November Bozeman Real Estate Report

Tim Ford

The first three quarters of 2014 have been spectacular for the Bozeman Real Estate market. The overall number of sales is at an all time high and prices have climbed quickly.

    Prices may not quite be back to peak levels, but they are extremely close. The median sold price for homes both inside and outside of Bozeman city limits thus far this year is $325,000. During the same time period in 2007, one of the peak years, the median sold price was $329,500. The $325,000 median sold price this year is up from its low of $250,000 in 2011.

    Restricting the data to just homes inside city limits, the median sold price thus far this year is $295,000. This is up from a low of $239,500 in 2010 and just down slightly from its peak in 2007 of $300,000.

    Condos and townhomes have also been selling well. 336 condos and townhomes have sold so far this year at a median sold price of $197,900. Looking at sales during the first three quarters, the worst year in number of sales was 2009 when less than half that number sold; only 154 condos & townhomes sold at a median price of $176,750. 2012 was a low year for prices, 257 units sold at a median sold price of $149,000. Condo & townhome sales still haven’t hit their peak, but they are pretty much there. In the first three quarters of 2007, 364 units sold at a median sold price of $199,900.

    Keep in mind these are all median sold numbers for a large area. Some neighborhoods may have faired better or worse than others. The area around downtown Bozeman is experiencing an extreme shortage of inventory and very high demand. The median sold price in that area is actually up quite a bit from the first three quarters of 2007 when 101 homes sold at a median sold price of $300,000. To date this year, 117 homes have sold at a median sold price of $339,000, a 13% increase over 2007 pricing.
As usual, I have included data for the number of single family homes sold during the first nine months of 2014. In addition to the 688 homes sold during this time period, another 113 homes are currently pending, or under contract, as of the date of writing this article.

    The included data reflects sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and Bozeman city limits. The data includes home sales reported through the local Southwest Montana MLS, and does not include private party sales, Condominiums, or Townhouses.

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