The second quarter is not quite over, however, here is my bi-annual North of Montana sales report.
Currently, in the MLS, there are 11 active listings available in the North of Montana neighborhood and of these active listings, the average number of days on the market is 43. The average list price is $6.3 Million, the average house is 4,393 square feet and the average lot size is 9,232 square feet.
There are 10 homes under contract and they have an average of 54 days on market with an average list price of $5.3 Million. Several of these are lot value / teardowns with an average lot size of 8,067 square feet.
A total of 26 homes have sold and closed escrow since January 1st, 2017 with an average of 46 days on the market. Average selling price is $4.3 Million. Of the 26 closed sales, 14 were considered lot value sales. The average sold house size was 3,281 square feet making the average $/per foot $1,310. $1,310 may seem high, and it is because small houses are being sold for their land-value and skew the average. A 2,000 square foot home that sells for its land value of say, $3.5M works out to $1,750 per square foot, which is ridiculous for an old small house, hence the skewed average.
Considering the high demand for land and developers continuing to ply their trade here, we will certainly continue to see more construction in the area. I know of a dozen homes in the various states of construction that will be coming on the market over the next 6 months.
*MLS data from 6/20/2017
One new listing has come to the market:
258 16th Street– Built by architect Steve Giannetti in 2002, this 4,235 sqft California bungalow has 5 bedrooms and 5.5 baths. Listed for $5,250,000. Backyard has a swimming pool and landscaped with mature trees. Last sold March 1, 2012, for $3,995,000 and as of today, already has at least one offer.
One home went under contract last week:
621 Marguerita Avenue – Fully priced at $12,495,000. 14,541 sqft lot and 6,500sqft of interior space. This Hamptons-style home boasts 6 bedrooms, 8.5 bathrooms. In addition a detached guest house. The backyard includes a swimming pool, spa, and steam room. Last sold April 30, 2013 for $8,600,000. Not bad if they get $12.5M – a 45% increase in 4 years.
One closed sale to report:
235 15th Street –2 bedroom and 1.75 bath home with a detached studio. Sold for 3,295,000.
Call me for a couple of upcoming attractions that are not yet listed in the MLS, priced from $1.9 million to $16 million. And….here are a few that we have listed in the MLS:
238 19th Street– 5 bedrooms and 6.5 baths $6,495,000
920 Alta Avenue – 6 bedrooms and 6.5 baths $6,395,000
934 25th Street – 4 bedrooms and 5.5 baths $4,495,000
1309 Pine Street – 8,213 sqft. lot, $2,049,000
426 Mesa Road – Vacant Land, $1,440,000
1658 Camden Avenue #306 – 2 bedrooms and 2 baths $985,000
11822 Goshen Avenue #301 – 2 bedrooms and 2 baths $825,000