The Seeley Lake real estate market is heating up! You would think the snow and extreme cold of this past winter would cool the real estate market off but not so far this spring! There has been a steady stream of buyers for months.
Buyer demand has stayed strong throughout the winter season this year and the supply of homes for sale is not keeping up. This is great news for sellers!
There are currently 39 active homes listed on the MLS in Seeley Lake however, the homes available for sale may not meet the needs of the buyers that are searching. Buyers in the mid-price range, $250,000-$300,000 will find fewer choices than buyers in the higher price ranges. 64% of the current homes for sale are priced over $300,000. What we have is a mismatch of inventory. The inventory available for sale is not what the average buyer is looking for.
Stats from the NW Regional MLS for Seeley Lake:
2014: 50 homes sold 2014: 13 7 Double Arrow lots
2015: 48 homes sold 2015: 19 9 Double Arrow lots
2016: 67 homes sold 2016: 35 21 Double Arrow Lots
The median sales price in 2016 in Seeley Lake was $245,000 after 266 days on the market. Of the 67 homes sold last year, 62% were sold for under $300,000.
Each of the past 3 years have experienced steady sales. It’s interesting to see the sharp increase last year in the number of vacant land sales. We should expect to see more building going on in the area and if home inventory remains low, we should see another great year for vacant land sales as the buyers who can’t find a home will buy land and build. Double Arrow lot sales have seen the largest increase in the number of sales since 2006.
We have seen a steadily improving real estate market in Seeley Lake after a long, slow 10 year recovery. As lending restrictions have loosened and sellers are experiencing positive equity, the real estate market is moving along to a more balanced market. The housing buying power that borrowers have, with rates below 5% still remains historically strong. Add to this the strong job market and consumer confidence and the outlook for real estate continues to be strong.
The best time to sell something is when supply is low and the demand is high! If you have been thinking about selling, now may be the best time in a decade! The market is speaking and it is asking for your listing!
And, always remember to consult with your real estate professional about local values before listing your home for sale. Just because the market is moving doesn’t mean overpriced properties will sell.