Bozeman Condo & Townhouse Sales
As the green grass starts to occasionally peek out, the weather is reminding us that Bozeman is a mountain town. We were teased by an early stretch of warm weather, but as I write this, winter has returned and reminded many not to take their snow tires off too early. The real estate market is also changing rapidly. This month, we’ll take a look at the condominium and townhouse market.
Looking back a few years, pricing for condos and townhomes in the Bozeman area didn’t change drastically during the first quarters of 2019 and 2020. In 2019, 86 condos and townhouses had a median sold price of $333,975. In 2020, we saw a small uptick; 107 units closed at a median sold price of $338,000. We thought last year saw a large increase in pricing when the median sold price rose 18.5% to $400,700. However, this year, the median sold price for 105 condo and townhouse sales rose another 38% to $553,000.
Almost as interesting as the increase in pricing is the increasing difference between the median list price and median sold price. Last year, the median list price was $389,900, while the median sold price was $400,700, an average of 2.7% over asking. This year, the median sold price was 5.3% over the median list price of $525,000.
Another item of note is the decrease in time on market. The median days on market for first quarter condo and townhouse sales in 2019 was 20 days. That number rose significantly in 2020 to 45 days, perhaps as we started to see the effects of the pandemic. For the first quarter of this year and last year, the median days on market was only three days.
It is also worth comparing the number of listings that came onto the market. Again, looking at the first quarter of 2019, 129 condos and townhouses were listed in and around Bozeman. In 2020, that number took a big jump to 206 new listings. Last year, it decreased significantly; we saw 136 new listings in the first quarter, a 34% decrease in new listings from the previous year. In 2022, it rose to 160 listings, an increase of nearly 18% over last year, but still down from the high of 2020.
In addition to the 105 units sold in the first quarter of this year, 122 condo and townhouse sales are currently pending, or are under contract as of this writing. This compares to 179 similar sales pending this time last year.
As usual, I have included data for the number of single-family homes sold during the first three months of 2022. 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.