Several factors play into Lincoln real estate market's busy summer

Like much of Montana, the real estate market in Lincoln has been busy this summer.

In other parts of the state, increased realty sales have been linked to out-of-town purchasers buying houses sight-unseen, and looking for places to get away from COVID. In Lincoln, local real estate agent Becky Garland thinks there are additional causes.

"I think, just according to my business and my opinion, we're beginning to now see it increasing because of COVID," said Garland.

However, she cites the biggest reason for the increase as joining the northwest regional multiple listing service, so properties are visible not just in the Helena area, but across the region. "I see more buyers and agents from Whitefish, Bozeman, Great Falls, Missoula. All of a sudden, Lincoln pops up and we have some awfully nice properties."

Lincoln is often seen as a part-time place or a weekend place, said Garland.

"That turns into a full-time residence when they retire. I still believe that the brunt of our business is still regional," she said, including Montana and some surrounding areas.

"Certainly it's a sellers' market, but with interest rates, that's good for the buyer, too," said Garland.

Freddie Mac reported multiple record low mortgage rates in 2020, with the the most recent U.S. average rate for a 30-year fixed-rate mortgage at 2.96 percent. That's .76 percent lower than the rate at the start of this year.

In Lewis and Clark County, houses stayed on the market for an average of 32 days in July, according to the Montana Regional Multiple Listing Service. That's half the state average. "There's just not enough inventory," said Garland. Additionally, the median sales price of a house was up $30,000 in July from the highest reported medians over the past three years.

The biggest surprise for Garland has been properties not staying on the market, she said. This includes properties on the market just overnight or for a single day. There have been "several listings where I didn't even get a sign out basically," Garland said.

One of the busiest parts for Garland has been working with title companies. She said they're so booked it can be difficult to make appointments. Sometimes she'll have more than eight sales waiting for appointments.

Lincoln has three active real estate agents, including Brenda Stark and Joetta Snow.

"It's just the three of us," said Garland. "It's really nice when it's this busy" to have multiple agents.

Garland noted that it's easy to rattle off a list of positive attributes in Lincoln, including Parker Medical Clinic, the school, the grocery store, Hooper Park, Sculpture in the Wild, and the Lincoln Community River Park.

"When I'm talking to buyers or people that are interested in coming to Lincoln, I'm happy there are so many great things to say." she said.