November Bozeman Real Estate Report
by Tim Ford | Tuesday Nov. 1st, 2016
The Bozeman Real Estate market has continued to see rapid growth during the first three quarters of 2016. While the great recession was really just a few short years ago, it now seems to be a distant memory. The overall number of sales is at an all-time high and prices continue to climb above previous peak years.
During the first three quarters of the previous peak in 2007, the median sold prices for homes around Bozeman, including areas inside and out of city limits, was $329,950. It has now risen to $374,425, a 13.5% increase over 2007 and a 4% increase over the same time last year. This time last year, the median sold price for the same area was $360,000.
Restricting the data to just homes inside city limits, the median sold price for the first three quarters of the year has risen 5.8% from $339,000 last year to $359,000 this year. This is up from a low of $239,500 in 2010 and up 19.6% from the previous peak in 2007 of $300,000.
Condos and townhomes have also been selling well. 396 condos and townhomes have sold so far this year at a median sold price of $231,750, up 10.8% from last year’s median sold price of $209,900. Looking at sales during the first three quarters, the worst year in number of sales was 2009 when roughly half that number sold; only 154 units sold at a median sold price of $176,750. 2012 was a low year for prices when 257 units sold at a median sold price of $149,000. Condo & townhome sales are now above the previous peak year of 2007, during which 364 units sold at a median sold price of $199,900 during the first three quarters.
Keep in mind these are all median sold numbers for a large area. Some neighborhoods may have faired better or worse than others. The area around downtown Bozeman is experiencing an extreme shortage of inventory and very high demand. The median sold price in that area has climbed very rapidly. During the first three quarters of the previous peak year of 2007, 101 homes sold at a median sold price of $300,000. To date this year, 125 homes have sold in the downtown area at a median sold price of $419,000, a nearly 40% increase over 2007 and a 6.3% increase over last year’s median sold price of $394,000.
As usual, I have included data for the number of single family homes sold during the first nine months of 2016. In addition to the 830 homes sold during this time period, another 182 homes are currently pending, or under contract, as of the date
of writing this article. This is compared to 176 pending sales at the same time period last year.
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.