I was told that the value of homes bought last yr in Missoula has depreciated by 10%. Is this true?

Asked by Lisa, Missoula, MT Mon Oct 6, 2008

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David Brewer…, Agent, Hamilton, OH
Mon Oct 6, 2008
LIsa, I'd have to say false. It could be true of that person's home or neighborhood. It could be true of a house you sell next year. But not quite 10% in MIssoula right now.

As a general example, if you sold a home in the Missoula Urban area bought in Aug. 2007 and the home sold right now, it is down by an average of $13,400, about 6%.

Which also means buying a home becomes cheaper in Missoula this year than last year by about $13K and more in other areas.

For example, someone planning to sell thier Missoula home and relocate to a Michigan area would find that the prices have fallen in that area much farther and will see their money go further.

We didn't see the extreme rise of prices and won't have an extreme fall. There has been a gradual increase over 10 years but in Missoula right now it has been going down overall.

Missoula Urban Area - Month of August
Average home sold
2008: $213,500
2007: $226,900
2006: $199,900
2005: $195,000
2004: $179,000

For more information regarding Montana Real Estate feel to free to contact me with no obligation.
David Brewer, Prudential Montana, 406.329.2060, david.brewer@prumt.com, http://www.daveknowshomes.com
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Liz Dye, Agent, Missoula, MT
Mon Oct 6, 2008
Hi Lisa, According to the Missoula Organization of Realtors, values in Missoula have gone both up and down since 2007, varying from zip code to zip code. In zip code 5980, values are down 3.03%; 59802 is down 17.94%; 59803 is up 13.12%... I can look up your specific area if I haven't identified it already. Let me know.
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