Residential Sales North of $1 Million
When the Covid-19 pandemic first took its grip on our world and on Bozeman, a lot of people wondered what effect it would have on the real estate market. Many predicted that we would see a significant downturn. However, as the numbers now show, the market in Bozeman has seen a big uptick in 2020. One segment that has seen a lot of growth in both activity and pricing is the higher end market.
If we look back at sales last year from the first of the year through November 1st, and look at all residential sales in the greater Bozeman area, including single family, condos, & townhouses, 72 properties sold for more than $1 million. The previous year, 2018, saw a similar number with 64 homes sold. However, looking at the same time period this year; 111 properties have sold north of $1 million, a 54% increase in sales volume from 2019 and a 73% increase from 2018.
Drilling down a little deeper and looking at the even higher end market, in 2018, 23 homes sold in the first 10 months for more than $1.5 million. Last year, that number was 19 homes sold. This year, the number has more than doubled to 54 homes sold for more than $1.5 million.
The median days on market for homes north of $1 million was 79 days in 2018. It went down to 57 days in 2019, and interestingly enough, went up this year to 66 days.
The average price per square foot for homes north of $1 million in the greater Bozeman area rose from $342 for the first 10 months of last year to $403 this year. The median sold price for homes north of $1 million last year was $1,250,000. That number rose this year to $1,460,000.
Of the 72 homes sold north of $1 million last year, just less than half, or 33 of the properties, were purchased in all cash. It was a slightly larger percentage this year, with just over half, or 59 of the 111 properties purchased in all cash.
As usual, I have included the latest Real Estate statistics. As one can see, the median sold price has taken a big increase, rising over 16% compared to the same time period last year. Sales volume rose nearly 10% compared to the first 10 months of last year. In addition to the 960 homes sold in the first 10 months of 2020, another 169 home sales are currently pending or under contract as of the date of writing.
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.