[MissoulaGov] Missoula gov PAZ 8/19/09

[Ruth Link]

Stacy,

Thanks for taking over for Bob in both PAZ and the listserve, it was an
enjoyable meeting!!

I wanted to respond to your comment, "the developer(s)realizes the market
has totally gone off a cliff" to clarify a few things.  I am not referring
to anything specific about this project, just some general information about
the market!

In the Missoula Urban Area the median price of a home, from Jan 1st to July
31st was $215,000.  Just $3,000 dollars from the high of $218,000 in 2008
for that same time period.  It seems that the prices of homes in Missoula
are holding relatively steady, especially considering the economic
environment.  Where we have seen a substantial drop is in the number of
sales; from Jan 1st to July 31st we had just 480 sales, down from the high
of 860 in 2006!

Missoula County's foreclosure filings have also gone up. However, according
to realtytrac.com, compared with areas like Maricopa County in AZ (Phoenix)
with 1 in every 16,967 homes in foreclosure-some cities experiencing a rate
of 1 in 8 homes, Missoula's rate of 1 in 88,977 seems much less like a cliff
dive!  One more reason to LOVE Missoula, MT!

Thanks again for your hard work Stacey; for up to date information or to
expand on what I gave here check out "Market Trends" at
www.MissoulaRealEatate.com.  (The 2009 Missoula Housing Report is also
available to download there).  

Sincerely,


Ruth A. Link
Public Affairs Director, MOR

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