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""""""""Center for Applied Economic Research  
     
 

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
Cheryl Heath
Housing Research Manager
406.657.2217  
caheath@msubillings.edu

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 B