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The
Price of Housing in Montana 2000
May 14, 2001
For
The Board of Housing Department of Commerce
State of Montana
Compiled by
The Center for Applied Economic Research
Montana State University Billings
www.msubillings.edu/caer
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Cheryl Heath
Housing Research Manager
406.657.2217
caheath@msubillings.edu
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Table of Contents
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Results
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1
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Figure 1: Average Price
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2
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Figure 2: Average Price by
Existing and New
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4
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Figure 3: Percent Change
from 1999 to 2000
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10
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Charts: Price of Housing,
Change Over Time
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13
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Charts: Price of Existing
and New Homes
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14
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Chart: Average Price
in Major Cities
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15
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Appendix I: 20
Most Popular Prices
Percentile Prices
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16
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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:
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
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
$246,700
Figure
1
Average
Price
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Location/Condition
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Number
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Mean
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Median
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TOTAL
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5,661
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$ 131,407
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$ 115,000
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CITIES
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BELGRADE
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65
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123,039
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121,597
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BIG
TIMBER
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63
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125,055
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115,000
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BILLINGS
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800
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126,938
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107,750
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BOZEMAN
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154
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210,643
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159,950
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BUTTE
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139
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81,066
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66,000
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CLANCY
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40
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176,455
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163,250
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CORVALLIS
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44
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139,893
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137,000
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EAST
HELENA
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83
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88,282
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89,000
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FLORENCE
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64
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153,026
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139,900
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GREAT
FALLS
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406
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116,202
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99,900
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HAMILTON
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86
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120,997
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110,250
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HELENA
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603
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124,501
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114,900
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KALISPELL
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67
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146,371
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138,500
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LAUREL
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46
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106,071
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97,000
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LEWISTOWN
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70
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83,962
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67,500
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LIVINGSTON
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140
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113,804
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91,875
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LOLO
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98
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127,692
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123,315
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MISSOULA
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1,005
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151,678
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135,000
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POLSON
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56
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169,007
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138,950
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SEELEY
LAKE
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53
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122,960
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101,000
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STEVENSVILLE
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111
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141,717
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129,900
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OTHER
CITIES
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1,468
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107,150
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85,000
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COUNTIES
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BEAVERHEAD
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29
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85,019
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75,000
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BIG
HORN
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15
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79,920
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69,500
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BLAINE
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7
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65,857
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63,000
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BROADWATER
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28
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103,782
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83,000
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CARBON
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33
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130,108
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115,000
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CASCADE
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568
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117,287
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98,050
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CHOUTEAU
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6
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90,083
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72,750
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CUSTER
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35
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63,811
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62,000
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DANIELS
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2
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108,000
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108,000
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DAWSON
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33
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68,809
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63,800
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DEER
LODGE
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33
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59,839
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50,000
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FALLON
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4
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52,879
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52,250
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FERGUS
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94
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82,828
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63,000
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FLATHEAD
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134
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179,741
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138,950
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GALLATIN
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237
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182,524
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139,900
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GARFIELD
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1
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39,000
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39,000
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GLACIER
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8
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73,000
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65,750
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GOLDEN
VALLEY
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3
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99,167
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110,000
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GRANITE
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15
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64,467
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57,000
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HILL
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26
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91,388
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86,500
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JEFFERSON
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66
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146,345
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144,500
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JUDITH
B | | | | |
