Bozeman Real Estate Report for August 2014

Tim Ford  |   Friday Aug. 1st, 2014

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 July 1st.  

2014 has proven to be a big come back year for condo and townhouse sales. Prices are very close to their peak but not quite there yet, at least while comparing median sold prices. The peak year for pricing was 2007, during which 240 condos sold at a median sold price of $206,375. During the first six months of 2014, 208 units have sold at a median sold price of $198,450.

Looking at sales volume, the number of condos and townhouses sold hit its peak in 2005 at 253 units in the first six months. It dropped to its lowest in 2009 at 77 units. Then it started to inch back up with 104 units sold in 2010, 135 in 2011, 145 in 2012, 158 in 2013, and now in 2014, 208 units have sold in the first six months.  

Median sold pricing dropped from its peak of $206,375 in 2007 all the way down to $145,000 in 2012, then began to climb back up in 2013 to $164,800. During the first six months of 2014 it has risen to $198,450.

As usual, I have included data for the number of single family homes sold during the first six month of 2014. In addition to the 407 homes sold during this time period, another 154 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. 

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