Center for Applied Economic Development

Table of Contents

Results	1
Figure 1: Average Price	2
Figure 2: Average Price by Existing and New	4
Figure 3: Percent Change from 1999 to 2000	10
Charts: Price of Housing, Change Over Time	13
Charts: Price of Existing and New Homes	14
Chart: Average Price in Major Cities	15
Appendix I: 20 Most Popular Prices Percentile Prices	16

The Price of Housing in Montana

2000

The task was to create a database out of existing data supplied by Robert Morgan of the Montana Board of Housing, and then run appropriate statistics to investigate the average purchasing price of housing in Montana in 2000. The information will be used to help the Montana Board of Housing establish new Purchase Price Limits for its single-family mortgage loan programs.

The Montana Board of Housing gathered the data on single-family home sales throughout the state. The data are essentially a convenient sample drawn from realtors and mortgage lenders around the state.

RESULTS

Measures of central tendency:[1] Percent increase over 1999 sample

(1999 measures are in parenthesis)

Mean = $131,407 6.9% ($122,914)

Median = $115,000 10.8% ($103,811)

Mode = $115,000 35.3% ($ 85,000)

Total sample size = 5,661 -13.3% ( 6,533)

Percentile Prices[2] Existing New

10 $58,512 $95,412

25 $81,975 $114,943

50 $113,000 $137,100

75 $150,000 $180,000

90 $210,000 $246,700

Figure 1

Average Price

Location/Condition		Number	Mean	Median

TOTAL		5,661	$ 131,407	$ 115,000


CITIES[3]
	BELGRADE	65	123,039	121,597
	BIG TIMBER	63	125,055	115,000
	BILLINGS	800	126,938	107,750
	BOZEMAN	154	210,643	159,950
	BUTTE	139	81,066	66,000
	CLANCY	40	176,455	163,250
	CORVALLIS	44	139,893	137,000
	EAST HELENA	83	88,282	89,000
	FLORENCE	64	153,026	139,900
	GREAT FALLS	406	116,202	99,900
	HAMILTON	86	120,997	110,250
	HELENA	603	124,501	114,900
	KALISPELL	67	146,371	138,500
	LAUREL	46	106,071	97,000
	LEWISTOWN	70	83,962	67,500
	LIVINGSTON	140	113,804	91,875
	LOLO	98	127,692	123,315
	MISSOULA	1,005	151,678	135,000
	POLSON	56	169,007	138,950
	SEELEY LAKE	53	122,960	101,000
	STEVENSVILLE	111	141,717	129,900
	OTHER CITIES	1,468	107,150	85,000


COUNTIES
	BEAVERHEAD	29	85,019	75,000
	BIG HORN	15	79,920	69,500
	BLAINE	7	65,857	63,000
	BROADWATER	28	103,782	83,000
	CARBON	33	130,108	115,000
	CASCADE	568	117,287	98,050
	CHOUTEAU	6	90,083	72,750
	CUSTER	35	63,811	62,000
	DANIELS	2	108,000	108,000
	DAWSON	33	68,809	63,800
	DEER LODGE	33	59,839	50,000
	FALLON	4	52,879	52,250
	FERGUS	94	82,828	63,000
	FLATHEAD	134	179,741	138,950
	GALLATIN	237	182,524	139,900
	GARFIELD	1	39,000	39,000
	GLACIER	8	73,000	65,750
	GOLDEN VALLEY	3	99,167	110,000
	GRANITE	15	64,467	57,000
	HILL	26	91,388	86,500
	JEFFERSON	66	146,345	144,500
	JUDITH BASIN	4	31,750	30,000
	LAKE	329	190,254	141,000
	LEWIS & CLARK	727	121,619	112,194
	LIBERTY	2	61,000	61,000
	LINCOLN	44	88,860	81,250
	MADISON	7	88,686	87,500
	MCCONE	1	44,900	44,900
	MEAGHER	3	178,000	169,000
	MINERAL	31	84,739	79,900
	MISSOULA	1,299	147,524	132,000
	MUSSELSHELL	14	94,725	80,875
	PARK	151	116,818	92,500
	PHILIPS	5	62,300	75,000
	PONDEROSA	5	73,400	53,000
	POWELL	31	83,472	72,500
	PRAIRIE	2	32,500	32,500
	RAVALLI	330	139,625	129,900
	RICHLAND	41	70,695	63,500
	ROOSEVELT	11	71,958	55,000
	ROSEBUD	20	64,041	71,250
	SANDERS	11	133,482	135,000
	SILVERBOW	140	80,909	65,500
	STILLWATER	53	147,994	127,900
	SWEET GRASS	62	124,976	114,546
	TETON	10	79,770	76,750
	TOOLE	19	67,070	60,000
	VALLEY	25	62,850	50,000
	WHEATLAND	8	51,853	56,650
	YELLOWSTONE	899	125,733	107,500


MONTH
	JANUARY	315	124,001	108,000
	FEBRUARY	310	117,690	107,500
	MARCH	419	124,752	114,500
	APRIL	389	132,452	115,900
	MAY	561	128,596	115,000
	JUNE	653	132,111	119,000
	JULY	519	134,631	115,000
	AUGUST	660	137,517	122,500
	SEPTEMBER	523	134,425	112,000
	OCTOBER	534	132,066	109,900
	NOVEMBER	425	136,768	120,000
	DECEMBER	353	131,892	114,900

FIGURE 2

Average Price by Existing and New

	Location/Condition		Number	Mean	Median


TOTAL			5,661	$ 131,407	$ 115,000

	CONDITION	Existing	5,278	128,982	113,000
		New	383	164,824	137,100


CITIES[4]
	BELGRADE	Existing	54	124,049	120,252
		New	11	118,079	124,250
		Total	65	123,039	121,597

	BIG TIMBER	Existing	59	125,422	115,000
		New	4	119,648	129,546
		Total	63	125,055	115,000

	BILLINGS	Existing	780	124,512	106,000
		New	20	221,568	170,488
		Total	800	126,938	107,750

	BOZEMAN	Existing	134	204,279	155,950
		New	20	253,278	209,235
		Total	154	210,643	159,950

	BUTTE	Existing	137	80,169	66,000
		New	2	142,535	142,535
		Total	139	81,066	66,000

	CLANCY	Existing	40	176,455	163,250
		New	0
		Total	40	176,455	163,250

	CORVALLIS	Existing	35	139,289	140,000
		New	9	142,244	130,000
		Total	44	139,893	137,000

	EAST HELENA	Existing	79	87,723	88,400
		New	4	99,325	120,750
		Total	83	88,282	89,000

	FLORENCE	Existing	58	154,697	139,950
		New	6	136,880	138,450
		Total	64	153,026	139,900

	GREAT FALLS	Existing	395	112,672	98,500
		New	11	242,979	160,000
		Total	406	116,202	99,900

	HAMILTON	Existing	80	121,861	110,250
		New	6	109,483	108,500
		Total	86	120,997	110,250

	HELENA	Existing	543	124,394	114,999
		New	60	125,471	113,810
		Total	603	124,501	114,900

	KALISPELL	Existing	66	145,392	138,200
		New	1	211,000	211,000
		Total	67	146,371	138,500

	LAUREL	Existing	46	106,071	97,000
		New	0
		Total	46	106,071	97,000

	LEWISTOWN	Existing	68	82,211	66,750
		New	2	143,500	143,500
		Total	70	83,962	67,500

	LIVINGSTON	Existing	137	114,321	92,500
		New	3	90,201	89,913
		Total	140	113,804	91,875

	LOLO	Existing	78	128,690	123,500
		New	20	123,802	122,531
		Total	98	127,692	123,315

	MISSOULA	Existing	902	148,251	132,000
		New	103	181,691	169,500
		Total	1,005	151,678	135,000

	POLSON	Existing	55	167,262	136,000
		New	1	265,000	265,000
		Total	56	169,007	138,950

	SEELEY LAKE	Existing	51	123,413	101,000
		New	2	111,400	111,400
		Total	53	122,960	101,000

	STEVENSVILLE	Existing	96	141,631	127,000
		New	15	142,269	131,950
		Total	111	141,717	129,900


COUNTIES[5]
	BEAVERHEAD	Existing	26	87,538	75,000
		New	3	63,181	50,000
		Total	29	85,019	75,000

	BIG HORN	Existing	15	79,920	69,500
		Total	15	79,920	69,500

The Price of Housing in Montana 2000

Measures of central tendency:[1] Percent increase over 1999 sample

Mean = $131,407 6.9% ($122,914)

Median = $115,000 10.8% ($103,811)

Mode = $115,000 35.3% ($ 85,000)