As I write this, it is hot out! 95 degrees in the sun. And the Real Estate market is remaining just as hot. We’re now over half way through the year, and I thought it prudent to take a look back at the first 6 months of 2017 and see how the Real Estate market faired.
From the first of the year through July 1st, 462 single family homes sold in the areas inside and outside of Bozeman city limits. Last year, 517 homes sold during the same time period. For anyone that has been trying to buy a home in the past 6 months, it certainly doesn’t seem like the market is slowing as those numbers may indicate. However, by looking at the available inventory, one can see really see the shortages. Last year from the first of the year through July 1st, 791 single family homes were listed in and around Bozeman. This year, that number was only 692 new listings.

The months supply of homes for sale has dropped from 3.6 months this time last year to 2.7 months supply currently. This is the number of months that it would take to sell the homes currently on the market. Some say that a “normal” or “healthy” market would have a 5 to 6 month supply of homes. Generally, anything below a 6 months supply is considered a seller’s market and anything above a 6 months supply is considered a buyer’s market.

Looking at median pricing, the gains have been modest but steady. The median sold price for all single family homes in Bozeman rose 4.6% from $375,000 for the first half of 2016 to $392,271 in 2017. Breaking this down further and looking just at homes within the city limits, median sold pricing rose 2.5% from $360,000 last year to $369,000 this year.

Median sold pricing for condos & townhomes rose 6.6% from $229,700 last year to $245,000 this year. This is the time of the year that MSU parents are really scrambling to find housing for their MSU students, so condos & townhouses are in high demand right now.

As usual, I have included data for the number of single family homes sold during the first six months of 2017. In addition to the 462 single family homes sold during this time period, another 211 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.