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Real Estate Appraisals Montana

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Real Estate Appraisals Montana Powered By Docstoc
					Flathead County Housing Market
             2008




                Presented by:
                Jim Kelley
                Kelley Appraisal
                1001 South Main Street
                Kalispell, MT

                (406)755-2015 Phone
                (406)755-2003 Fax
                http://kelleyappraisal.net
                jim@kelleyappraisal.net
                                                  About the Speaker
                                                      Jim Kelley
Mr. Jim Kelley, owner of Kelley Appraisal, has been a leading provider of appraisals for commercial, residential and investment
real estate in northwestern Montana. With 29 years of professional experience and education in Finance, Mr. Kelley specializes
in appraisals for purchases, sales, commercial loans, residential loans, and litigation. Mr. Kelley has built the most extensive
statistical data base for the economic and real estate in northwestern Montana and been highly sought after as guest speaker in
the finance industry. He was an invited lecturer to college students in China in 2007 on how the real estate and the appraisal
business works in the U.S. Mr. Kelley’s active roles in the Flathead Valley community in the past 29 years extend also into
sailboat racing on the Flathead Lake and skiing on the Big Mountain.


                Mr. Kelley has extensive experience, education and qualifications in:

                         Commercial and Residential Real Estate Loans
                         Subdivision Analysis, Valuation and Market studies
                         Condominium Project Analysis, Valuation and Market Studies
                         Proposed properties and construction loans

                         Rural Land and Large Acreage Appraisals
                         Recreational and Waterfront Properties
                         High-End Residential Properties
                         Partial Interests of Property Rights

                         Legal and Tax Related Complex Real Estate Problems
                         Litigation Support and Court Testimony
                         Appraisals for Estate Settlements
                         Forensic Real Estate Valuation

                         Market Studies and Statistical Analysis
                         Historical Values and Related Value Trends
                         Real Estate Portfolios
                         Appraisals for Estate Planning
                                                                           2001-2008

                                    LAND SUBDIVISION ACTIVITY SUMMARY, CITY OF KALISPELL
                                                  NEW LOTS CREATED 1973-2008




all types                                96         97         98         99 2000 2001 2002                          2003        2004 2005          2006    2007      2008

Total # new lots                        118         84         91         34         41         86        121         245         510        419     582     319       252

Acres of subdivision                    49.1       39.2        43        27.6       17.4       22.3       48.7       125.1       136.4       110    304.2   100.3    209.15

Acres openspace                     *          *          *          *          *          *          *          *           *           *           30.6     6.4     26.56

Ave. lot size including openspace       0.42       0.47       0.47       0.81       0.42       0.26        0.4        0.51        0.27       0.26    0.52     0.3      0.83

Ave. lot size excluding openspace   *          *          *          *          *          *          *          *           *           *           0.46    0.29      0.72




                                          % change in total number of lots created                                       % change in acres of lots created
% change - 2001 - 2002                                                                                      41.0%                                                   118.1%
% change - 2002 - 2003                                                                                    102.0%                                                    156.8%
% change - 2003 - 2004                                                                                    108.0%                                                     9.0%
% change - 2004 - 2005                                                                                     -17.8%                                                   -19.3%
% change - 2005 - 2006                                                                                      30.7%                                                   176.5%
% change - 2006 - 2007                                                                                     -45.2%                                                   -67.4%
% change - 2007 - 2008                                                                                     -21.0%                                                   108.5%
                 SUBDIVISION PLATS THAT HAVE NOT BEEN SUBMITTED FOR FINAL PLAT OR HAVE
                                     FINAL PLATS PENDING APPROVAL

                                                          CITY OF KALISPELL


                                         TOTAL   COM, IND, PUBLIC SINGLE       DUP/THLOT MULTI
SUBDIVISION NAME                         LOTS    LOTS             FAMILY LOTS S           FAMILY LOTS ACRES ROAD OR LOCATION
Willow Creek                                 383                           361         18 (4) lots~156 units 139.9 Foy's Lake Rd
Ashley Square Amd L1 of Resub Lots 1 &
3Gibson Addition #41                          2                2                                                  3.19 Hwy 2 W
Starling Ph 1                                236                          131          98 (7) lots~64 units       63.3 W Reserve Dr Stillwater Rd
Ashley Heights                                26                           26                                     8.52 Sunnyside Dr
Ashley Park Ph 9                              34                           10          24                         8.82 Pintail DrMerganser Dr
Cottage Gardens                               30                           30                                    10.75 Three Mile Dr
Mountain Vista EstatesPh 4                    19                           19                                     7.65 Three Mile Dr
Northland Ph 4                                19                           19                                     5.86 Four Mile Dr
                                                                                                                       Stillwater Rd &Three Mile
West View Estatesremaining phases             78                           77               (1) Low Density A     39.7 Dr
Aspen Creekremaining phases                   72                           16          56                        19.99 Three Mile Dr
Glacier Village Greensremaining phases        77                           15          62                        13.04 E & WNicklaus Ave
Spring PrairieCenter 3                        10              10                                                  24.9 Hwy 93 &W Reserve Dr
Resub L7A of Western Acres                    2                             2                                     0.28 7th Ave WWestern Dr
Autumn Creek                                  20                           16           4                          8.7 Hathaway Ln
Silverbrook EstatesRemainder of Ph1          142                          142                                    87.13 U S Hwy 93 NChurch Dr
Fox Trotter Meadows                           23                           23                                    10.19 Stillwater Rd
Blue Skies Sub                                6                             6                                     2.07 Valley View Dr
Resub L1 Minor Sub 117                        7                             7                                     4.08 Sunnyside DrDenver Ave
                                                                                                                       W Reserve Dr & Whitefish
Glacier Town Center                           37              37                                                 191.6 Stage Rd
Bloomstone Ph 1A & 1B                        122                           89          32 1 (64) units           41.26 Four Mile Dr
Silverbrook Estates Ph 2                     275              16          197          62                       167.07 Church DrHwy 93 N
TOTAL                                      1,620              65         1,186        356                13       858
Residential Construction Summary
             Kalispell
LAND SUBDIVISION vs NEW HOUSING STARTS
      CITY OF KALISPELL 1996-2008
Lots Approved in Flathead County
Flathead County Septic Permits
                       New Construction
Flathead County - 2006    SFRs    Duplex Townhouse Multi-Family Manuf. Total
Kalispell                     170      23       128          28              349
Whitefish                      60                48          23      0       131
Columbia Falls                 37       6        40          14               97
County                        727                                            727
Total                         994      29       216          65      0     1304
Change From Previous Year   -9.8% -12.1%      49.0%      -68.0%          -12.1%
Flathead County - 2007    SFRs    Duplex Townhouse Multi-Family Manuf. Total
Kalispell                     146      14        67          95      0       322
Whitefish                      22                20          32               74
Columbia Falls                 68                18                           86
County                        611                                            611
Total                         847      14       105         127      0     1093
Change From Previous Year  -14.8% -51.7%     -51.4%       95.4%          -16.2%
Flathead County - 2008    SFRs    Duplex Townhouse Multi-Family Manuf. Total
Kalispell                      78      21        54          33      0       186
Whitefish                      29                 6           0               35
Columbia Falls                  8                 6                           14
County                        482                                            482
Total                         597      21        66          33      0       717
Change From Previous Year  -29.5% 50.0%      -37.1%      -74.0%          -34.4%
Lot Creation vs New Construction (County Only)
                       Flathead County
   Lots - 2008                           1098
   New Const. - 2008                      482
   Difference                                    616

   Lots - 2007                           1212
   New Const. - 2007                      611
   Difference                                    601

   Lots - 2006                           1086
   New Const. - 2006                      727
   Difference                                    359

   Lots - 2005                           1327
   New Const. - 2005                      732
   Difference                                    595

   Lots - 2004                           1270
   New Const. - 2004                      758
   Difference                                    512

   Lots - 2003                           1131
   New Const. - 2003                      746
   Difference                                    385

   Lots - 2002                            899
   New Const. - 2002                      630
   Difference                                    269

   Lots - 2001                            734
   New Const. - 2001                      643
   Difference                                     91
   Total Excess Lots                            3428
                     All Residential
                               Year   # Sales            Average   % Chg. Median    % chg.
                                 83                        $51,185          $47,500
                                 84    454                 $54,657    6.8%  $50,000  5.3%
                               1985    495        9.0%     $59,181    8.3%  $52,500  5.0%
                                 86    546       10.3%     $58,298   -1.5%  $53,000  1.0%
                                 87    531       -2.7%     $60,044    3.0%  $53,950  1.8%
                                 88    499       -6.0%     $64,260    7.0%  $56,000  3.8%
                                 89    812       62.7%     $72,319   12.5%  $60,000  7.1%
                               1990   1065       31.2%     $78,285    8.2%  $63,500  5.8%
                                 91   1219       14.5%     $87,950   12.3%  $67,500  6.3%
                                 92   1302        6.8%    $110,896   26.1%  $81,500 20.7%
                                 93   1068      -18.0%    $112,823    1.7%  $88,300  8.3%
                                 94   1096        2.6%    $121,790    7.9%  $93,700  6.1%
                               1995   1064       -2.9%    $137,716   13.1% $102,250  9.1%
                                 96    923      -13.3%    $133,520   -3.0% $105,000  2.7%
                                 97    912       -1.2%    $136,827    2.5% $106,500  1.4%
                                 98   1098       20.4%    $147,195    7.6% $115,000  8.0%
                                 99   1132        3.1%    $150,780    2.4% $118,000  2.6%
                               2000   1139        0.6%    $169,538   12.4% $120,000  1.7%
                                 01   1385       21.6%    $168,974   -0.3% $128,000  6.7%
                                 02   1519        9.7%    $184,054    8.9% $138,000  7.8%
                                 03   1577        3.8%    $225,547   22.5% $159,900 15.9%
                                 04   1759       11.5%    $278,201   23.3% $186,500 16.6%
27.5% Decrease is the number   2005   1789        1.7%    $309,299   11.2% $220,000 18.0%
                                 06   1870        4.5%    $356,683   15.3% $245,000 11.4%
      of sales in 2008           07   1357      -27.4%    $361,798    1.4% $250,000  2.0%
                                 08    984      -27.5%    $327,882   -9.4% $239,000 -4.4%
          Less than Two Acres & No Waterfront
                                Year # Sales            Average     % Chg. Median      % chg.
                                  83                      $49,120            $44,500
                                  84    454               $52,461    6.8%    $49,000   10.1%
                                1985    495      9.0%     $52,828    0.7%    $49,500    1.0%
                                  86    546     10.3%     $53,977    2.2%    $49,900    0.8%
                                  87    531     -2.7%     $55,417    2.7%    $51,500    3.2%
                                  88    499     -6.0%     $54,317   -2.0%    $52,500    1.9%
                                  89    812     62.7%     $57,230    5.4%    $52,000   -1.0%
                                1990 1065       31.2%     $64,056   11.9%    $57,500   10.6%
                                  91 1219       14.5%     $69,361    8.3%    $59,900    4.2%
                                  92 1302        6.8%     $81,041   16.8%    $70,000   16.9%
                                  93    768    -41.0%     $92,551   14.2%    $81,900   17.0%
                                  94    714     -7.0%     $94,816    2.4%    $86,000    5.0%
                                1995    769      7.7%    $104,700   10.4%    $90,500    5.2%
                                  96    677    -12.0%    $110,612    5.6%    $93,500    3.3%
                                  97    626     -7.5%    $105,950   -4.2%    $95,000    1.6%
                                  98    774     23.6%    $111,075    4.8%    $94,250   -0.8%
                                  99    782      1.0%    $116,709    5.1% $100,000      6.1%
                                2000    839      7.3%    $129,600   11.0% $108,500      8.5%
                                  01 1015       21.0%    $137,046    5.7% $115,000      6.0%
                                  02 1115        9.9%    $145,132    5.9% $125,000      8.7%
                                  03 1128        1.2%    $171,006   17.8% $144,500     15.6%
                                  04 1239        9.8%    $204,780   19.8% $164,000     13.5%
                                2005 1171       -5.5%    $235,726   15.1% $192,000     17.1%
25% Decrease in the number of     06 1366
                                  07 1045
                                                16.7%
                                               -23.5%
                                                         $258,726
                                                         $281,234
                                                                     9.8% $215,000
                                                                     8.7% $225,000
                                                                                       12.0%
                                                                                        4.7%
       sales in 2008              08    784    -25.0%    $267,928   -4.7% $217,000     -3.6%
Residential Sales Volume
Perc. Listings Sold
     Summary of Home Sales and Listings in Flathead County
Residential                       Number      Average Price     Median          Low              High
Listings                            1753          $696,025     $369,000       $4,000      $15,000,000
2008 Sales                           984          $327,882     $239,000      $15,000       $6,850,000

Distribution               Current Listings   % of Listings   2008 Sales   % of Sales   Days Inventory   Months Years
0 to $100,000                            31           1.8%            23         2.3%             492      16.2    1.3
$100,001 to $200,000                    307          17.5%           338       34.3%              332      10.9    0.9
$200,001 to $300,000                    364          20.8%           330       33.5%              403      13.2    1.1
$300,001 to $400,000                    300          17.1%           126       12.8%              869      28.6    2.4
$400,001 to $500,000                    142           8.1%            50         5.1%           1,037      34.1    2.8
$500,001 to $1,000,000                  355          20.3%            87         8.8%           1,489      49.0    4.1
$1,000,001 to $2,000,000                162           9.2%            23         2.3%           2,571      84.5    7.0
$2,000,001 plus                          92           5.2%             7         0.7%           4,797     157.7   13.1
Totals                                1753         100.0%            984      100.0%              650      21.4    1.8



Nationally, there was an average of 10.4 months of unsold housing inventory in 2008.
There is currently 21.4 months of unsold housing inventory in Flathead County.

                       In 2002, 10% of listing and 22% of sales were $0 to $100,000
                      In 2003, 6% of listing and 13.6% of sales were $0 to $100,000
                      In 2004, 2.5% of listing and 7.8% of sales were $0 to $100,000
                      In 2005, 1.9% of listing and 3.1% of sales were $0 to $100,000
                      In 2006, 1.0% of listing and 2.6% of sales were $0 to $100,000
                       In 2007, .7% of listing and 2.2% of sales were $0 to $100,000
                      In 2008, 1.8% of listing and 2.3% of sales were $0 to $100,000
                           Comparison of Previous Years

Distribution               2007 Sales   % of Sales   2008 Sales % of Sales   Change    % Change
0 to $100,000                      30         2.2%           23       2.3%        -7      -23.3%
$100,001 to $200,000              416       30.7%           338     34.3%        -78      -18.8%
$200,001 to $300,000              412       30.4%           330     33.5%        -82      -19.9%
$300,001 to $400,000              209       15.4%           126     12.8%        -83      -39.7%
$400,001 to $500,000               82         6.0%           50       5.1%       -32      -39.0%
$500,001 to $1,000,000            154       11.3%            87       8.8%       -67      -43.5%
$1,000,001 to $2,000,000           37         2.7%           23       2.3%       -14      -37.8%
$2,000,001 plus                    17         1.3%            7       0.7%       -10      -58.8%
Totals                           1357      100.0%           984    100.0%       -373      -27.5%

Distribution               2006 Sales   % of Sales   2008 Sales % of Sales   Change    % Change
0 to $100,000                      48         2.6%           23       2.3%       -25      -52.1%
$100,001 to $200,000              609       32.6%           338     34.3%       -271      -44.5%
$200,001 to $300,000              547       29.3%           330     33.5%       -217      -39.7%
$300,001 to $400,000              294       15.7%           126     12.8%       -168      -57.1%
$400,001 to $500,000              115         6.1%           50       5.1%       -65      -56.5%
$500,001 to $1,000,000            176         9.4%           87       8.8%       -89      -50.6%
$1,000,001 to $2,000,000           52         2.8%           23       2.3%       -29      -55.8%
$2,000,001 plus                    29         1.6%            7       0.7%       -22      -75.9%
Totals                           1870      100.0%           984    100.0%       -886      -47.4%
History of High Value Home Sales
                                 Greater than Greater than
   Year Volume   Highest Price      $500,000     $1,000,000
     84      454      $199,500               0             0
   1985      495      $200,000               0             0
     86      546      $250,000               0             0
     87      531      $310,000               0             0
     88      499      $590,000               1             0
     89      812      $539,000               1             0
   1990     1065      $950,000               5             0
     91     1219    $1,750,000               9             2
     92     1302    $1,600,000              18             7
     93     1068      $900,000               8             0
     94     1096    $1,475,000              30             3
   1995     1064    $2,500,000              20             5
     96      923    $1,650,000              14             1
     97      912    $1,300,000              19             1
     98     1098    $3,400,000              25             8
     99     1132    $3,025,000              30             5
   2000     1139    $3,300,000              57            10
     01     1385    $2,925,000              47            14
     02     1512    $4,000,000              47            15
     03     1577    $6,000,000              95            24
     04     1759   $13,500,000             104            42
   2005     1789    $8,200,000             203            52
     06     1870    $4,750,000             262            81
     07     1357    $6,500,000             208            54
     08      984    $6,850,000             118            31
                             Kalispell
Within Kalispell's city limits
            Year Volume %Change Average %Change Median        %Change
            2005          412         $182,539       $167,250
            2006          311  -24.5% $198,309  8.6% $180,000     7.6%
            2007          355   14.1% $209,552  5.7% $190,000     5.6%
            2008          275  -22.5% $206,737 -1.3% $188,500    -0.8%

Current Listings    264              $264,424            $213,500

Days Inventory       350
Months Inventory    11.6

In Kalispell and within 3.5 miles of the city limits
             Year Volume %Change Average %Change Median             %Change
             2005       709                 $231,957       $180,000
             2006       770        8.6% $238,294      2.7% $203,000    12.8%
             2007       583      -24.3% $242,433      1.7% $207,000     2.0%
             2008       444      -23.8% $232,134     -4.2% $199,450    -3.6%

Current Listings    540             $394,652             $265,000

Days Inventory       444
Months              14.7
                             Whitefish
Within the Whitefish city limits
            Year Volume %Change Average %Change Median          %Change
            2005         205            $377,089       $268,100
            2006         169     -17.6% $458,002 21.5% $290,000      8.2%
            2007         171       1.2% $502,015  9.6% $322,000    11.0%
            2008         115     -32.7% $556,237 10.8% $315,000     -2.2%

Current Listings     223              $719,031             $395,000

Days Inventory        708
Months               23.4



In Whitefish and within 3.5 miles of the city limits
            Year Volume %Change Average %Change Median               %Change
             2005        318                 $431,023       $302,500
             2006        273      -14.2% $536,928     24.6% $320,000      5.8%
             2007        278        1.8% $567,260      5.6% $335,000      4.7%
             2008        182      -34.5% $548,527     -3.3% $305,000     -9.0%

Current Listings     447              $966,148             $439,000

Days Inventory        896
Months               29.6
                      Columbia Falls
Within the Columbia Falls city limits
            Year Volume %Change Average %Change Median          %Change
            2005         82              $174,810      $170,250
            2006         58       -29.3% $175,962 0.7% $160,000     -6.0%
            2007         73        25.9% $187,610 6.6% $183,000    14.4%
            2008         58       -20.5% $198,519 5.8% $189,500      3.6%

Current Listings        46              $201,089              $179,900

Days Inventory         289
Months                 9.6


In Columbia Falls and within 3.5 miles of the city limits
            Year Volume %Change Average %Change Median                   %Change
            2005       181                  $234,680            $199,000
            2006       212         17.1% $239,009          1.8% $196,750     -1.1%
            2007       151        -28.8% $235,690         -1.4% $211,500      7.5%
            2008       115        -23.8% $224,765         -4.6% $202,000     -4.5%

Current Listings      157               $431,393              $275,000

Days Inventory         498
Months                16.4
                   Bigfork and Lakeside
Within five miles of downtown Bigfork:
Year                Volume %Change Average %Change Median       %Change
             2005       175            $347,307        $288,000
             2006       111     -36.6% $558,331  60.8% $429,000    49.0%
             2007        96     -13.5% $472,488 -15.4% $370,937   -13.5%
             2008        78     -18.8% $416,594 -11.8% $305,000   -17.8%

Current Listings       210                $812,146           $562,500

Days Inventory         983
Months                32.4


Within five miles of downtown Lakeside:
             Year Volume %Change          Average %Change Median     %Change
             2005        90                $477,099         $258,250
             2006       108      20.0%     $622,769   30.5% $394,750     52.9%
             2007        58     -46.3%     $623,918    0.2% $405,000      2.6%
             2008        42     -27.6%     $460,394  -26.2% $294,950    -27.2%

Current Listings       121                $974,289           $695,000

Days Inventory        1052
Months                34.7
                          Flathead Lake
All Lakefront Homes on Flathead Lake
Year             Volume %Change Average         %Change Median     %Change
           2005       89               $769,928           $525,000
           2006      100       12.4%   $965,883    25.5%  $695,734    32.5%
           2007       67      -33.0% $1,013,254     4.9%  $928,500    33.5%
           2008       39      -41.8%   $745,594   -26.4%  $749,000   -19.3%

Current Listings    157            $1,467,609            $1,000,000

Days Inventory     1469
Months             48.5


Lakefront Homes on Flathead Lake, Excluding Condominiums
           Year Volume %Change Average          %Change Median       %Change
           2003      58                $753,733             $440,000
           2004      72       24.1% $1,008,122      33.8%   $620,000    40.9%
           2005      67       -6.9%    $890,506    -11.7%   $625,000     0.8%
           2006      59      -11.9% $1,150,928      29.2%   $905,000    44.8%
           2007      41      -30.5% $1,241,668       7.9% $1,100,000    21.5%
           2008      25      -39.0%    $812,380    -34.6%   $875,000   -20.5%

Current Listings   114             $1,736,551            $1,400,000

Days Inventory     1664
Months             54.9
         National Data             Flathead Median - $239,000
                                   U.S. Median - $198,600




Western Region Median - $270,800
Down 19% from 2007
                           National Median Price
Year           U.S.       Mo. Inventory West

2007   Dec     $207,000            9.7   $311,100
2008   Jan     $199,700           10.2   $296,200
2008   Feb     $195,600            9.6   $292,400
2008   Mar     $200,100           10.0   $284,800
2008   Apr     $201,200           11.2   $285,700
2008   May     $207,900           10.8   $286,000
2008   Jun     $215,100           11.1   $285,700
2008   Jul     $210,300           10.9   $282,000
2008   Aug     $203,100           10.6   $251,600
2008   Sept    $191,400           10.0   $255,100
2008   Oct     $186,500           10.3   $258,900
2008   Nov r   $180,300           11.2   $241,000
2008   Dec p   $175,400            9.3   $213,100

2008           $198,600           10.4   $270,800
Counties




  Flathead County: $239,000   Gallatin County: $285,800
  Missoula County: $218,900   Park County: $220,000
  Ravalli County: $216,500    Lewis & Clark: $190,000
  Lake County: $219,000       Silverbow County: $118,000
  United States: $198,600
County Volume
               Summary of Residential Land Sales and Listings in
                              Flathead County

Residential Land                Number      Average Price     Median          Low              High
Listings                          1957          $303,436     $149,900      $35,000      $12,780,000
2008 Sales                         306          $158,243     $120,000      $15,000       $1,890,000

Distribution             Current Listings   % of Listings   2008 Sales   % of Sales   Days Inventory   Years
Smaller than.5 Acre                   641          32.8%           102       33.3%            2,294      6.3
.5 to 1.0 Acres                       305          15.6%            33       10.8%            3,373      9.2
1.1 to 3.0 Acres                      350          17.9%            66       21.6%            1,936      5.3
3.1 to 4.9 Acres                      110           5.6%            21         6.9%           1,912      5.2
5.0 to 10 Acres                       212          10.8%            47       15.4%            1,646      4.5
10.1 to 20 Acres                      132           6.7%            25         8.2%           1,927      5.3
20.1 to 40 Acres                      100           5.1%            10         3.3%           3,650     10.0
40.1 to 80 Acres                       42           2.1%             2         0.7%           7,665     21.0
80.1 to 100 Acres                      10           0.5%             0         0.0%
Greater than 100 Acres                 55           2.8%             0         0.0%
Totals                              1957         100.0%            306      100.0%            2,334      6.4
Overall Land Sales Volume
Housing Affordability in the Flathead


     Primary factors in housing
       affordability are:

     1. Housing Costs
     2. Household Income
     3. Mortgage Interest Rates
        and Terms
Interest Rates




Average 30-year rate in 2008 was 6.6%
Based on the following:

* Payment is 28% of
average household income
* 30-Year Mortgage




 Average Price:
 2008 - Kalispell City Limits       - $206,737 / Greater Area - $232,134
 2008 - Whitefish City Limits       - $556,237 / Greater Area - $548,527
 2008 - Columbia Falls City Limits - $198,519 / Greater Area - $224,765
Based on the following:

* Payment is 28% of
median household income
* 30-Year Mortgage




 Median Price:
 2008 - Kalispell City - $188,500 / Kalispell Area - $199,450
 2008 - Whitefish City - $315,000 / Whitefish Area - $305,000
 2008 - C. Falls City - $189,500 / C. Falls Area - $202,000
Affordability at Current Rates
Long Term Affordability
Income Multiplier
                       Foreclosures
             Most R.E. Loans are secured with a
             Trustee’s Deed. If there is a default,
                    the following occurs:
                  Notice of Trustee’s Sale is
                          Recorded
                 (120 days to Trustee’s Sale)

                      One of two things will follow:

Property is sold at
 Trustee’s Sale:                            Default is cured.
                                or
 Trustee’s Deed is                          Cancellation of Trustee’s
Recorded approx. 5                          Sale is recorded prior to
months from NTS.                            sale.
 Notices of Trustee Sales
        Month     2005      2006     2007       2008
             1      17         18       20         25
             2      10         20       20         38
             3      10         21       21         35
             4      12          8       22         37
             5       6          5       27         40
             6      16         17       27         33
             7      12         14       19         36
             8      26         23       26         37
             9       3         13       17         36
            10      19         25       34         54
            11      14         20       30         47
            12      13         23       27         59
Total              158        207      290        477
% Change                   31.0%    40.1%      64.5%
Not Cancelled                  39       45        234
Cancelled                     168      245        243
% Cancelled                81.2%    84.5%      50.9%

           Foreclosures in 2008
           Land                            5
           Commercial                      2
           Fractional(Timeshares)          9
           Residential                   114
           Total                         130
                                                Foreclosure Values
Orignal     Last Sale   Foreclosure Foreclosure % of Original Listed      Orignial of Current               Original % of Foreclosure
Sale Date   Price       Date          Amt.         Sale        Price      Sale        Sale Date Sold Price Sale       Amt.
Jan-02         $280,000      Oct-08      $269,777        96.3%   $334,900     119.6%
Apr-02         $111,000       Jun-08     $279,000       251.4%   $157,900     142.3%     Jan-09    $158,100    142.4%           56.7%
Jun-02          $95,000      Aug-08      $197,800       208.2%   $156,400     164.6%
Aug-02         $160,000       Jun-08       $55,601       34.8%   $199,900     124.9%
Apr-03         $173,400       Apr-08     $282,000       162.6%   $219,900     126.8%
Jun-03         $295,000      Nov-08      $480,000       162.7%   $369,999     125.4%
Apr-04         $725,000       Apr-08     $562,500        77.6%   $995,000     137.2%
Oct-04         $198,000      Mar-08      $195,650        98.8%   $264,900     133.8%
Dec-04         $163,000      Aug-08      $172,083       105.6%   $157,900      96.9%     Dec-08    $161,000     98.8%           93.6%
Dec-04         $115,000      Oct-08      $115,596       100.5%   $107,900      93.8%
Dec-04         $119,500      Sep-08      $116,000        97.1%   $119,900     100.3%
Mar-05         $144,500      Oct-08      $153,000       105.9%   $139,900      96.8%
Apr-05         $290,000      Oct-08      $251,777        86.8%   $399,900     137.9%
Jun-05         $221,000      Aug-08      $294,992       133.5%   $228,000     103.2%
Jul-05         $182,000      Feb-08      $166,225        91.3%   $155,000      85.2%     Aug-08    $152,000     83.5%           91.4%
Aug-05         $137,000       Jun-08     $116,450        85.0%    $89,900      65.6%
Sep-05         $119,900        Jul-07    $105,100        87.7%   $139,900     116.7%
Nov-05         $154,900      Dec-07      $132,447        85.5%   $145,500      93.9%     Feb-08    $135,500     87.5%         102.3%
Nov-05         $184,000      May-08      $168,366        91.5%   $179,900      97.8%     Dec-08    $160,000     87.0%           95.0%
Nov-05         $220,000      Feb-08      $217,339        98.8%   $194,900      88.6%    May-08     $191,000     86.8%           87.9%
Dec-05         $186,000      Feb-08      $161,367        86.8%   $149,900      80.6%
Feb-06         $176,000      Aug-08      $132,855        75.5%   $169,900      96.5%     Sep-08    $169,900     96.5%         127.9%
Apr-06         $263,000      Mar-08      $233,100        88.6%   $290,000     110.3%
Jun-06         $254,000      Feb-08        $56,496       22.2%   $229,900      90.5%     Mar-08    $210,000     82.7%         371.7%
Jul-06         $188,000       Jun-08     $213,524       113.6%   $179,900      95.7%
Sep-06         $190,000      Mar-08      $151,605        79.8%   $164,900      86.8%      Jul-08   $155,400     81.8%         102.5%
Oct-06         $398,000      Oct-08      $336,227        84.5%   $332,900      83.6%
Oct-06         $285,000      Feb-08      $249,874        87.7%   $246,450      86.5%     Aug-08    $246,450     86.5%           98.6%
Oct-06         $285,000      Feb-08      $225,000        78.9%   $274,900      96.5%     Jun-08    $265,000     93.0%         117.8%
Nov-06         $190,000      Mar-08      $151,984        80.0%   $203,500     107.1%     Aug-08    $186,000     97.9%         122.4%
Nov-06         $277,000      Nov-08      $207,750        75.0%   $224,900      81.2%
Nov-06         $540,000       Apr-08     $380,000        70.4%   $374,900      69.4%      Jul-08   $360,000     66.7%           94.7%
Dec-06         $199,000        Jul-08    $178,501        89.7%   $169,900      85.4%     Oct-08    $174,900     87.9%           98.0%
Dec-06         $616,500       Jun-08     $522,653        84.8%   $436,200      70.8%
Dec-06         $204,000      Nov-08      $148,802        72.9%   $165,500      81.1%
Jan-07         $297,800      Oct-08      $199,750        67.1%   $265,900      89.3%     Dec-08    $255,000     85.6%         127.7%
Mar-07         $168,000      Mar-08      $164,915        98.2%   $146,000      86.9%     Sep-08    $152,000     90.5%           92.2%
        Impact of Foreclosure Properties
Year          # Sales      Average  % Chg. Median    % chg.
       2005   1789    1.7% $309,299   11.2% $220,000 18.0%
         06   1870    4.5% $356,683   15.3% $245,000 11.4%
         07   1357 -27.4% $361,798     1.4% $250,000  2.0%
         08     984 -27.5% $327,882   -9.4% $239,000 -4.4%

2008 REO        50      5.1%        $230,584             $177,450
2008 Mkt.      934     94.9%        $332,833     -8.0%   $240,000   -4.0%

              4th Quarter (2008)     Number of Homes Percentage
              Normal Market Sales                 154     84.2%
              Forced Sales                         14      7.7%
              REO (Banks Owned)                    15      8.2%
              Total                               183    100.0%
                                 Foreclosure Rates
                                 Housing Units Preforclosures Forclosures Sheriff Sale Total     Units per 1,000
United States        Dec. 2007     126,316,181        325,636      169,772      31,750   527158              4.17
                     Dec. 2008     126,316,181         467376       537578       39779 1044733               8.27
Montana              Dec. 2007         432,023             438          84          53       575             1.33
                     Dec. 2008         432,023             546         334          83       963             2.23
Flathead             Dec. 2007          37,311            104            6           8       118             3.16
                     Dec. 2008          37,311            120           81          19       220             5.90
Missoula County      Dec. 2007          45,366             57            6          10        73             1.61
                     Dec. 2008          45,366             72           28          14       114             2.51
Lake County          Dec. 2007          14,018              5            4           0         9             0.64
                     Dec. 2008          14,018              4            7           0        11             0.78
Lincoln County       Dec. 2007           9,377              5            0           0         5             0.53
                     Dec. 2008           9,377              3            0           1         4             0.43
Ravalli County       Dec. 2007          16,435             17           11           6        34             2.07
                     Dec. 2008          16,435             29           17           4        50             3.04
Gallatin County      Dec. 2007          35,680             39            3           3        45             1.26
                     Dec. 2008          35,680             92           43           6       141             3.95
Cascade County       Dec. 2007          35,932             57           10           6        73             2.03
                     Dec. 2008          35,932             60           67          11       138             3.84
Yellowstone County   Dec. 2007          58,206             98           13          13       124             2.13
                     Dec. 2008          58,206             89           48          22       159             2.73
                    Regional Foreclosure Rates
Date        State        Housing Units Preforclosures Forclosures Sheriff Sale  Total    Units per 1,000
Feb. 2008   Arizona           2,605,283         16,665       6,413        4,585   27,663            10.62
Jan. 2009                     2,605,283         27,997      42,073        8,289   78,359            30.08
Feb. 2008   California      13,174,378         126,720      43,219        4,138 174,077             13.21
Jan. 2009                   13,174,378          97,872     175,278        6,026 279,176             21.19
Feb. 2008   Colorado          2,094,898         10,396       9,120          472   19,988             9.54
Jan. 2009                     2,094,898          6,867       17,186          597   24,650           11.77
Feb. 2008   Idaho              615,624           1,954         391           282    2,627            4.27
Jan. 2009                      615,624           2,967        1,864          584    5,415            8.80
Feb. 2008   Nevada            1,065,197         16,107        6,281          723   23,111           21.70
Jan. 2009                     1,065,197         20,849       25,955        2,347   49,151           46.14
Feb. 2008   New Mexico         850,095           1,048         360             0    1,408            1.66
Jan. 2009                      850,095           1,144        1,016            0    2,160            2.54
Feb. 2008   Oregon            1,586,498          4,504         657           701    5,862            3.69
Jan. 2009                     1,586,498          6,944        4,650        1,271   12,865            8.11
Feb. 2008   Utah               901,283           4,186         378           150    4,714            5.23
Jan. 2009                      901,283           6,774        4,146          210   11,130           12.35
Feb. 2008   Washington        2,699,333          4,786        1,275        1,294    7,355            2.72
Jan. 2009                     2,699,333          6,238        8,267        2,172   16,677            6.18

				
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