Fall Real Estate Happenings

Tim Ford  |   Saturday Oct. 1st, 2022

The Gallatin Valley managed to escape most of the summer season without a lot of smoke, but we’ve had some roll through as we approach fall. Overall, though, it was a great summer. As the season starts to change, it’s a good time to review some home maintenance items before the snow flies, and take a quick look at the sales numbers.

Fall is a great time of year to do a quick walk around the house and think about some things that may need attending to before the yard and roof are blanketed in snow. Here’s a quick check list of tasks to consider:
• Disconnect garden hoses from exterior hose bibs, then drain and store them. If you own rental
   properties, remind tenants to do the same.
• Have irrigation systems winterized and blown out (likely by a professional contractor).
• Clean gutters after the leaves have fallen, and check to see that downspout extensions are in place to
   ensure melting snow has a clear path away from the home.
• Store paints indoors, along with other liquids that may freeze.
• Have boilers and furnaces serviced, including changing or cleaning filters.
•Follow manufacturer’s instructions for winterizing lawn mowers and other small engines. This
   generally includes removing as much fuel as possible and adding a fuel stabilizer to the tank.

In just a few hours on a weekend, you can be sure your home is ready for the winter ahead. In addition to fall home tips, I’ve also been getting a lot of questions about the market. Most people have heard by now that interest rates have gone up and that the market is changing. Let’s take a look at the numbers.

If we look at sales of single-family homes both inside and outside Bozeman city limits, and compare sales during the first eight months of this year versus last year, the median sold price is still up over 20%: $885,000 for homes sold from January 1 through September 1 of this year, versus $730,000 for the same time period last year. Overall sales numbers are down, from 637 homes sold in the first eight months last year to 481 sales this year.

Using this time period includes the first quarter of this year, when interest rates were still low. If we compare just the sales from May (when rates started ticking up) through the summer months, we see the following: In 2021, from May 1 through September 1, 382 homes sold at a median sold price of $772,500. In 2022, from May 1 through September 1, 283 homes sold at a median sold price of $877,466. This represents a 26% decrease in the number of sales, but a 14% increase in median sold pricing.

As usual, I have included the latest Real Estate statistics. In addition to the homes sold in the first eight months of 2021, another 92 home sales are currently pending or under contract as of the date of writing. This compares to 149 home sales pending at this same time 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 Big Sky Country MLS, and does not include private party sales, condominiums, or townhouses.

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