The Bozeman November Real Estate Report
Tim Ford | Sunday Nov. 1st, 2015
The Bozeman Real Estate market has seen a rapid climb during the first three quarters of 2015. The overall number of sales is at an all-time high and prices have now risen above previous peak years.
This time last year, prices were on the rise but still hadn’t risen to peak levels. 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 $360,000, a 9% increase over 2007 and an 11% increase over the same time last year. This time last year, the median sold price for the same area was $324,000.
Restricting the data to just homes inside city limits, the median sold price for the first three quarters of the year has risen 14% from $295,000 last year to $339,000 this year. This is up from a low of $239,500 in 2010 and up 13% from the previous peak in 2007 of $300,000.
Condos and townhomes have also been selling well. 415 condos and townhomes have sold so far this year at a median sold price of $209,900. Looking at sales during the first three quarters, the worst year in number of sales was 2009 when less than 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, 143 homes have sold in the downtown area at a median sold price of $394,000, a 31% increase over 2007 pricing and a 16% increase over 2014.
As usual, I have included data for the number of single family homes sold during the first nine months of 2015. In addition to the 774 homes sold during this time period, another 176 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.