Manhattan, Montana Market Report: Absorption Rates Dec 2011

How long will it take to sell my Manhattan, MT home?

In Realtors language, we call it the absorption rate.  We can analyze the sales data from the last 6 months in comparison to the number of homes that are still on the market and make an educated guess as to how long it may take homes in Manhattan Montana to sell.  The chart looks like this:

Manhattan montana market update

What does the chart tell us?  If you have a home that has a list price of under $300,000, you stand a very good chance of selling it in about twelve months since we have sold 14 homes in that price range in the previous six months and currently only have 8 available to sell.  If you have a home that is priced between $301,000 and $500,000, you are looking at approximately 18 months of marketing time.

When we start to look at the luxury home market in Manhattan Montana, we find the length of time to find a qualified buyer starts to be a guess.  We have not sold a home over $500,000 in this market in the previous 6 months, but we did sell 4 in the 6 months prior to that.  With 12 homes on the market currently priced in this category, this could leave the time your home will remain on the market near three years.

As a buyer, if you are looking in the higher end of the Manhattan, MT home market, there is not a lot of inventory, but you should have some negotiating advantage since there are also few buyers looking to purchase.  As a first time buyer or if you are looking in the affordable housing area of Manhattan, you will also have the time to consider your purchase and be able to comfortably negotiate.

Comment balloon 2 commentsJenifer Lower • December 30 2011 01:05PM

Comments

Good evening Jenifer, Very nice market report. i love the graph. I hope things are well in Montana. Have a great Evening

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) almost 7 years ago

Ouch! That's a long marketing time, makes a great argument to get the house priced right to begin with. Are values declining because of the inventory levels?

Have an AWESOME day!

 

Posted by Michael S. Bolton, MN Appraiser (Michael S. Bolton,Inc.) almost 7 years ago

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