Market Conditions for Billings, Montana Reported by Howard Sumner, REALTOR Updated February 1, 2012.

Current Market Rating: 3 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 3 1 2 3 4 5 Falling Rising

Employment is the key to housing and we, in Yellowstone County, are moving against the national tide of flat employment. Several things of note to highlight. #1 the percentage we are behind 2010 in closed transaction has been narrowing , a positive, #2 inventory is below 2010 a positive, #3 employment in the Billings MSA is 900 jobs higher than at the end of 2010, #4 although not great news for my friends in the home building business, single family permits for the year are off 18%, this give the market in resale's a positive by reducing supply to increase absorption. So what does all mean for the start of 2012, first it really starts to supply a floor to the housing market in Yellowstone county. Second in 2012 we should start to see the sales number of both of existing and new construction move up. The best indicator is the employment situation and the Billings MSA, it is just below peak employment by a mere .0012% as compared to the national jobs market at 4.8% below peak employment. Jobs are critical since it is impossible to qualify for a loan without a job. As a side note, my standard disclaimer, never discount what may come from Washington DC and mess things up.
Market update at glance Year Percentage Increase
Yellowstone County 12/31/2011 2010 2011 or -Decrease

Residential Closed Sales Units 1721 1675 -3%

Residential Pending Sales Units 149 175 17%

Residential Active Property For Sale 827 664 -20%

Average sales price Single family Home $212,730 $208,121 -2%

Average Square feet Single family Home 2371 2372 0%

Median sales price Single family Home $189,250 $184,900 -2%

Median Square feet Single family Home 2242 2222 -1%

Average Days on Market Till Offer Received
Single Family Home 65 71 9%

Absorption rate - TIME IN DAYS
Time it would take for all existing 186
properties to sell with no new inventory
coming into the market place - residential

SINGLE FAMILY PERMITS MONTH 11 11 0%

SINGLE FAMILY PERMITS YEAR 240 197 -18%

Average # Rentals Advertised Sundays 345 335 -3%

Average Asking Price Rental Home $1,041 $1,061 2%

Average Asking Price Rental Apartment $645 $657 2%


ZIP Codes: 59102, 59105, 59101

Approximate Location Boundaries: Billings, laurel, shepherd, park city,

Location Characteristics: in the heart of the Yellowstone Valley. Sand stone Cliffs The Yellowstone River and four mountain ranges the Beartooths,Pryors,Bighorns,an the Crazy's. I belive it why montana was called the "Big Sky" country since you can see ove 100 miles from the top of the Rimrocks.

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