The median price of homes sold in the Missoula area in 2009 was $208,900, a 2.8% decrease from the 2008 median price of $215,000 and a 4.9% decrease from the 2007 median price of Â $219,550.
1,018 homes sold during 2009, a slight 1.8% increase over the 1,000 homes sold in 2008 but still well below (36.9%) the peak sales year in 2006, when 1,593 homes sold in the Missoula area.
The slight increase in sales during 2009 was due almost exclusively to first-time buyers rushing to meet the previous end-of-November deadline for qualifying for the first-time home buyer tax credit. Note that home sales at the end of the 3rd quarter were well behind the 2008 pace â€“ a dramatic spike in sales volume during the 4th quarter pushed us slightly over last years sales.
The inventory of available homes remained at all-time highs throughout 2009. On average, there were 1,022 homes on the market at the end of each quarter, a 2.9% increase over last years average of 993 homes.
The absorption rate of homes at the end of 2009 was 12 months, a very slight increase over the 2008 rate of 11.9 months and an indicator that the market continues to favor buyers but that itÂ mayÂ be stabilizing.
View historical market trends here