We’re already halfway into Quarter 4 and the real estate market in Southwestern Montana continues to chug along. While new listings coming on the market are slowing from their summer peak, the listings that are coming on have continued to go pending and sales remain strong.
There were some interesting shifts in our market during Quarter 3 over the same period in 2014. Let’s have a look at some market statistics to get a better picture of what is happening out there.
Get all of this data in my Quarter 3 Video Available by clicking the image below…
These statistics compare quarter 3 2014 to quarter 3 2015.
Single Family Home Sales
Median sales prices of Single family home sales have showed continued steady growth in the City of Bozeman, Manhattan, Three Forks, Livingston and Big Sky, ranging between 10-47% growth. Median prices are off slightly in Belgrade (down 3%) and Bozeman outside of city limits likely due to more affordable product being built in this area.
Days on market are down in all areas except Manhattan – showing a robust sales market which is keeping inventory low.
Sellers are commanding sales prices closer to list in all areas except the City of Bozeman – perhaps due to recent list price spikes in this area.
Sold Volume (otherwise known as total dollars sold) is up tremendously in Bozeman City Limits, Manhattan, Three Forks and Livingston. Volume is off quite a bit in Belgrade and Big Sky. We like to compare this number directly to total listings sold – showing the average sales prices for the City of Bozeman, Manhattan, Three Forks and Livingston area up. Keeping in mind that these numbers can be highly affected by one or two large sales. We like to see a smaller number in the total number sold vs the volume because it shows average sales prices climbing.
Condos & Townhomes
Sales of condos and townhomes have been increasing in all markets where there is enough sales to track trends.
Median sales prices have climbed significantly in the City of Bozeman and surrounding area, Belgrade and Big Sky.
Days on market have decreased significantly in Belgrade and slightly in the greater Bozeman area and Big Sky, indicating robust markets in these areas. Days on market are up in central Bozeman.
List price ratios are fairly flat from year to year.
Volume is up significantly in all areas with the exception of Big Sky which has lagged, possibly due to the frenzied pace of the post recession resort buyer easing a bit as prices have stabilized. Number of listings sold has increased in all areas except Big Sky. In comparison between volume and listings sold, average sales prices are up in all areas except Big Sky where they have fallen a bit.
There has been quite a bit of discussion about the land market being generally on ‘fire’ in the greater Gallatin area. The statistics, however, would speak to a cooling of this trend in some areas and an acceleration in others.
The land market seems to be slowing in the City of Bozeman and in Belgrade and growing in the greater Bozeman area outside city limits and in Big Sky. In the case of Big Sky, many lots have been sitting idle for quite some time and buyers are scooping up inventory, seeing this as a good time to ‘get in’ before prices rise.
In the greater Bozeman area outside of city limits there have been many new subdivisions created over the past couple of years and many lots have come on the market over the past year. The cooling trend in Belgrade and City of Bozeman could possibly be due to lack of new product in most areas, or land prices jumping over the past year.
Median sales prices are up in most areas with the exception of the City of Bozeman.
Days on market have dropped in all areas except Bozeman city limits which is an indication of strong buyer demand.
List to sales ratios indicate less competition for lots in the City of Bozeman and more competition for lots in Belgrade.
Volume is down in both Belgrade and City of Bozeman and up significantly in Big Sky and the Greater Bozeman area. Number of listings sold tell the same story – average price is up in the greater Bozeman area and Big Sky.