News from the Knoff Group

As we approach the end of July, one third of the way through Quarter 3 2016, we can look back and compare quarter 2 2016 with that of 2015. There are some very interesting statistics as we drill down into the market data.  Interested in where your property would be positioned in this market?  Contact me for a property specific analysis.

Video – 9 Market Points for Quarter 2 2016.

 

Single Family Homes

Bozeman continues to have strong market growth, with an 8% jump in median sales price.
Number of listings sold is up 8%. And sold volume is up over 10% showing average sales price has jumped as well.

Bozeman surrounding has stayed relatively flat for median sales price and number of listings sold has increased 5%. Average days on market has shortened by a month to just over 3 months.

Belgrade median sales price is up just over 1% over Q2 2015. Number of properties sold is stable and volume is down almost 20% – showing a decline in average sales price. On a bright note, average days on market has tightened down to just over a month.

Manhattan median sales price had a huge jump of 25% over Q2 2015. Volume is up over 50% and number of properties sold is stable, showing a big gain in average sales prices.

Three Forks has really taken off – median jumped by almost 20% over Q2 2015 and volume is up over 170%. Number of properties sold is up by 100%.

Livingston City limits experienced a dip in median sales price, down 10% over Q2 2015. Number of listings sold jumped by 36% and volume is up 35% showing increased sales in the lower segments of the market.

Big Sky Meadow and Mountain posted a 14% dip in median sales price, but an 18% gain in number of properties sold and a 6% gain in volume – showing movement in the sub $1M market.

Gallatin county overall posted a healthy 4% median sales price gain, a 5% gain in total properties sold and a 3% gain in volume.

Condo/Townhomes
Bozeman had a huge jump in median sales price over Q2 2015 with a 21% gain. Volume was up 21% and total listings sold up 8%. List to sales ratio improved by 1% to almost 99%.

Bozeman surrounding showed a 13% median sales price jump but volume and total number of listings sold both decreased by 13%. Lack of inventory is likely to blame. Amazingly, the ratio of list to sales is showing over 100%, most likely due to new construction upgrades.

Belgrade’s condo market is on fire, posting a 17% median sales price jump. Total number of listings sold is down 25% and volume is down 13% due to lack of inventory. List to sales price ratio is 99.25%, showing a strong tip towards a sellers market. Days on market have climb significantly, most likely due to stale inventory finally moving.

Big Sky also posted strong median price growth at 9.3% over Q2 2015. Total condos sold is up 10%. Volume is down as more properties have moved at the lower spectrum of the market. Average days on market has reduced by over 30% to just under 5 months.

Land
Bozeman has seen another bump in growth for land sales, with median sales prices jumping by over 10% over Q2 2015. Days on market have dropped over 30% to an average of just under 9 months. Volume has increased by over 100% and number of listings sold is up 60% showing both big jumps in average sales price and overall demand for land.

Bozeman surrounding dropped in median sales price by just over 6% over Q2 2015. Days on market has reduced by 21% to just under 6 months on average. Total listings sold is steady.

Belgrade median sales price dropped by 6% under Q2 2015. Days on market have climbed to 9 months, total listings sold increased by 25% and list to sales price ratio tightened by over 3% to 97%. This illustrates that while more lots are selling, they are price lower and sitting longer than in the past.

Big Sky median sales price is flat, with average days on market dropping by a month to just over 6 months. Number of units sold has decreased by over 60%, but volume is only off by 40% showing higher average sales prices for the lots that have sold. List to sales ratios are only at 80%, showing a strong buyers market in this area.

All data discussed is gathered through the SWMTMLS as of July 10, 2016 and is deemed reliable but not guaranteed.