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Balance Returning to Local Real Estate Market
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- Created on Wednesday, 18 April 2012 09:17
The real estate market has shifted somewhat in Billings. Looking at the end of the quarter numbers, local Realtor, Howard Sumner, reports, "The market has gone from where buyers definitely had the upper hand in negotiations, to a balance in the market place, where neither buyer nor sellers have more power."
"With inventory running 29% below last year, pending sales up 15% and 30 year mortgagees at 4% — plus the economy of Yellowstone County growing — it appears the train is leaving the station of poor performance, albeit, slowly. Yet, a great positive," said Sumner. Average sales price has ticked upward by about one percent, from $207,665 to $210,586; and the median price is up 3 percent, $185,100 to 189,925.
The number of building permits issued in the first quarter is up 37 percent in Billings, from 36 to 62.
