Belgrade Real Estate Market Report
by Tim Ford | Tuesday Sep. 1st, 2020
While this column generally focuses on Bozeman’s real estate market, the community of Belgrade is also an integral part of the Gallatin Valley. This month, we’ll look at how the Real Estate Market has fared there.
From the first of the year through September 1, 239 single family homes have sold in Belgrade at a median sold price of $359,000. This is compared to 234 single family homes sold during the same time last year at a median sold price of $335,500. This equates to a 7% increase in median sold price.
The data are very interesting for condo and townhouse sales. 57 units sold during the first 7 months last year. This year, that number nearly doubled to 104 units sold. Accounting for much of the increase was new construction with 70 of the 104 units being new builds. Median sold pricing increased nearly 9% from $260,000 to $283,144.
The market for newly constructed single-family homes also increased after remaining fairly constant for about 3 years. So far this year, 96 new construction single-family homes have sold in Belgrade, compared to 65 new construction homes during the first 7 months of last year and 66 new construction homes the year before.
The month’s supply of homes has decreased slightly from this time last year to present, lowering from 2.6 months to 2.1 months. This is the number of months it would take to sell the current homes on the market at the current pace. A lower number generally constitutes a seller’s market, while a higher number indicates a buyer’s market.
Days on market has remained essentially constant from last year to this, with the median number of days on the market at 26, and this year sitting at 25.
As usual, I have included data for the number of single-family homes sold in Bozeman during the first seven months of 2020. Pending contracts are up considerably at this time versus the same time period last year. In addition to the 583 homes sold during the first 7 months of 2020, another 219 homes are currently pending, or under contract, as of the date of writing this article. This time last year, 165 single family homes were pending and the year before, 171 homes were pending. That equates to a 33% increase versus last year.
The included data reflect sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and Bozeman city limits. The data include home sales reported through the local Big Sky Country MLS, and do not include private party sales, Condominiums, or Townhouses.