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Real Estate Statistics for March 2018
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Area 1 – Bozeman City Limits
Area 2 – Bozeman Area Area 3 – Belgrade and Surrounding Area Area 4 – Manhattan/Three Forks Area 5 – Gallatin Canyon/Big Sky Area 6 – Livingston Area 7MM – Ennis SINGLE FAMILY INVENTORY of current Active listings in some areas was less than March 2017. Bozeman was down 17%. Area 2 has 22% fewer listings. Area 3’s inventory is up 10% and Area 4 is up 33% from last year. Area 5 is down 22% from last year. As you can see by the numbers, most areas of MLS inventory of homes for sale continue to decrease. THE NUMBER OF MLS SINGLE-FAMILY SALES in March were locally diverse compared to March 2017: Area 1 had 22% more sales, Area 2 had 20% fewer sales and Area 3 had 15% fewer sales. But Area 5 had sales up by 42%. Other areas had statistically insignificant changes. As you can see, March sales were mixed, with some areas up and some down. Inventory affects this, of course.
MEDIAN SALES PRICES are up or holding compared to March 2017. Bozeman City prices are up another 22%, with a median of $425,000. Bozeman Area (2) shows sales prices up 9% to $459,457. Area 3 has a 7% higher median price ($284,000) than last year, and area 4 is up 53% for a median sales price at $376,500. Area 5 is up 97% with a median of $1,425,000. Area 6 is up 6% to $282,000. Area 7 (Madison) remains at a median sales prices of $344,500. Areas 1 – 4 had a total of 262 sales of single family homes since Jan. 1 compared to a total of 272 in March 2017.
CONDO/TOWNHOUSE inventory in Bozeman (where most of the condos/townhouses in the valley are located) is up 75% from 12 months ago, with 74 units on the market compared to 42 in 2017 and 85 in 2016. Those condos that have been under construction, are finally coming on the market!
Median condo sales price in Bozeman is up 9% from last March to $229,8335, a little less than last month. Area 3 condos are up 29% to $210,000. Area 5, Big Sky, has 8% less inventory than last year (92 on market), there were 21 sales in March, and the median price is down 18% to $300,000. Please feel free to call Sharon or Brian for any questions on our inventory and sales in specific price ranges, as these stats are for all prices. We also have statistics on land and commercial sales and inventory. We’re always ready to help with a free current market analysis for your property, whether or not you’re ready to sell!! This information was obtained from the Big Sky Country Multiple Listing Service.
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National Real Estate Market Notes:
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Nationally, if 2017 is any indication, buyers will be against an all-out frenzy this spring and summer.
In 2017, the median listing was snatched up in 81 days—a record, according to data from Zillow. Competition was fiercest in June, with 73 days on-market for the median listing. (Closings are included in the timeline.) In almost every one of the 35 largest markets, homes moved quicker than they did in 2016. |
“As demand has outpaced supply in the housing market over the past three years, buying a home has become an exercise in speed and agility,” says Aaron Terrazas, senior economist at Zillow. “This is shaping up to be another competitive home-shopping season for buyers, who may have to linger on the market until they find the right home, but then sprint across the finish line once they do.
“Being prepared—working with a great agent, getting financing preapproved—can help a buyer make a stand-out offer,” Terrazas says. |
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What Our Clients are Saying
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“We most appreciated your understanding of what we were looking for, assessment of the market value of properties, knowledge of area and RE transaction, your patience, professionalism, enthusiasm. They communicated effectively by email and phone, were helpful with advice as we went through the purchase process and concluded the transaction in a timely manner.
On a personal level, Sharon and Brian were not only professional, but were polite, enthusiastic and easy to work with. Sharon welcomed us to the community and we consider them good friends. We will definitely use them at any time in the future. Thank you Sharon and Brian! You are a dynamic and hard-working team and we appreciate your help with our successful real estate transaction.” Sincerely, Carol and David |
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