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AUGUST 2020 MARKET STATISTICS |
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 7 – Ennis SINGLE FAMILY INVENTORY Active listings (including pendings) in Bozeman were down 66% from August last year. Area 2 inventory was down 46% from last year. Area 3’s inventory was down 74%. Area 4 is down 47% from last year at this time. Area 5 inventory is up 5% from last year. Area 6, Livingston, had 61% less inventory. Area 7 had 44% fewer active listings than August 2019. So – as you can see, our inventory is basically down, which gives properties on the market a distinct advantage. THE NUMBER OF MLS SINGLE-FAMILY SALES in August was mixed compared to August 2019. Area 1 had 4% fewer sales compared to last August, Area 2 had 21% more and Area 3 had 7% more sales. Area 4 had decreased sales by 1%. Area 5, Big Sky, had 15% fewer MLS sales in August. Area 6 had 25% more sales. Area 7 had 26% more sales than last year. MEDIAN SALES PRICES FOR SINGLE FAMILY HOMES are considerably higher compared to August 2019 in all areas. Bozeman City prices are up 8%, with a median of $500,000. Bozeman Area 2 shows sales prices up 16% to $636.700. Area 3 has a 6% higher median price ($356,725), and Area 4 is up 10% for a median sales price at $376,000. Area 5 is down 3% from August 2019 with a median of $1,700,000. Area 6 median price is up 11% to a median sales price of $345,000, with pending sales being an average of $572,100. Area 7’s single family sales are up 22% to $425,000 from August 2019. Many of Madison County total sales are land sales. CONDO/TOWNHOUSE inventory in Bozeman was down 54% from 12 months ago. Inventory in Belgrade is down 88% from last August. There are 96 condos on the market in Areas 1, 2, and 3 with average sales price of $297,000 . Sales for August were up 19% in Bozeman, up 58% in Belgrade. Median condo sales price in Bozeman is up 2% from last August to $325,000. Area 3, Belgrade, condo sales prices are up 9% to a median of $283,000. Area 5, Big Sky, has 24% less condo inventory than last year, 13% less were sold than last year, and the median sales price is up 4% to $565,000 in August. New construction is most important in the condo market in Bozeman. What does MEDIAN mean? The average price is easy to calculate but can get skewed by luxury sales. The median price = half the homes were sold at prices above it, and half below. For real estate prices, it’s generally a better measure. These stats are generalized, so please feel free to call Sharon or Brian for any questions on our inventory and sales in specific price ranges and areas. We also have statistics on LAND and COMMERCIAL inventory and sales. We’re always ready to help with a FREE CURRENT MARKET ANALYSIS for your property. Just give us a call and we’ll get stats just for you. Always glad to help!! |
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NATIONWIDE STATISTICS |
Median nationwide listing price in August hits $350,000. That’s a new record, and represents 10% YoY growth. Contributing to this was a 36% YoY decline in inventory.
Lending standards tighten further in August. The MBA says credit supply is at a 6-year low, as lenders remain worried about the long-term impact of job losses on the economy. |
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“We most appreciated your warm and helpful manner towards us octogenarians who had not been through the buying and selling process for 21 years. Walking us through the electronic process made it a breeze. We’d recommend Sharon and Brian to a friend, and would certainly use them in the future.”
– Dick & Shirley |
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FEATURED LAND |
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