How’s the market doing? Anything selling? The two most common questions realtors are asked on a daily basis. According to the residential sales data from the Missoula County Multiple Listing Service (MLS), there were 45 homes sold in the Seeley Lake area in 2014. That number has been steady for the past 3 years and reflects a gradual increase in the number of sales since the recession in 2007. Eight percent (8%) of the 2014 homes sales were bank-owned properties (REO’s) and we continue to see a small percentage of REO properties coming on the market. Homes in the higher price points are finally starting to sell again. Overall, the news is positive!
The lending institutions have gradually been loosening the restrictions on borrowing and along with the lowest interest rates in history; the real estate environment has become more favorable for both buyers and sellers in Seeley Lake.
The Double Arrow Ranch vacant lot sales have another story to tell. In the past 8 years the number of vacant lot sales have decreased by approximately 75%. Only 7 lots sold in 2014, 8 in 2013; which was the highest number since 2008. This decrease in the number of sales could be one reason we have not seen as much new building on the Double Arrow as in the pre-recession years. As the local residential sales stabilize, we should see an increase in the vacant lot sales and there was a positive up-tick in new construction in our area in 2014.
It’s important to remember that real estate markets are hyper-local, meaning we can’t compare what is happening in the Missoula market to what is happening here. What we see with national trends may be a better reflection of our local market. The Seeley Lake market is unique in that it is a blend of second home/recreational buyers and full-time residents and retirees from around the state and country.
With more baby boomers retiring and an improving economy, we should expect to see a continued increase in our local real estate sales in the coming years!