Real Estate Market Analysis Q3 2017
Six Market Takeaways Video
Single Family Homes
Quarter 3 2017 showed continued median sales price acceleration across almost all areas with the exception of Big Sky. Median prices were up year over year between 9% (Livingston/City of Bozeman) and 20% (Three Forks).
Days on market are indicative of a strengthening seller’s market, ranging from 24/25 days (Belgrade/Three Forks) to 240 days in Big Sky. Number of units sold has dropped in Bozeman City Limits, Greater Bozeman Area and Manhattan as inventory crunch for affordable options has taken hold. Big Sky, Belgrade and Livingston all saw 21-25% jumps in number of units sold.
List to sales price ratios remain constant across the board, with Belgrade standing out as the leader with above list price offers becoming the norm.
Condos and Townhomes
The condo and townhome markets are red hot as buyers struggle with affordable housing options. We only focus on Bozeman, Greater Bozeman, Belgrade and Big Sky markets in our analysis. Median sales prices were up between 13% (Belgrade) to 30% (Big Sky). Days on market were down in Bozeman, Greater Bozeman and Big Sky and up slightly in Belgrade. Number of units sold was up in Greater Bozeman and down everywhere else. List to sales price ratios show a tight seller’s market in Bozeman, Belgrade and Greater Bozeman and a strengthening seller’s market in Big Sky with up to 4% discounting still the norm off list price.
The land market has picked up steam again as inventory crunch and lack of listings that fit many buyers’ specific wants/needs takes hold. Median sales price is up between 9% (Bozeman) and 100% (greater Bozeman area) with the exception of Big Sky which has plateaued. Average days on market are down significantly in Bozeman, Bozeman area and Belgrade and up 33% in Big Sky. However, number of units sold has jumped in Big Sky 25% year over year and Belgrade 10% year over year. Units sold in Bozeman and Bozeman area are off 25% and 47$% respectively as fewer lot options come available. List to sales price ratios show it’s still a buyer’s market in all areas, with City of Bozeman verging on a swing to a soft seller’s market.