Dp, Other/Just Looking in Ravalli County, MT

why is the price of real estate in the bitterroot valley still high?

Asked by Dp, Ravalli County, MT Mon Apr 20, 2009

Im looking to buy in the Hamilton area but there are only a few houses in my price range

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8
Hi Denise, "high" is relative. Compared to many areas our prices are "high". Compare us to Jackson Hole, WY, Sun Valley, ID, Bigsky, or other Rocky Mountain towns and we look "cheap". Did you know the average home price in Jackson Hole is over 1M?
2 votes Thank Flag Link Thu Apr 23, 2009
Using average sold price as a parameter for a search to get the average sale price for homes in the Bitterroot Valley, Montana for the month of July 2009 the AVP is $207,020. I believe Montana is a wonderful place to live. Parents can feel at ease sending their children to school. I am grateful everyday on my way to work just to look at the mountains and blue sky.
Bessie Evans
Lambros Real Estate
1 vote Thank Flag Link Thu Aug 13, 2009
There are many options for a good buy in the current market of the Bitterroot Valley. As a 12 year certified residential and a land appraiser in this valley, I have extensive knowledge of this real estate market. If you are interested in an ethical and professional look at the market data and how it should affect your purchasing decision, please give me a call or send me a quick e-mail and I will be glad to help.

Darwin Ernst, SRA
Darwin Ernst Appraisal Services, Inc.
Office Phone: 406-363-7008
Cell: 406-239-2222
montanarealestateappraisers.com

Darwin Ernst
Real Estate Agent, RRE-RBS-LIC-17046
Eickert Realty, LLC
eickertrealty.com
0 votes Thank Flag Link Tue Jun 19, 2012
The other replies are from brokers/agents and are hyping the market.

The reality is that prices peaked in 2006 (according to the county assessor) and are still trending down - the Bitterroot market us powered by money out of California and Idaho, and this has almost stopped. If a seller is motivated and you can perform then you can name your price. Last year I bought 5 acres with great views to the east and west for $27,500. Some will say that I bought well but I think that I paid market. I believe that the market value is $5000 an acre plus a value for the home on it .......

Western Montana is farm land - for people to pretend otherwise is a fantasy. Yes.many have built nice homes but most properties have junked cars etc on them and dilapidated structures and unless the valley is cleaned up and it becomes the same kind of resort that Jackson Wyoming has become then it will always be valued a farm land.

There is no sign of recovery from the dizzy heights that Bitterroot land reached in the last decade - and I reckon that it still has a way to go.
0 votes Thank Flag Link Sun May 29, 2011
Interesting that realtors compare the Bitterroot Valley with places like "Jackson Hole, WY, Sun Valley, ID, Bigsky"...the Bitterroot Valley, while a beautiful place, is not on the same par with any of those places. It's largely rural, with few real employment opportunities, few amenities- the nearest real medical center, shopping malls, high end restaurants, etc that one will expect in places on par with the towns mentioned, are 30-50 miles away and even then are not of the same quality for the most part. As a Bitterroot resident for 6 years who has lived and traveled the entire country, I can tell you the real estate people are profiting from promoting the "Montana Dream". The truth is many people come here, stay a few years then find themselves moving on to more profitable pastures as they slowly go broke. But the real estate salesmen are dependent on the image to keep prices (and profits) high. It's not that the economy here warrants it.
Flag Sat Apr 14, 2012
Relative to some areas, prices here have only gone down about 20 to 25% since 2006

But when I comare the total cost of building, etc., this area is economical and relatively safe in terms of political and geophyiscal risks.

Plus we are in an unusually mild microclimate zone within a generally mild climate zone of the Bitterrooot Valley.

A recent quote to complete a 5,500 sq ft house on our property (a second house) was around $250K

We are in the Stevensville-Victor area and have our 20-acres property for sale with very unusual terms, including lease-option.

-Alex
Web Reference: http://www.gnn-1.net
0 votes Thank Flag Link Thu Jan 20, 2011
What is your price range? There are some terrific buys in the Bitterroot Valley, it depends on your criteria. We have foreclosures at absolutely great prices, and you can still offer what you feel is a fair price on those. The bank may accept your offer depending on the length of time the property has been on the market.. In this market, Sellers usually entertain all serious offers, weighing the negative and positive alike. They may need to sell quickly, a short sale may be possible. You've got lots of options if you're working with a good Realtor.
Barbara Christ, Broker Owner
RE/MAX GOLD COUNTRY
Hamilton, Montana 59840
406-531-7590
0 votes Thank Flag Link Wed Nov 18, 2009
The pricing in the Bitterroot valley is adjusting. We have a lot of homes in the $350,000- $400,000 price range. The sales are under $200,000. Western Montana is one the most desireable places to live if you like a mild climate, mountains and recreation. We do not have the problems a lot of areas have. We have lots of water, wildlife and beautiful scenery. Hamilton is one of the nicest smaller towns you will find. No one locks their bikes or doors. I specialize in property with waterfront. That is a different situation. Supply and demand does really affect prices. There is not much for sale under $350,000.We have wonderful fishing in this area.
0 votes Thank Flag Link Wed Jul 29, 2009
The basic laws of economics - supply and demand. Some areas are in the toilet, others never saw a decline (or any worth mentioning). It is all about location, location, location.
0 votes Thank Flag Link Mon Apr 20, 2009
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