Presenting Bozeman Real Estate Statistics for the first two months of 2020! And if anyone thought that we were going to have a slow winter in real estate, they would be incorrect.
Let’s start off with Median Sales Prices.
As seen below, we can see that all property type prices are off to fast start with a roughly 8% increase over last year. To put things in greater perspective, the February numbers of 2018 and 2019 for median sales prices were : 418,000 (2018) 456,375 (2019) for Single Family Home, 253,000 (2018) 289,900(2019) for Condos, 305,000 (2018) 334,950 ((2019) for Townhomes.
Days on Market
To fill in our view of the real estate market in Bozeman, let’s take a look at how quickly inventory is moving off of the market or being sold. We typically measure this by the absorption rate which we call Days on Market.
Here we see that Single Family DOM is down 16.7% or has gone from 24 days last year to 20 days that year, reflecting healthy demand that builders are not quite keeping pace with. There is better news with Condos and Townhomes as those Days on Market have actually increased a bit.
How much supply is there?
To finish rounding out our view of Bozeman Real Estate Statistics, let’s look at how many months of supply we have at the moment. Again here we see a modestly declining inventory of Single Family Homes with increasing inventory of Townhomes and Condos.
One note on the coronavirus. Currently the coronavirus has not impacted the Bozeman real estate market except to drop home interest rates precipitously so that they are at lowest levels in 50 years! This certainly will rachet up demand as potential buyers look to take advantage of lower interest rates to afford more house or have a lower mortgage payment. Keep an eye on my blog as the picture becomes more clear and the medium and longer terms effect come into focus. For more on interest rates, try this website. http://www.mortgagenewsdaily.com/
These numbers in this report reflect sold pricing. Remember that Montana is a nondisclosure state so only licensed real estate professionals can access accurate data. If you would like to dive deeper into market trends or specific price categories, please reach out and let’s have a conversation!
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