Single family homes
Quarter 3 2019 some big moves in median sales price year over year – City of Bozeman posted an all-time high of $512K – this is the first time this price has moved above $500K. Belgrade also posted an all-time high of $345K. Livingston is almost cresting $300K for the first time. Three forks jumped well past $300K for the first time And Big Sky saw a huge jump to $2.5M. Greater Bozeman area and Manhattan were flat. Days on market are down significantly in all areas with the exception of Three Forks.
Number of properties sold was relatively flat in Manhattan, Livingston, City of Bozeman, Three Forks and Big Sky. New construction activity in Greater Bozeman and Belgrade has lead to large jumps in number of properties sold – up 34% in Greater Bozeman and 28% in Belgrade. As new construction comes online in Livingston, we’d expect to see a rise in coming quarters there. List to sales price ratios are still indicative of a strong seller’s market in most areas – with a little more balanced markets in Three Forks, Manhattan, Big Sky and Livingston.
Condos & Townhomes
Condo and townhome sales continue to be the forefront of affordable housing in most areas. There still isn’t a solid condo and townhome market outside Bozeman, Bozeman surround, Belgrade and Big Sky. Median sales price has jumped by 11-27% in all areas except City of Bozeman which saw a modest 3% rise. Number of units sold has fallen or stayed relatively flat as new affordably priced product has not hit the market in recent months. Days on market are down in all areas except greater Bozeman. All areas are hovering around 1 month on market on average with the exception of Big Sky which is closer to 3 months.
Land sales are either static or up – with modest gains in all areas with the exception of Big Sky – jumping 25% year over year. Number of units sold is up in all areas with exception of the greater Bozeman area as developments that were driving this area have been completed or are nearing completion. Days on market are in the 9-month range for all areas with the exception of Belgrade which is hovering at about 2 months. Stale inventory that has sat on the market for long periods of time has affected these numbers.
The high end ($650-$999K) market for single family homes have seen a large jump in the City of Bozeman and greater Bozeman areas as new construction options have made it to market. Listings sold are up 150% in City of Bozeman and 64% in greater Bozeman. Other areas are flat or even down in this segment. There have been less properties offered at this price point in Big Sky over the past year as sales prices have increased.
The luxury level ($1M+) market for single family homes has stayed flat in City of Bozeman and Belgrade. Greater Bozeman area has seen a nice rise in number of units sold, as new construction and buyers desiring land have increased. Big Sky saw a modest bump in number of units sold. Median sales prices have stayed flat in the City of Bozeman, and fallen 20% in greater Bozeman area. The Big Sky area has seen a jump of 48% in luxury level home median sales price, fueled by new construction projects in the Moonlight and Spanish Peaks areas.
The condo and townhome market remains a niche in the City of Bozeman and Big Sky markets. Number of units sold in both the high end and luxury levels is static as new inventory trickles on the market. New luxury level condo and townhome projects in both areas may augment things a bit in the coming year.