Belgrade, Montana Real Estate 3rd Quarter Market update
The following graphs should help you understand where the market in Belgrade is for the 3rd quarter of 2011.
Market for Single Family Homes in Belgrade, MT
The previous graph indicates that Belgrade is struggling with the foreclosures which is evidenced in the continued slight decline in asking and sold prices. It does show a significant improvement for the number of sold homes since our first quarter, and the number of days a home spends on the market is on the decline. Please note the title, this is only for single family homes on less than one acre in our area and does not include condo's or vacant land.
Real Estate Inventory for Belgrade, MT
This graph is an indication of our inventory, how well it is moving, and how long it might take to get your home sold. We refer to this as the Absorption Rate. If you have a single family home or condo in Belgrade you are interested in selling, this chart indicates it may take less than 3 months to sell if priced right. We have sold more homes in the last 3 months than we have on the market currently, the math then says we should sell that inventory less than 3 months if we continue to sell homes at the present rate.
Obviously, if you have a home on more than one acre, the news still looks fairly bleak. There are considerably more homes on the market than there are buyers and you should be prepared for a longer listing period to sell your home. You should also consider very carefully your price point in order to short cut the length of time it may take to sell your home.
Average Asking Price to Actual Sold Price
The last chart I would like to share with you is the average asking price to sold price. As you can see, if you own a Single Family home under an acre, or a condo within Belgrade, there is very little negotiating on your asking price. This doesn't mean you haven't made price reductions to meet the market, but by the time you are negotiating with a buyer, you can usually expect to receive about 98% of what you are asking. If you have a home that is on more than one acre, as you can see, it is still rough waters for you and you can expect to negotiate your price in order to secure a buyer.
If you have further questions about Belgrade homes for sale, or would like to search the homes for sale in Belgrade Montana, please don't hesitate to call or email! We are your expert local real estate broker.