Wow Bozeman, what a month! No one was sure what would happen to the Bozeman real estate market during and after the Covid closures. We found out this week that Bozeman real estate rebounded decisively.
Where we came from…April
In my April report, we saw the full effect of the Covid restrictions and concerns about what would happen to the market and home values. Our single family home listings were down by over 50%. Pending sales were down 26.8% over April of 2019 and closed sales were down over 55% over previous year. Prices however were still increasing. Our inventory of homes to sell to buyers who were still looking dropped to 1.8 months. More information on April here: https://movemetomontana.com/2020/04/14/bozeman-and-belgrade-real-estate-trends
And then May…Bozeman real estate market rebounds from Covid closures
With Montana starting phase around April 26, the switch flipped and as a result we have a very different picture reflected in our May numbers. Our listings are still not what they were last year. But they have significantly increased and as reflected in the pending numbers, they were then put under contract pretty quickly. Closed sales naturally are still running behind last year as that comes from the pended sales from March and April.
Where are we headed?
I did an open house over the weekend. It was very well attended with qualified buyers. Some were new to the area and some were current residents but wanted to buy property before prices went up even further. I was amazed at how much energy there was about the growth of Bozeman and effect on housing supply and pricing. Bozeman is voting tonight on whether to annex an area in South Bozeman. While not many people are happy about development in that area, we are going to desperately need more housing for all of the people who want to live here. https://www.bozemandailychronicle.com/news/city-commission-to-vote-on-annexation-zoning-for-south-bozeman-development/article_bc701bb0-b9ae-5541-bb6f-57546483cd63.html?utm_source=dlvr.it&utm_medium=facebook&fbclid=IwAR37M0klgSxFLxkGvVpDr8XIRV0PwoVv7-nEtOG8hd7H46K6rHT9wpGQ6rA
Please reach out to me to learn more about the market or the value of your home!
406 499 4218 or liz@windermere.com
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