Marcie’s Market Minute
Overall Market Summary
As we look at Quarter 2 2019 against figures from Q2 2018, we can see that he market continues to climb in most sectors – with continued median sales price hikes in single family and condo/townhome product. Land sales remain consistent as new construction starts remain strong.
The single family home market has continued to accelerate year over year. Median sales prices are up between 5 to 12% in most areas, with the exception being Big Sky which saw a 42% median jump. Days on market are up in most areas – anywhere between 10-40+% – in part due to rising prices and in part due to more new construction options selling in those areas. List to sales price ratios are still indicative of a strong sellers-market in most areas, with a slightly more balanced market in the Greater Bozeman area and Big Sky. Number of listings sold is steady in Bozeman, Belgrade and Big Sky and has dropped in greater Bozeman, Three Forks and Livingston. It has jumped in Manhattan.
Condos and townhomes remain white hot. Median sales prices have jumped 7-11% in most areas, with a whopping 48% bump in Big Sky as new luxury level condos that are built are pushing the market pricing. Average days on market are up in Greater Bozeman and Belgrade areas as new construction product comes to market. And down in City of Bozeman and Big Sky. List to sales price ratios show a strong seller’s market. Number of listings sold is down in all areas with exception of Bozeman which was about steady. This is indicative of a lack of quality inventory.
Land sales have remained strong in most areas. Bozeman has seen an increase in median sales price on lots due to fewer lots in the city limits being available than in previous years. The push for subdivision land has shifted from Bozeman which had a 48% reduction of land sales in Q2 2019 to Belgrade which had a 33% jump in land sales in Q2 2019. More affordable lots and less cumbersome build requirements in Belgrade are pushing builders to invest there. Big Sky is holding fairly steady with a slight downturn in the number of lots sold. In all areas list to sale price ratios are showing discounting happening in all markets, with average sales prices 5-12% off list price – showing a more balanced market for land.
Luxury Market Summary
The luxury market for single family homes the city of Bozeman and surrounding area including the outerskirts of Belgrade have remained steady in sales of luxury product. Big Sky has jumped 70% on median as recovery continues and that market grows.
The luxury market for condos and townhomes remains steady in Bozeman but has had an uptick of units sold in the Big Sky market as more new construction opportunities have been introduced in Moonlight Basin and Town Center area. Resales have been swift in the town center and mountain village areas.
View more Stats and Charts on our Market Statistics Page!