Bozeman Real Estate Market Report
While this column generally focuses on the Bozeman Real Estate market, Belgrade is also an important market to watch, so I thought it would be helpful to take a look back and see how the market there has fared lately.
From the first of the year through August 1st of this year, 204 single family homes have sold in Belgrade at a median sold price of $280,750. This is compared to 164 single family homes sold during the same time last year at a median sold price of $249,900. This equates to a nearly 25% increase in volume and a 12% increase in median sold price.
Looking at condo & townhouse sales, the sales volume is interesting as 50 units sold during the first 7 months of both last year and this year. However, median sold pricing increased 11.5% from $163,950 to $182,750.
The month’s supply of homes has come down slightly from 2.4 months this time last year to 1.9 months this year. This is the number of months it would take to sell the current homes on the market at the current pace. A lower number generally constitutes a seller’s market, while a higher number indicates a buyer’s market.
The strong demand in Belgrade has led to an increase in new construction homes popping up as well. 57 new construction homes have sold thus far this year, with another 25 under contract as of the date of writing. This is compared to 41 new construction homes sold during the first 7 months last year, and 36 during the same time period of 2015.
Days on market has remained similar from last year to this, albeit very low. The median days on market for the entire Belgrade residential market was 15 days for the first 7 months of last year, and is currently at 12 days on market this year.
As usual, I have included data for the number of single family homes sold in Bozeman during the first seven months of 2017. In addition to the 578 homes sold during this time period, another 174 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.