News from the Knoff Group

Market Watch – Something to Smile About


Houses Sold - Smiling Market WatchERA published this market recap for Bozeman recently.  Some good information here process and gleaned from the Southwest Montana MLS.Wondering what your property is worth?  Contact Marcie today for more information.  406-599-3530

It is relatively easy to find lots of good news about our local, regional and national real estate market. Trend lines are all heading in the right direction for a robust 2013. Most of the nation has experienced two full years of recovery. Here is what happened locally. This recap is a comparison of 2012 to 2011 sales information using the Southwest Montana Multiple Listing Service SWMLS as the source.Within the city of Bozeman, single family home sales increased by 23%. There were 433 single family homes sold in 2012, compared to 353 in 2011. There was a large jump to 337 condo/ townhomes sold in 2012 which equaled 32% growth over the 256 sales in 2011. The average sales prices for single family homes also showed a glimpse of recovery with a 7% increase to $293,575 in 2012 from $273,817 in 2011, while attached housing declined 2% from an average of $169,761 in 2011 to $167,063 in 2012. The median sales price was $255,000 for single family homes, up 6% from $240,000 in 2011 and $151,999 for condo/ townhomes, up 1% from 2011.Once again the supply of homes within Bozeman continues to decline, down an additional 22% at year-end compared to the prior year. At the end of 2012, there were 106 active residential properties listed for sale compared to 136 in 2011 and 279 at the end of 2007, which has long since been considered the peak. Homes that are priced under $350,000 are selling quite well. Based on current supply and the number of homes sold in this price range in the last 12 months, there is less than a 3 1/2 month supply of inventory.