthy and predictable with very moderate price appreciation. Sales were consistent with no significant market increases either in total dollar volume sold or number of properties sold. Inventories of homes and land for sale was consistent and the market was neither a buyer’s nor a seller’s market. Purchase negotiations generally had fair outcomes. Then there was COVID and the related lockdowns which began in April 2020. Many people nationwide were wor...
HOW WE GOT HERE Between the years of 1970 and 2001, the Seeley-Swan Valley real estate market was a consistent market demonstrating slow upward trends in values and sales. Land sales in 2000 were between $2,000 and $4,000 per acre. Beginning in the early 2000’s, real estate in the Seeley-Swan Valley experienced increased awareness from buyers from around the world due to the proximity to two major airports in Missoula and Kalispell, mountain views, scenery, wildlife and wilderness access to the Bob Marshall and Mission Mountain Wilderness a...
4 REAL ESTATE SALES IN THE VALLEY WILL BREAK RECORDS As we all started to hear a little bit, then a lot about COVID-19 in March and April. The US economy appeared to be in for a big fall. When local state and county - imposed lockdowns began to occur, real estate sales appeared to be doomed as well. The lockdowns actually resulted in an unexpected result in local real estate. People all over the nation were either actually working from home or locked down with no ability to work. After talking with many of those that were working from home,...
12 SALES FINISHED WITH THE HIGHEST SALES RECORDS SINCE 2005 In 2019, property sales in the valley finished substantially over the total sales records that were set in 2018. The housing markets in the Seeley- Swan Valley have become stronger than ever, resulting in inventories that are very limited as home sales continued to roll at a record pace perhaps until the dynamics of the COVID-19 pandemic set in– more on that later. The local markets are maintaining a great balance and generally they a...
12 SALES WILL FINISH WITH THE HIGHEST SALES RECORDS SINCE 2005 The finish of the summer and fall selling season is now upon us. Since June, home sales have taken a dramatic upturn in sales numbers. The local market in the Seeley-Swan and Blackfoot Valleys have become stronger than ever, resulting in inventories becoming very limited as home sales continue to roll at a record pace. In our June article, we noted that the local market was maintaining a great balance and generally is not tipped in favor of either buyers or sellers being at a...
12 SALES START ON PACE WITH 2018 RECORD YEAR The market continues to be strong and very consistent in sales and upward value trends in Seeley Lake and Condon. The local market is maintaining a great balance and generally is not tipped in favor of either buyers or sellers being at a negotiating advantage. Summer is generally the "selling season" and now through September is when a majority of the sales in the valley close. New home construction continues throughout the valley, a drive through t...
ANNUAL REAL ESTATE SALES CONTINUE TO TREND UPWARD THROUGH 2018 The year of 2018 has seen great success in home sales in both Seeley Lake and Condon. The local market is maintaining a great balance and generally is not tipped in favor of either buyers or sellers being at a negotiating advantage. Summer is generally the "selling season" and May through September is when a majority of the sales in the valley close. Tourism numbers in Glacier Park have tripled over the past four years, and we have...
THE QUESTIONS The questions about the market are usually the same – What effect has the Rice Ridge Fire had on real estate in the valley? Has everyone listed their homes for sale after last winter? At the end of July last summer, the Rice Ridge Fire began. Shortly after that, smoke and evacuations ramped up to a stymied real estate market in the valley. Five weeks of tourists and property buyers that traditionally buy in the peak real estate season were lost. The traditional “prime selling season” was lost and not extended. Despite the loss in...
REAL ESTATE SALES REDUCED DUE TO LACK OF AVAILABLE HOUSING INVENTORY The past year has seen great success in home sales in both Seeley Lake and Condon. The market has great buyer interest and activity. However, lack of available inventory has resulted in some buyers staying on the sidelines as they are unable to find homes with the qualities and features that they are seeking. Median days on market for homes in Seeley Lake is currently 163 days, down dramatically from 266 days in 2016. The...
REAL ESTATE TODAY What a difference a few years and even a few months make in real estate. In January, we talked about the fact that land sales would increase in 2017 due to lack of home inventory. That is certainly occurring, and land sales in Seeley Lake are brisk, especially on Double Arrow Ranch parcels priced under $50,000 as well as creekfront parcels. As land sales have increased, available home inventory has risen from 40 homes in January to 62 today. There is strong buyer demand for...
REAL ESTATE TODAY The past year has seen real estate sales in the Seeley, Swan and Blackfoot valleys on a run with dramatic increases in both land and home sales. Although the number of both homes and land that has sold has increased dramatically, price appreciation is a steady 2.5 percent. The current market is very healthy and represents a rising market environment that has led to investors and buyers gaining confidence and returning to purchase local real estate. Active inventory of homes...
THE BIG WOW The real estate market in Seeley Lake is booming. Perfect financial times have caused several factors to affect the market in a big way. Interest rates for home loans are at all- time lows, the stock market is near all-time highs, home equity is increasing with rising property values nationwide and buyer confidence is high. These factors have resulted in a lot of available cash and ability to borrow cheap money. There has been a total value of $39 million worth of homes sold or placed under contract since August of 2015....
REAL ESTATE TODAY Real estate sales in the Seeley Swan and Blackfoot valleys are on a run with dramatic increases in both land and home sales over the last 12 months. Although the number of both homes and land that has sold has increased dramatically, price appreciation is a steady 3.4 percent. The current market is very healthy and represents a rising market environment that has led to investors and buyers gaining confidence and returning to purchase local real estate. The investors have been...
A common conversation point recently amongst residents, landowners and business owners is what will the effect of the installation of Phase 1 of the Seeley Lake Sewer District system have on the economy and values of the benefitted properties. Phase 1 generally consists of the downtown area lying east of Highway 83 and most of the town lots lying between the highway and Tamarack Drive. One obvious benefit to the community of Seeley Lake is that by moving forward with the installation of a sewer...
