Snapshot of Multi-family Real Estate in Billings, Montana

22 01 2011

 

This is all based on research I’m doing on 1/11/11 (what a fun date!), since I’m blogging ahead of when this will actually post!
Speaking from only a multi family perspective, there are 49 active listings on the market right now in Billings. (more if you count the surrounding areas within a ten minute drive, but for now, I’ll just talk Billings).  They are a little all over the board since they range from $49,000 to $2.5 million, with the bulk of them between $125,000 & $330,000.  The average active price is $317,000, but the median is $210,000, which feels about right to me.
If I use the same criteria, but change it to contingent/pending to get a feel for what’s selling, there’s only one under contract right now.  It’s a 6 plex for $250,000 that was on the market for 93 days before accepting an offer.  They had not taken any price reductions at the time they accepted an offer.  It touts a 9.9% cap rate, is in a mildly shady neighborhood and looks a bit dated (only for reference…not picking on it or anything!).
With the same criteria, but looking at closed properties, there are 12 that have sold in the last 90 days (more than I expected).  The average there was a $267,000 list price & a $233,000 sale, which was 90% of the asking price at the time the offer was made.  The average days on market were 145.

 

 

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