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‘Tis that time again – the final numbers are in for the 2016 real estate market in southwestern Montana and overall it is again a picture of growth. Let’s have a closer look at where the market sits in comparison to previous years.
Key Metrics – Year over Year 2014, 2015, 2016
Southwest Montana Real Estate
The 2016 real estate market in southwestern Montana showed continued robust growth in most segments and products.
Please view narrated video by clicking the link/image below:
Please see ISSUU Publication of 2016 Quarter 4 Key Metrics Infographic by clicking link/image below:
Single Family Homes
Single family home sales continued with record breaking median sales prices in most areas, with the most significant jumps in Manhattan, Belgrade and Three Forks. Number of single family units sold were up in most areas, with the most significant jumps in Manhattan and Belgrade, influenced by new subdivisions in these areas. Units sold declined over 10% in Big Sky and Livingston. Average days on market dropped significantly in all areas with the exception of Big Sky, averaging less than two and half months. Big Sky remains flat with an average days on market around nine months. Total volume sold shows the most market share for sales in City of Bozeman and Bozeman surrounding area.
Condos and Townhomes
Condo and townhome sales continued to be strong across areas tracked (Bozeman, Greater Bozeman, Belgrade and Big Sky), with average days on market hovering at less than two months for City of Bozeman, Bozeman surrounding area and Belgrade and around six months for Big Sky. Median sales prices rose an amazing 17% in City of Bozeman and 10% in Belgrade, while Bozeman surrounding area rose at a steady 5% and Big Sky remained flat. Number of units sold increased in all areas except for Bozeman surrounding area. Total volume sold jumped an impressive 20% in City of Bozeman – which has the majority of the market share of condo sales and Belgrade total volume rose 20%.
Land
Land has had slower growth than other segments of our market over the past year in areas tracked (Bozeman, Greater Bozeman, Belgrade and Big Sky). Average days on market across the board are more than 6 months and have increased in all areas except greater Bozeman, perhaps due to increased lot releases in this area in new subdivisions that are being purchased for spec. Median sales prices have remained flat across all areas with the exception of Big Sky which has surged 12%. Number of listings sold has surged in the Greater Bozeman area at 26% growth and Belgrade at 47% growth but remained flat in City of Bozeman and has dropped 40% in Big Sky. Volume shows more lots are selling in Greater Bozeman and Belgrade, they are selling for less money per lot. Lots in Bozeman and Big Sky are not selling in as record numbers, but are selling for more money than in past years on average.
