June Bozeman Real Estate Report
by Tim Ford | Wednesday Jun. 1st, 2016
This article usually focuses on single family homes sales, but condos and townhomes make up a large portion of our market as well. Therefore, I thought it worthwhile to take a look at how those sales are faring. All data will include both condominiums and townhouses located in and around Bozeman, but not including Belgrade. The date range will be from the first of the year through May 1st.
2016 has proven to be a big come back year for condo and townhouse sales. Last year, sales volume was up considerably but prices hadn’t returned to their peak yet. The peak year for pricing was 2007, during which 143 condos & townhouses sold during the first four months at a median sold price of $220,000.
Median sold pricing dropped from its peak of $220,000 in 2007 all the way down to $144,000 in 2012, then began to climb back up in 2013 to $164,800. It rose to $197,900 last year, and during the first four months of 2016 it has risen to $224,000. As discussed in previous articles, using median sold pricing is not an exact science, but it does give a good indicator as to pricing trends.
Looking at sales volume, the number of condos and townhouses sold hit its peak in 2005 at 154 units in the first four months. It dropped to its lowest in 2009 at 41 units. Then it started to inch back up with 49 units sold in 2010, 75 in 2011, 85 in 2012, 79 in 2013, 111 in 2014, 124 units in 2015, and now in 2016; 135 units have sold in the first four months. In addition, 150 units are currently pending, or under contract, as of the date of writing.
As usual, I have included data for the number of single family homes sold during the first four months of 2016. In addition to the 256 single family homes sold during this time period, another 244 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.