406.924.9559
The 2014 real estate market in the Bozeman, Big Sky and Greater Gallatin County areas was a record setting one – and 2015 is proving that there is more growth to be had. I find statistics extremely helpful when determining what kind of market cycle we are in – and the numbers are showing that we’re approaching a strong seller’s market in many areas. It is a great time to list and sell a home in southwestern Montana and as a buyer it’s important to know where the market is heading so you can be as competitive and prepared as possible.
I’ve made my very first market recap video – using my image and voice instead of the written word to transmit the information. I’ve summarized the information in the video below. Enjoy!
Gallatin County –
Single Family Homes –
Sales volume is at an all time record since the MLS began keeping track in 2006. $76.3 Million. Up 8% over 2013. Median price up to $285K. A rise of 15.8% over 2013. Average Days on market have reduced to 167. Down 31.5% from 2013. Number of units sold all time high – up 9.5% over 2013
Condos
Sales volume at an all time record – up 26.8% over 2013. Median price up 13.7% to $199K. Days on market only beat by 2006. Dropped to 80 – down 30% from 2013. Number of units sold only beat by 2006 – up 13.7% over 2013.
Bozeman –
Single Family Homes
Sales volume is up over 100% over 2013 and set a record. The return of the luxury market has spurred this. Median single family home pricing is at $325350 – up over 8% over 2013. Days on market are slightly lower than 2013 at 80. Record at 880 units sold.
Condos
Sales volume up 44% over 2013. Median price up 13.2% over 2013 to $197K. Days on market all time low at 49. Down 19.6% from 2013. Units sold all time high – up 24% over 2013.
Belgrade –
Single Family Homes
Sales volume is up 34% over 2013 and has come back to 2006/2007 averages. Median sales price is at $223K. Up 14% over 2013. Days on market are slightly lower than 2013 at 54 and have set a record for the lowest since the MLS began keeping track in 2006. Record at 305 units sold.
Condos
Sales volume up 51% over 2013. Median price up 11.7% over 2013. Days on market record low – 49. Down 14% over 2013. Number of units sold up 27.6% over 2013.
Manhattan –
Single Family Homes
Anomaly in the county – only area to drop in both volume and median sales price. However Days on Market are the lowest they have been at 46 since the MLS began keeping track in 2006. Much of this likely has to do with lack of new inventory in the Manhattan area. Median price is off 18% from 2013. Volume is off 31 %.
Three Forks-
Volume at all time high – up 5.3% over 2013. Median price is up to $195K – up 29%. Days on market are up slightly over 2013. Number of units sold is at an all time high at 51,
Big Sky-
Single Family
Sales volume is up 168% to $131.85M over 2013. Number of units sold are at 79 – up $125% over 2013. Median price is up 51% over 20113 at $970K. Average list to sale price is 90% of asking. Average Days on market are about even with 2013 at 248.
Condos
Sales volume is up 9.5% over 2013 to $74,97M. Number of units sold dropped by 10% over 2013. Median price rose 15.6% to $289K. List to sale price is 92.5%. Average Days on market is down to 34%.
All data collected as of January 15, 2015 – Information provided by the Southwestern Montana Multiple Listing Service (SWMTMLS). Information deemed reliable but not guaranteed.