Is there any good news for Bozeman buyers in regard to pricing of real estate? To answer this question, we have to dig a bit into our sales data. Luckily, October numbers and Year to Date numbers were just released so we have a pretty good idea of what is going on. For a snapshot, I have broken out sales prices by price category and graphed them over three years. In this blog edition, I am only applying my analysis to Bozeman but I will do follow up blogs on Gallatin County and Belgrade.
My categories are 350 K or less, 351 – 499K, 500 to 700K and over 700K. I have broken out Single Family, Condo and Townhome sales. The attached graphs show what has happened with median pricing in each category. While there are price variations if you were to look at each individual month, that is to be expected as pricing of available inventory will vary but the overall trend here seems to be pretty flat with even some softening in the single family home market. As expected, the higher priced home categories have seen the least price increase while the homes less than 499K have continued to increase at a very gradual rate. One note, in the two higher price categories, the townhomes and condos have some big rises and dips. I believe this to be reflective of high end projects that are being sold downtown. They are limited in number and as they are completed, the developer puts them on the market. They sell over 6months to a year and at high prices which makes the graph skew
Homes, Condos and Townhomes less than $350,000
Homes, Condos and Townhomes $351,000-$499,999
Homes, Condos and Townhomes $550,000- $699,999
Homes, Condos and Townhomes $700,000 and over
These numbers reflect sold pricing. Remember that Montana is a non disclosure state so only licensed real estate professionals can access accurate data. If you would like to dive deeper into market trends, please reach out and let’s have a conversation! I hope you found this helpful – please pass it on!!