News from the Knoff Group

Quarter 4 2016 SW Montana Real Estate Market Recap

As we near the heart of winter, let’s take a look back at the key real estate market metrics and statistics for the Bozeman, Belgrade, Big Sky and surrounding market for Quarter 4 2016.

Key Metrics – Year over Year Comparison Quarter 4 2016
Southwest Montana Real Estate

The Quarter 4 2016 real estate market remained strong in many areas, though it showed some slowing in some areas off of 2015 Quarter 4 highs.

Please view narrated video by clicking the link/image below.

Please see ISSUU Publication of 2016 Quarter 4 Key Metrics Infographic by clicking link/image below:

Single Family Homes
Single family home sales were heavily segmented by area in Quarter 4 2016. Bozeman City limits was the stand out for growth with an increased median sales price over the three previous years for Quarter 4, reduced days on market from 2015, number of listings sold about even year over year (likely due to lack of inventory) and increased volume sold. The remaining areas had a mixed bag of strengths and weaknesses across the market. Median sales price showed A rather big jump for Belgrade of 16% and almost 20% for three forks while Livingston charted a smaller gain of 6%. Big Sky, Manhattan and the Greater Bozeman area all dropped on Median price between 6-8%. Number of listings sold are down slightly over 2015 in all areas with the exception of Greater Bozeman. And volume shows modest jumps in Manhattan, Belgrade and City of Bozeman with slight drops in Livingston and Three Forks. Big Sky was the big drop in volume, down 63% from 2015 and almost 80% from 2014 illustrating that the homes that are moving are for the most part entry level luxury and below.

Condos and Townhomes
Condos and townhomes were across the board more robust in Quarter 4 2016 year over year. Average days on market were about flat in all areas tracked (Bozeman, Greater Bozeman, Belgrade and Big Sky) with the exception of Belgrade which dropped almost 50% to 30 days. Median sales prices remain in record territory, with all areas experiencing growth, and City of Bozeman and greater Bozeman standing out with a leap of over 23-29%. Number of listings sold is up dramatically in all areas, ranging from 37-40% growth, with the exception of greater Bozeman which dropped 50%. Volume sold show City of Bozeman as the new market leader, surpassing Big Sky and upping total dollar sales by 90% over 2015. Belgrade’s market also supported a 43% increase in volume – a huge jump for the smallest area of the four.

Land sales continued to lag in Quarter 4 2016 behind 2015, but were equal to or higher in most segments to 2014 sales. Average days on market jumped in Bozeman by 71% and Big Sky by 171% over previous years – greater Bozeman dropped by 30% and Belgrade increased by 25%. This could be due to new product being introduced, along with higher price points across all markets for land. Median sales prices dropped across the board over 2015 highs but remained higher than 2014 highs. Number of listings sold were down significantly in Bozeman (down 40%) and Big Sky (down 35%). A smaller loss, Greater Bozeman number of listings sold was down 14% and Belgrade jumped by 30% due to new subdivision offerings. Volume sold shows more big drops in City of Bozeman, Greater Bozeman and Big Sky, illustrating that lots are selling for less money on average when they do sell. Belgrade volume increased dramatically due to new subdivision offerings in the area.