According to Realtor.com the current market in Helena has 530 homes for sale and the median listing price is around $250,000. The list price has been steady for the last three years, but Montana is a non-disclosure state so the actual sale price could be different. What does this mean for you? Inventory is low and demand is high for certain types of homes. It’s a seller’s market right now and has been for a while.
Statistics vary a bit for the Helena Association of Realtors which manages the Helena MLS. As of February 2018, there were 294 properties listed for sale. Also in February, 39 homes sold and 83 new properties were listed. This information changes daily so check out the HAR website https://openhouseshelenamt.com/resources/market-statistics if you are looking to buy or sell a home.
With the help of Moore Appraisal Firm in Helena http://www.mooreappraisalfirm.com/ we know 1,012 houses were reported as sold in 2017 which was less than the 1,040 homes sold in 2016. A lack of inventory was a contributing factor in the lower number of homes sold. For the entirety of 2017, the average time of a home’s listing to closing was 106 days; 65 days from listing to receiving a contract.
“We have buyers right now in Helena, but unfortunately we don’t have the inventory,” says Karen Goldsberry, Montana Lifestyle Real Estate Broker/Owner. “If you are thinking about selling your home, now is the time!”
Homes priced correctly are flying off the market within days because of the low inventory. One thing to keep in mind though, if your property is over-priced potential buyers will move on to the next one and your home will not sell as quickly. Homes around 2,000 square feet also seem to be the most popular size sold in the current Helena market.
Helena has a stable economy and less out-of-state buyers than some other markets in Montana. Even so, more and more companies are flocking to Helena and with new businesses comes the demand for employee housing. The building industry is also strong and new homes are being constructed at pre-recession rates in the Helena Valley and surrounding areas.
With the Federal Reserve Bank talking about raising interest rates again in 2018, it is tough to say if the trend of a seller’s market will continue. Being the state capital has benefits, but Helena’s fiscal situation could affect the market not to mention new tax laws on the federal level.
Helena is a unique area and has lots of history and even its mansion district has homes for sale. Access to the great outdoors and charming local businesses keep people in the Queen City of the Rockies and new residents happy all year long. If you think you might be ready to start your home buying process, head over to our page on Everything You Need to Know About the Mortgage Process (and then some).