While Lincoln County has not had the same kind of growth that Flathead or Gallatin County have experienced this year, there have still been a lot of changes since the start of the COVID-19 pandemic. Here are three stats from 406MLS.com that give us some insight into what is happening in the Northwest corner of Montana.
- Median Sales Price
January 2020 – $179,000
November 2020 $310,000
A lot of factors go into movement in the median sales price including types and quantities of properties sold. Just because this number increased by almost 58% doesn’t mean that the value of your home increased by 58%. It does show that there has been an increase in the sale of higher priced properties over the course of the year that combined with what Zillow is forecasting as a 7.1% increase on home prices has pushed the median sales price above 300k.
- Average Days on Market
February 2020 – 185 days
November 2020 – 92 days
COVID-19 has created a seller’s market across most of Montana and this number points towards the same trend in Lincoln County. The basic takeaway from this number is that a properly priced property in Lincoln County should sell twice as fast now as it was in February. Buyers will need to be extra prepared to keep up with the speed of the current market and sellers will need to be purposeful about the offers they accept to ensure they are getting the best deal done the fastest.
- Number of Properties Sold
November 2019 – 25 sales
November 2020 – 43 sales
The November sales volume in Lincoln County was up 58% over November of 2019. Logic points towards out of state buyers flocking to Montana as a primary reason for the increase, although that may not provide a complete picture. Natural market fluctuation and higher values will also contribute to the number of properties for sale. No matter what the cause of the increase, the number of sales taking place in 2020 is staggering compared to 2019. Sellers should have increased opportunities to move their homes in 2020 and early 2021 compared to years past.
With pandemic restricts continuing throughout the Western United States, it is likely that we will see continued year over year growth in the Lincoln County housing market. More information and market research is available at http://www.406mls.com/lincoln/