Real estate market update and analysis Q2 2017
by Marcie Hahn-Knoff, Broker | REALTOR®
Quarter 2 2017 shows a strong market with climbing median sales prices and for the most part declining days on market. The main stumbling block for our market is lack of inventory.
Single family home sales showed an increase in median sales price across the board. Some areas are hotter than others – Belgrade posted a 15% appreciation, Manhattan 30%, Three Forks 23%, Big Sky 36% and Livingston 17%. Days on market are down in all areas with the exception of Big Sky – this could be due to larger properties finally selling that have sat for some time. Total listings sold is down in Bozeman and Bozeman surrounding area due to lack of inventory. About even in Belgrade and Manhattan. Way down in Three Forks. Way up in Big Sky and Livingston. Volume followed these trends.
Condos and Townhomes are flying off the shelves – considered ‘affordable options’ in all markets. Days on market are sub a month and a half in all areas with the exception of Big Sky. Median sales prices are up across the board, with huge jumps in Greater Bozeman and Belgrade. Number of listings old are down in City of Bozeman, Belgrade and Greater Bozeman due to lack of inventory. Number of listings sold is up in Big Sky as more inventory has come available.
Land sales have jumped back up in City of Bozeman as several new developments have released phases at the start of 2017. Greater Bozeman is down due to lack of inventory – this may change as new developments come on line in the county. Belgrade is about even as more phases in developments have come on line at the end of 2016 and most lots have been snapped up. Big Sky is back on track with a big jump in number of lots sold, but Median is way off. Subdivision lots are becoming more popular as pressure mounts on building costs and affordable housing.
View video below:
Single Family Home Stats