Market Report Bozeman Real Estate
by Tim Ford | Wednesday Aug. 1st, 2018
We’re now over half way through the year, which seems like a good time to take a look back at the first 6 months of 2018 and see how the Real Estate market fared.
From the first of the year through July 1st, 480 single family homes sold in the areas inside and outside of Bozeman city limits. This is compared to 462 homes during the same time last year. The number of new listings was relatively similar: 703 homes listed in the first half of this year versus 692 last year.
The month’s supply of homes for sale has remained relatively steady, albeit extremely low, hovering around 2.8 to 2.9 months for the past year. This is the number of months that it would take to sell the homes currently on the market. Some say that a “normal” or “healthy” market would have a 5- to 6-month supply of homes. Generally, anything below a 6-month supply is considered a seller’s market and anything above a 6-month supply is considered a buyer’s market.
From 2016 to 2017, median pricing for single family homes in and around Bozeman rose steadily by 4.6% from $375,000 to $392,271. However, from 2017 to 2018, it took a nearly 12% rise to $439,325 for the first half of 2018. Breaking this down further and looking just at homes within the city limits, median sold pricing again rose nearly 12% (11.7%) from $374,250 last year to $418,130 this year.
Median sold pricing for condos and townhomes rose a similar 13% from $247,450 last year to $279,950 this year. This is the time of the year that MSU parents are touring housing for their MSU students, so condos & townhouses are a hot commodity right now.
As usual, I have included data for the number of single family homes sold during the first six months of 2018. In addition to the 480 single family homes sold during this time period, another 172 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 Big Sky Country MLS, and does not include private party sales, condominiums, or townhouses.