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 closes in 90 days after being placed on the market in Seeley Lake. There are currently 21 homes active on the market, which is up from 14 for sale at the beginning of summer. The homes range from $215,000 to $9 Million. There are currently 6 homes under contract to be sold. While values have remained relatively at the same level for the past year, if inventory of active listings continue to build, home values will begin to decline. This could create an entry opportunity for those who are unable to purchase at present values.
CONDON RESIDENTIAL SALES FAST FACTS
Thus far in 2023, there have been five homes sold in the Swan Valley, which is behind the pace of the 10 total homes that sold in 2022. This year to date, the average home price in Condon has risen to $1.291 million. There are currently nine homes active on the market in Condon. Four of these are listed over $1 million, and the least expensive is $650,000. One home priced at $225,000 is under contract to be sold. The average home closes in 120 days after being placed on the market in Condon. The Condon/ Swan Valley market remains very strong, especially for larger parcels of land.
LAKEFRONT IS HOT!
Sales and demand for lakefront land, homes and cabins remains very hot. There are many buyers in the market seeking lakefront properties. The most sought-after lakes are Placid Lake, Lindbergh Lake, Lake Inez, and Big Sky Lake. Of course, everyone wants a place at Holland Lake, but there is no deeded land, there are only 14 Forest Service lease cabins on Holland, and they rarely come available. This year to date, the only two lakefront sales are one cabin on Lindbergh Lake that was listed for $1.890 million and one cabin on Cygnet Lake which was listed for $650,000. There is a cabin on Big Sky Lake listed presently for $1.199 million. Two lakefront lots have sold thus far in 2023.
SEELEY LAKE LAND SALES FAST FACTS
Thus far in 2023, there have been 16 vacant land parcels sold in the Seeley Lake area, which is substantially behind the pace of the 49 total parcels that sold in 2022. This year to date, the average land parcel price (excluding lakefront land) in Seeley Lake has risen to $163,000. There are currently 16 land parcels active on the market in Seeley Lake. These parcels range in price from $132,000 for 2.5 acres in the Double Arrow Ranch to $1.2 million for 20 acres on Morrell Creek in the meadows on Highway 83 entering Seeley Lake. Five vacant land parcels are under contract to be sold. The average land parcel closes in 147 days after being placed on the market. The Condon/ Swan Valley market remains very strong, especially for larger parcels of land.
CONDON LAND SALES FAST FACTS
Thus far in 2023, there have been 5 vacant land parcels sold in the Condon/ Swan Valley area, which is behind the pace of the 19 total parcels that sold in 2022. This year to date, land parcels have been selling in the $16,000/ acre range, even for larger parcels of 120-160 acres. There are currently 2 land parcels active on the market in Condon. Two vacant land parcels are under contract to be sold. The average land parcel closes in 180 days after being placed on the market. The Condon/ Swan Valley market remains extremely strong with many buyers in the market, especially for larger parcels of land. The Glacier Creek Meadows development, which includes one acre building sites with expansive mountain views and surrounded by large areas of open space, is selling very well in the $200,000 range.
INTEREST RATES, CASH AND BUYER CONFIDENCE
Thirty-year mortgage rates have more than doubled this year and are currently around 8 % and 15-year rates are currently at 7.1% which is the highest level since 2001. Over the past eight years most homeowners have obtained new mortgages with three 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 8% interest rate. This has resulted in less buyers entering the market and less market turnover, slowing the entire housing market.
Although there are a lot of buyers sitting on cash, they are less willing to use cash to purchase real estate than they were previously. This is primarily because they can now receive over 5% interest on their savings and an overall lack of confidence to part with their cash resources given the current economy.
AFFORDABLE HOUSING IN SEELEY LAKE
We should likely reference this goal as “Attainable Housing” rather than Affordable Housing. The necessary high-density housing such as apartments, condominium units, housing clusters are prohibitive because of the amount of land required to support a septic system. Another limiting factor is that the Seeley Lake Water District has less than 7 new water hook ups available for development, then they are at capacity. Housing goals will not be achieved unless Missoula County relaxes their regulatory stranglehold on sensible development.
Attainable Housing means that there must be suitable housing for all working-age single adults through young families to older people on fixed retirement income. Our schools need teachers, the clinic needs doctors and nurses, restaurants, lodging establishments and the mill needs a workforce, and there needs to be people running the fire and rescue services and law enforcement, etc. If these crucial people cannot afford to live here, that creates difficulties and shortages, making the place less successful and less desirable to live in.
If you have any questions regarding the local real estate market or the purchase or listing of property, please contact your local real estate professional.
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