News from the Knoff Group

2014 continues to be a banner year for real estate in Southwestern Montana.  Existing and new construction sales continue to accelerate – across the majority of the market median prices are up, days on market are down and inventory is tight.   This chart summarizes the market as of August 31, 2014 – the end of Quarter 3.  I’ve included a few stats that help to decipher the market a bit more easily.  Price to list is the percentage of closing price to list price – the smaller the number, the less negotiation on price there is. Looking at sale-to-list percentages can help buyers and sellers get a sense of how to negotiate on pricing.  Months of supply tells how many months it would take for all the current homes for sale on the market to sell, given a monthly sales volume. Four to five months of supply is average: if the number is smaller, this means that buyers are dominating the market and there are relatively few sellers. The greater the number, this means there are more sellers than buyers.

Single Family Homes

• Days on market (DOM) for the entirety of Gallatin County are down to 78 for 3rd Quarter 14 – this is the second lowest quarterly rate behind Quarter 2 2013 (70) in the past two years.
• 2014 is currently tied to date at 90 DOM for the year.  Median price has risen to $295,000 – an increase of 5.5% over the median from 2013.
• The greater Bozeman market is currently averaging 74 DOM in Quarter 3.   Year to date (YTD) median price has risen to $319,500.  An increase of 6.5% over median price for 2013. List to sales price is 96.4%. There is currently a 5-month supply of inventory
• The greater Belgrade market is averaging 47 DOM in Quarter 3.  YTD median price has risen 15.8% over 2013 to $226,000. List to sales price is 98.4%. There is a 2.75-month supply of inventory.
• Manhattan and surrounding is averaging 19 DOM in Quarter 3 – median price has dropped YTD over 2013 by 8.6% to $225,000.  List to sales price is 96.8%. There is a 7.5 -month supply
• Three Forks and Surrounding is averaging 121 DOM in Quarter 3 – median price has risen over 2013 by 5.3% to 160,000.  96.3% list to sales price. There is a 14-month supply
• Big Sky is a median of $710K – with a list to sold price 90.5%.  Days on market for Quarter 3 is 297 days.  The median price is up over 11% from 2013.  There is 12-month supply.

Condos & Townhomes

• Days on market is down to 71 for the county in Quarter 3 – this is the lowest quarterly rate in the past two years. YTD 2014 is currently at 88 DOM– this is the lowest DOM rate since 2007.  Median price rose to $199,900 – up 14.2% since 2013.
• The greater Bozeman market is averaging 46 DOM in Quarter 3.  YTD median price has risen to $197,258 – up 13.36% over 2013.  Sales to list price is 98.6%. There is a 2.8-month supply.
• The greater Belgrade market is averaging 74 DOM in Quarter 3.  YTD median price has risen 9.9% to 120,900. Sales to list price is 98%. There is a 2.6-month supply
• Big Sky is sitting at 146 DOM in Quarter 3 with a $269,000 median sales price – up 7.6% from 2013.   Sales to list price is 96.2%. There is a 9-month supply.

*As of 8/31/14 – Information provided by Gallatin Association of REALTORS®/Southwest Montana MLS is compiled from miscellaneous sources. Neither the Association, listing brokers, agents nor subagents are responsible for its accuracy. © 2014 Gallatin Association of REALTORS® / Southwest Montana MLS