Statistics that Matter when Timing your Real Estate Move

by Liz Nitz

I want to start this blog by saying that not everyone has the flexibility to time a move or a real estate transaction.  Sometimes, you just have to move and buy or sell your home; Sometimes you find the house of your dreams without really looking.

But for many people trying to decide whether it is time to move to a bigger home or to downsize into a smaller one, whether it is a good time to move to Bozeman or whether it is time to take advantage of favorable interest rates, some market knowledge is imperative to making an informed decision.

To take a quick temperature of the market, I look at Median home sales price, Days on Market, Inventory and Asking price ratio to Sales Price.  There are lots more numbers out there but I find that watching these particular ones roll from month to month gives a pretty accurate picture of what to expect when listing a home for sale or looking to purchase a home.

Recent statistics about Gallatin County only –

Year to Date though September Single Family Median Sales Prices rose 6.3% over 2018.

(From 414K to 440K)

YTD through September Condo and Townhome Median Sales Price rose 8.5% over 2018

(From 295K to 320K)

YTD Days On Market (DOM) Single Family Home rose 6.9% over 2018 from 58 to 62 Days

YTD DOM Condo and Townhome is 53 days down from 64 days in 2018 or -17.2%

As one might expect, these DOM numbers are very different during the prime selling season of May – August where Single family homes sold in 37 Days and Condo/Townhomes sold in 36.

So one may ask how much negotiating of the prices is going on?  Not much as both Single Family and Condo/Townhome are getting 98.7% of their asking price and Higher!

As we head into winter, Single family home inventory has already decreased by 7.5% but Condo Townhome has increased by 31% due to new developments coming on line in Bozeman and Belgrade.

Typically the next few months see a slow down in sales, median price stabilization but also lower inventory.  After a very rapid fire summer in buying and selling, we are approaching a more balanced market but I would still expect that there is pent up demand because mortgage rates are still below 4% after being above 4% for a long time earlier this year and last year.  We are getting tight on inventory of Single Family homes.

Predictions for 2021 Economy and Real Estate Market

My advice to Buyers and Sellers of Single Family homes would be for Sellers to take advantage of the low choice on the market and for Buyers to take advantage of a slower market and really low interest rates.  I am happy to discuss these statistics with you or dive in a little deeper.

Give me a call or send an email and let’s time your best move!

Share

No Comments

Post A Comment

New on the MLS

Latest Listings

The following homes listed below were just listed in the last 7 days. This seller’s market is hot so we keep a close eye on the latest inventory. Subscribe below for instant updates of your ideal criteria.

Sort Option
  • Listing ID
  • Built up Area
  • Price
  • Pictures
  • Add date
  • Featured
Grid
List
Map
RSS

7775 Bridger Shadows Road, Bozeman, Montana 59715, Bozeman, Montana 59

7775 Bridger Shadows Road, Bozeman, Montana 59715, Bozeman, Montana 59715

5Bedroom(s)
5Bathroom(s)
20Acre
5,493Sqft
Impeccably constructed new home located in Bridger Canyon. Boasting almost 6000 +/- sq ft and over 8500+/- sq ft of pure luxury under roof, this home and barn is located on 20 acres in coveted Bridger Canyon. Located just ten miles from downtown Bozeman and 10 minutes from Bridger Bowl Ski area, this brand-new custom home has it all.
$7,600,000

3105 Madrona Lane, Bozeman, Montana 59715, Bozeman, Montana 59715

3105 Madrona Lane, Bozeman, Montana 59715, Bozeman, Montana 59715

5Bedroom(s)
3Bathroom(s)
0.19Sqft
3,053Sqft
Ideally situated on a corner lot in the highly sought-after Alder Creek subdivision, this stunning custom-built 5-bedroom, 3-bathroom family home is brimming with premium upgrades. Enjoy the comfort of air conditioning, walk-in closets in every bedroom, cherry cabinetry + granite countertops in the kitchen, laundry room, and all bathrooms.
$1,095,000

417 W Lamme, Bozeman, Montana 59715, Bozeman, Montana 59715

417 W Lamme, Bozeman, Montana 59715, Bozeman, Montana 59715

4Bedroom(s)
2Bathroom(s)
0.13Acre
2,032Sqft
417 W. Lamme is an adorable bungalow-style home with leaded glass in the picture window and entryway, located in downtown Bozeman. The backyard has been recently redone with a privacy fence, the garage has a new roof, and the foundation has been secured for this 1903 property.
$715,000

1948 Southbridge Drive B, Bozeman, Montana 59718, Bozeman, Montana 597

1948 Southbridge Drive B, Bozeman, Montana 59718, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,494Sqft
Beautiful condo in Bozeman's desired Southside! Enjoy the convenient, turn key living while being in the picturesque landscape of south Bozeman. This condo has vaulted ceilings and open concept living and kitchen area perfect for entertaining. Enjoy the walkout covered deck from the living room, spacious and made for relaxing and enjoying the mountain views.
$599,000

1639 S Black Avenue, Bozeman, Montana 59715, Bozeman, Montana 59715

1639 S Black Avenue, Bozeman, Montana 59715, Bozeman, Montana 59715

2Bedroom(s)
2Bathroom(s)
0.08Acre
1,507Sqft
Welcome to the Woodbrook Townhomes! This single level, end unit with 2 bedrooms and 2 bathrooms is absolutely charming. It has been updated throughout with a modern flair – you’ll feel like it’s practically new! The kitchen has been fully remodeled to include new cabinets, woodblock countertops and a decorative tile backsplash.
$585,000

165 Blossom Way, Bozeman, Montana 59715, Bozeman, Montana 59715

165 Blossom Way, Bozeman, Montana 59715, Bozeman, Montana 59715

4Bedroom(s)
3Bathroom(s)
1.12Acre
3,220Sqft
Imagine your dream home coming to life in South Bozeman, crafted by Lohss Construction and designed by NVS Architects. This 4-bedroom, 3.5-bath residence will combine mountain-modern style with easy access to Main Street and nearby trails. The main-floor primary suite offers a peaceful retreat with sweeping natural views, while the open layout invites light and movement through every room.
$2,250,000

510 Greenway Ave, Bozeman, Montana 59718, Bozeman, Montana 59718

510 Greenway Ave, Bozeman, Montana 59718, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.11Sqft
1,450Sqft
Sunny and cozy one-level townhome with in-floor radiant heat located off of Durston, just West of 19th Ave. This beautifully updated southern-exposure townhouse is centrally located to everything Bozeman. Featuring 3 bedrooms, 2 bathrooms, vaulted open-concept living space, newly installed LVP and carpeting, new interior doors and hardware, new base and case trim, and freshly painted walls.
$495,000

1214 W Koch, Bozeman, Montana 59715, Bozeman, Montana 59715

1214 W Koch, Bozeman, Montana 59715, Bozeman, Montana 59715

2Bedroom(s)
1Bathroom(s)
0.15Sqft
1,474Sqft
You'll appreciate the convenient location of this partially renovated home, just a stone's throw from everything Bozeman has to offer, including MSU and downtown. Nestled on a spacious lot, it features raised garden beds, mature landscaping, stunning flowers, and a delightful, eclectic fully fenced backyard.
$650,000

1121 N Cedarview Drive, Bozeman, Montana 59715, Bozeman, Montana 59715

1121 N Cedarview Drive, Bozeman, Montana 59715, Bozeman, Montana 59715

5Bedroom(s)
1Bathroom(s)
0.21Sqft
2,496Sqft
This charming and wonderfully maintained 5-bedroom, 3-bathroom home is ideally positioned near vibrant downtown Bozeman, the hospital, and Montana State University. This inviting property offers an open first floor layout flooded with natural light. You will find the primary suite, a full guest bath, and guest bedroom on the first floor, offering the convenience of one level living.
$725,000
121 Results returned.Per Page