Not surprisingly, housing in Missoula is not only very expensive, but also very scarce.
The Missoula Organization of Realtors held a press conference on Tuesday to provide an overview of the current housing situation.
The MOR provided this comment in a press release that summarizes the current housing situation.
“Supply is at an all-time low, with an absorption rate of 0.64 months. The absorption rate is calculated by dividing the total number of homes available on the market by the number of homes sold last month. A normal range is housing supply to sustain three to nine months of demand. The estimated year-end supply gap, using the midpoint of a normal range and current sales, is a shortfall of approximately 640 homes for that time.
Incoming President Mandy Snook made the opening statement, a harbinger of things to come for Missoula’s housing market.
“I want to be frank with you,” Snook said. “All these numbers are hard to hear. Data is a critical part of problem solving and the data is clear, we need more housing. In order to provide a complete view of our community, we’ve added a few new data elements and visualizations. These include information from the City of Missoula as a new Homeless Management Information System, more detailed neighborhood maps, and an affordability map.
MOR local manager Brint Wahlberg started with this perfect storm explanation for housing inaccessibility.
“Median home prices are at an all-time high,” Wahlberg began. “Interest rates are going up. And then also, median reported incomes in the Missoula area were down. Now why had they fallen? The reason for this is that our most recent income data that we retrieved was influenced by COVID. So there have been layoffs and retirements, so there are a lot of factors that have come into play. So the rates are going up; rising prices; declining revenues. So it’s probably no surprise that we’re seeing our accessibility index at an all-time low. »
Wahlberg described some of the neighborhoods in Missoula that have seen strong growth over the past year.
“What we’ve seen is the biggest increase in median selling price last year, which occurred in the Lower Rattlesnake, where selling prices increased by 50.3%. River Road from 40.2% South 39and by 39.2%. “As we were talking about this the other day, someone said it was interesting that the River Road and South 39th areas, which were previously lumped together with a bit lower median sale price, why are they going up- Well, in a market where affordability is an incredible challenge, people are trying to find homes at more affordable prices, but unfortunately there are more people looking and there are fewer options. And so that indicates where we’re seeing the most bidding activity, so the most real estate prospects.
Jim McGrath of the Missoula Housing Authority also provided numbers on Missoula’s homeless population.
“In March 2022, we had 650 homeless people in our system. The only thing you watch, people ask you why you’re doing a survey in January. But aren’t there more homeless people in the summer? You can compare with March of last year, we had 652. In July, the high point, we had 655, so maybe it’s more crowded in the summer, maybe not.
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