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2017 is officially in the books. The expectation from a year ago that insufficient inventory would create challenges proved to be correct throughout our marketplace. This summary compares 2017 to 2016 sales and inventory information using the Big Sky Country Multiple Listing Service (BSCMLS) reported data as the source.
Within the city limits of Bozeman, single family home sales decreased by 4%. There were 565 single family homes sold in 2017, compared to 587 in 2016. The average sales price for single family homes showed moderate growth with a 6% increase to $425,988 in 2017 from $401,866 in 2016, and a 12% increase over 2015s $382,033. The median sales price was $381,500 for single family homes, up 6% from $359,000 in 2016.
At the end of 2017, there were 83 active residential properties listed for sale which was the same figure as the end of 2016. Compared to 2015, these numbers were down by 34% from 2015. Based on current supply and the number of homes sold in a given price range in the prior 12 months, there is no more than a 4.2 month supply of inventory in any of the price ranges reported under $500,000.
The condo/ townhome market remained flat with 446 units sold in 2017 within the Bozeman city limits compared to 444 the previous year. Yet again, true demand was held back by the amount of available inventory. However, the number of available units at the end of 2017 was much higher at 91 compared to 37 at the end of 2016. Attached housing showed a nice 14% increase from an average of $262,334 in 2016 to $297,958 in 2017, and the median price of $260,000 for condo/townhomes is up 8% from the $240,000 of 2016.
The single family sales in the subdivisions and more rural areas immediately surrounding Bozeman decreased from 489 units in 2016 to 435 in 2017, an 11% loss. However, the average sales price showed a 17% increase from $519,034 in 2016 to $607,804 in 2017, as well as a 15% median price rise from $400,000 in 2016 to $459,000 in 2017. This area contains price extremes of properties from entry level housing to the luxury second home market. At year end, 108 properties were available for sale, which is a 19% decrease from the previous year’s 133.
Belgrade and the surrounding market showed a 20% increase with 358 single family homes sold in 2017 versus 299 in 2016. The average sales price increased a solid 14% from $283,623 in 2016 to $322,039 in 2017, and the median weighed in at $287,250. The condo/townhome market exhibited 8% decline with 84 sales in 2017 compared to 91 in 2016, but with an average sales price up 13% to $187,290 in 2017 from $165,642 in 2016. In the Belgrade area, the supply of homes available for sale remains very low with only 45 single family homes and 9 condo/townhomes available at the close of 2017.
Within the Manhattan/Three Forks region, single family home sales decreased a slight 7% from 105 sales in 2016 to 98 in 2017. Average sales price jumped 9% from $299,085 to $326,036 while the median increased 16% to $283,950.
What should we expect for 2018? Contact your ERA Landmark sales associate today to discuss the challenges and opportunities in your area.