News from the Knoff Group

The side by side comparison of the Gallatin Valley and Big Sky area real estate market statistics for 2015 vs 2014 in Quarter 2 is quite interesting.

Single family home sales show media sales price climbing in all areas with large gains in Three Forks (where the market is looking healthy again) Bozeman city limits, Greater Bozeman area (outside city limits but with a Bozeman address), and Big Sky.  Days on market is up in many areas – likely due to an increase in list pricing.  Surprising was the drop by 100% of the number of units sold in Big Sky over the same time in 2014.

 

Condo and Townhome sales were a bit more varied.  Sales in city limits of Bozeman were consistent, but not showing a huge amount of growth from 2014.  Greater Bozeman showed huge growth with a big jump in median pricing, a drop in days on market, and a big climb in volume sold.  This is mostly spurred by new construction happening in the communities off Huffine and in Four Corners where there are no impact fees.  Condo sales in Belgrade also looked very strong as product in River Rock and downtown areas finally has been moving.  Big sky had a large drop off in Condo sales – perhaps in part due to the fact that distressed product has been cleaned up and the frenzy has subsided a bit.

 

Land sales in the City of Bozeman dropped quite a bit – this is in contradiction to what the word on the street has been (land is hot!) – same with land sales in the greater Bozeman area.  Belgrade land sales have accelerated – median price has dropped as more subdivision lots have come available.  And land sales in Big Sky have been very strong – days on market have jumped by volume, number of units sold and median price all have had impressive gains.

Still interested?  Below is a little video I’ve put together about the Quarter 2 statistics that I hope you’ll enjoy…