3rd Quarter Real Estate Update
by Tim Ford
The first round of winter has come a little early to Bozeman this year. While many skiers are getting excited, others in town are hoping we have a little more fall before winter really socks in. Even with the cooler weather, the Bozeman Real Estate market remains busy.
Looking at numbers for the first three quarters of 2019, sales were higher than last year, both in overall numbers and in pricing. During the first 9 months of 2018, 769 single family homes sold in and around Bozeman at a median sold price of $455,000. The median days on market last year was 21.
This year, those same numbers increased to 787 homes sold at a median sold price of $497,511. This represents a 2.3% increase in sales volume and a 9.3% increase in median sold pricing. The median days on market dropped to a record low of 19 days.
The above numbers include all Bozeman areas, both inside and out of city limits, but not Belgrade. It does include areas like Bridger Canyon, Springhill, and Gallatin Gateway. If we restrict the data to just include homes inside city limits, we find that during the first 9 months of 2018, 462 single family homes sold at a median sold price of $425,000. The median days on market for these sales was also 19.
Looking at city limits sales for the same time period in 2019, we find that 468 homes sold at a median sold price of $465,000. That translates into a 9.4% increase in median sold pricing. The median days on market for the 2019 city limits sales was 16.
The month’s supply of homes, which was already low in 2018 at 3.4 months, has come down even further to 2.9 months. This is the number of days it would take to sell the current inventory of homes at the current pace of sales.
As usual, I have included data for the number of single-family homes sold in Bozeman during the first nine months of 2019. In addition to the 787 homes sold during this time period, another 144 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 Big Sky Country MLS, and does not include private party sales, Condominiums, or Townhouses.