Montana Home Reappraisals Show Some Stabilization in Market - ABC FOX MONTANA NEWS, WEATHER, SPORTS - KTMF/KWYB

Montana Home Reappraisals Show Some Stabilization in Market

Posted: Updated:
MISSOULA - The median sale price of a home is drastically increasing in the eastern part of the state near the Bakken oil boom, while listing prices are decreasing in some parts of western Montana.

Officials at the Montana Department of Revenue have released initial findings from their reappraisal of residential homes, which takes place every six years.

Their reports show in Richland County, the median sale price of a home has increased from $80,000 to $250,000-- a 213% increase.

In Silver Bow, the median sales price has increased 38%, and in Gallatin County it's increased about 8%.

Missoula's median price has increased about 6%.

Flathead County's price has decreased about 3%. Ravalli County saw the largest drop in price, from $225,000 to $190,00-- about a 16% decrease.

Western Montana Region Manager at the the state Department of Revenue, Scott Williams, said changes in the median sales price of a home doesn't necessarily indicate a change in property value.

"The median sales price just represents the population of what's being sold at the given time," he said.

Williams said this means in places like Ravalli County, where the median price of a home has dropped nearly 16%, the housing market is being dominated by lower-priced homes.

"So their prices are starting to approach the levels that they were back in 2008, but they're just not there yet," Williams said.

Williams said the same goes for Flathead County, where there was also a small decrease. He said these counties are still digging out of the recession.

"That's actually the first place where recovery starts, it's the less expensive properties that start selling."

Brint Wahlberg, an agent at Windermere Real Estate, said foreclosure resales make up 20% of the housing market in Ravalli County, while they make up only 5% in Missoula County.

"So, it's one thing where you have a lot of resales and market activity that's still distressed in foreclosed sales, so it's kind of keeping a lid on that market value."

Wahlberg said an increase in a median sales price could suggest a slightly higher property tax rate.

"So, what this could mean for some buyers is it might affect affordability just a little bit," Wahlberg said.

But overall, the median sales price of a home in Montana has not changed much over the past six years.

"It can show that there's stabilization-- that's what we're seeing is that the market is starting to stabilize," Williams said.

The complete reappraisal will be completed this December.

  • NationalMore>>

  • NY boat crash: Criminal case ends, lawsuits await

    NY boat crash: Criminal case ends, lawsuits await

    Tuesday, September 16 2014 2:21 AM EDT2014-09-16 06:21:13 GMT
    The criminal case stemming from a drunken boat ride on the Hudson River that took the lives of a bride-to-be and her fiancé's best man is ending. But the case may persist in civil courtrooms for years.
    The criminal case stemming from a boat ride on the Hudson River that took the lives of a bride-to-be and her fiancé's best man is ending. But the case may persist in civil courtrooms for years.
  • Mom charged in son's 1991 murder is due in court

    Mom charged in son's 1991 murder is due in court

    Tuesday, September 16 2014 2:01 AM EDT2014-09-16 06:01:31 GMT
    A Florida woman charged in the 1991 death of her 5-year-old son is scheduled to make her first appearance in a New Jersey courtroom.
    A Florida woman charged in the 1991 death of her 5-year-old son is scheduled to make her first appearance in a New Jersey courtroom.
  • Trump Plaza: 4th Atlantic City casino shutdown

    Trump Plaza: 4th Atlantic City casino shutdown

    Tuesday, September 16 2014 1:51 AM EDT2014-09-16 05:51:33 GMT
    When Trump Plaza opened on May 14, 1984, Donald Trump called it the finest building in Atlantic City, and possibly the nation.
    When Trump Plaza opened on May 14, 1984, Donald Trump called it the finest building in Atlantic City, and possibly the nation.
  • Most Popular

  • Most Popular StoriesMost Popular StoriesMore>>

  • Missoula Man Killed in Glacier Park After Base Jump

    Missoula Man Killed in Glacier Park After Base Jump

    Monday, September 15 2014 8:36 PM EDT2014-09-16 00:36:29 GMT
    Officials recover the body of Missoula man from the north side of Mount Siyeh in Glacier National Sunday, after what appears to be a failed base jump.
    Officials recover the body of Missoula man from the north side of Mount Siyeh in Glacier National Sunday, after what appears to be a failed base jump.
  • Missing Stevensville Man Found

    Missing Stevensville Man Found Dead

    Monday, September 15 2014 12:16 PM EDT2014-09-15 16:16:27 GMT
    George Alex Baumann was found in the Ambrose Creek area of Granite County on Saturday, September 13. Baumann was found amongst heavily timbered, steep terrain. His body was transported to the Montana State Crime Lab for autopsy.
    George Alex Baumann was found in the Ambrose Creek area of Granite County on Saturday, September 13. Baumann was found amongst heavily timbered, steep terrain. His body was transported to the Montana State Crime Lab for autopsy.
  • Elk Hunter Missing in The Crazy Mountains

    Elk Hunter Missing in The Crazy Mountains

    Thursday, September 11 2014 12:51 PM EDT2014-09-11 16:51:17 GMT
    Park County Search and Rescue teams scour the Crazy Mountains for an elk hunter missing since Sunday.
    Park County Search and Rescue teams scour the Crazy Mountains for an elk hunter missing since Sunday.
  • Senate Advances Amendment to Overturn Citizens United

    Senate Advances Amendment to Overturn Citizens United

    Tuesday, September 9 2014 5:37 PM EDT2014-09-09 21:37:26 GMT
    Today the U.S. Senate voted 79-18 to advance a constitutional amendment to overturn Citizens United, the landmark Supreme Court decision.
    Today the U.S. Senate voted 79-18 to advance a constitutional amendment to overturn Citizens United, the landmark Supreme Court decision.
  • Defense Releases Witness List for Upcoming Kaarma Trial

    Defense Releases Witness List for Upcoming Kaarma Trial

    Monday, September 15 2014 3:33 PM EDT2014-09-15 19:33:38 GMT
    Defense attorneys in the case of a man charged with shooting a German exchange student release a list of more than two dozen witnesses they plan to call for testimony in the upcoming trial.
    Defense attorneys in the case of a man charged with shooting a German exchange student release a list of more than two dozen witnesses they plan to call for testimony in the upcoming trial.
  • MSU Student Dies In Car Crash

    MSU Student Dies In Car Crash

    Monday, September 8 2014 12:41 PM EDT2014-09-08 16:41:17 GMT
    The Billings Gazette reports that authorities have identified the victim of a rollover accident as 20-year-old Joseph Morelli of Park City. Morelli was a student at Montana State University in Bozeman.
    The Billings Gazette reports that authorities have identified the victim of a rollover accident as 20-year-old Joseph Morelli of Park City. Morelli was a student at Montana State University in Bozeman.
  • Authorities Search For Missing Hunter In Crazy Mountains

    Authorities Search For Missing Hunter In Crazy Mountains

    Friday, September 12 2014 12:14 PM EDT2014-09-12 16:14:29 GMT
    (AP) - Park County authorities are searching for a 38-year-old hunter who was reported missing in the Crazy Mountains.
    (AP) - Park County authorities are searching for a 38-year-old hunter who was reported missing in the Crazy Mountains.
  • Search for Missing Hunter Intensifies

    Search for Missing Hunter Intensifies

    Friday, September 12 2014 8:36 PM EDT2014-09-13 00:36:41 GMT
    Glacier National ParkGlacier National Park
    The search for a missing hunter in the Crazy Mountains of Park County intensifies, but the trail remains cold.
    The search for a missing hunter in the Crazy Mountains of Park County intensifies, but the trail remains cold.
Powered by WorldNow

Features

  • More Features
  • Powered by WorldNow
    All content © Copyright 2000 - 2014 WorldNow and Cowles Montana Media. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.