News from the Knoff Group

Prior to mid-March 2020, the southwestern Montana real estate market was cruising. Year over year quarter 1 median sales prices were up, listings sold for the most part were up, days on market for the most part were down. We’re tracking the market now on a weekly basis – once we have some stats to share, we’ll do a recap on how the local market has been impacted due to COVID-19. 

View illustrated charts and graphs at https://knoffgroup.com/market-stats/

Single-family Homes

Single-family home sales across the board were up in median sales price Q1 2020 year over year – up 6% in City of Bozeman ($465,000), 7.5% in greater Bozeman ($587,500), 3.5% in Belgrade ($335,000) and 36% in Big Sky ($2.25M). Number of listings sold were up in City of Bozeman by 21%, 16% in Belgrade, 12% in Big Sky, 68% in Livingston. Days on market were down in most areas with 63 on average in City of Bozeman, 154 in Big Sky, 69 in Belgrade. List to sale price ratios showed a strong seller’s market with ratios ranging from 97-99% list to sales price ratios in all areas – showing minimal discounting (1-3%) by buyers on average.

Condos and Townhomes

Condo and Townhome sales in Bozeman, greater Bozeman, Belgrade and Big Sky saw light growth over 2019 and stable prices in Q1 2020. Median prices ranged from $324,900 in City of Bozeman (down slightly from 2019), to $339,900 in greater Bozeman, $280,000 in Belgrade and $397,500 in Big Sky. Number of listings sold was up in all areas by 26-35% with a flat market in Big Sky – staying constant at a strong 36 units. List to sales price ratios show almost no discounting by buyers and a very strong seller’s market – with ratios ranging from 98.25-99.66%. This equates to .44-1.75% discounting on average.

Land

Land experienced year over year pricing growth in Bozeman, Greater Bozeman and Big Sky with appreciation between 8-15%. Belgrade saw median sales prices drop as more single-family lots were sold (in comparison to more multifamily lots year prior). Days on market were up in most areas, considerably in Bozeman and greater Bozeman.  However, DOM had dropped 28% in Big Sky. Number of listings sold were down in Big Sky and City of Bozeman and up in Greater Bozeman and Belgrade. List to sales price ratios showed stable pricing with light appreciation of 1-2% on average with the exception of City of Bozeman which was down 7%.  The land market overall was more even playing field between buyers and sellers on list to sales price ratios with moderate discounting happening across the board.

Luxury and high-end Single-family

High-end single-family home sales ($650k-$999,999) saw stability in most areas of the market year over year, with consistent pricing and little discounting, with the exception of Big Sky which saw more significant discounting on average at this price point.

Luxury single family home sales ($1M and above) had similar activity in Bozeman, Big Sky and greater Bozeman to the year prior but pricing in Big Sky and Greater Bozeman really began taking off with higher end luxury homes selling. There was more discounting in the City of Bozeman – very little discounting in Big Sky and greater Bozeman.

Luxury and high-end Condos and Townhomes

High end condo and townhome sales ($650,000-$999,999) were off of the previous year in both Big Sky and Bozeman with less inventory available in this price point.  Luxury product saw similar sales in Bozeman’s market to year prior but Big Sky had a banned quarter with 11 sales of luxury product with a median sales price of $2.3M.