Community News

As you may have noticed, all of us here at ERA Landmark love to look at statistics. Nothing is better than having the numbers to back up our answer to the ever-popular question “How’s the market?” After analyzing February’s numbers (pulled from the Southwest Montana MLS 1/1-2/28) it appears that 2011 is getting started on the right track! Here are the 4 indicators that we’re looking at that all show good things happening in the city of Bozeman’s single-family residential market:

• Inventory is Down – I know, I know, we’ve been saying this for months (because it’s true) but it’s down 30% compared to this time last year. Even better, it’s down nearly 40% compared to this time in 2008.
• Sales are Up – How much? Sales units are up 71.4% compared to this time last year!
  Average Sales Price is Up – Last February, the average sales price in Bozeman was $259,894. This February, it increased 6.68% to $277,247.
• Median Sales Price is Up – That’s right, we look at average AND median. February’s median sales price in Bozeman is $244,375. That’s up 3.5% from last year. You may not think that’s anything to shout about, but up is up. And up is progress!
• So what does all of this mean? Well, if you have plans to sell your home, it appears that there is less competition (inventory is down) and there are more buyers (sales are up.) If you can list your home in what we call “the sweet spot” (the range of the average and median sales prices) or under, then you are in a pretty good position. The absorption rate for single-family units less than $275,000 is 4.8 months.

Now if you have the means to be a buyer, things are still looking good. Great opportunities are out there, but remember “If you wait until you see the robin, spring will already be over.” Thanks, Warren Buffet, for the advice especially considering that it’s spring break week and it’s snowing right now!

Feel free to contact us if you would like more specific information, a free comparative market analysis for your home, or if you are interested in buying.

Don’t forget, ERA Landmark releases market statistic updates as well as emails our Market Watch newsletter monthly. If you would like to receive our monthly Market Watch email, simply visit the home page (http://www.ERALandmark.com) and enter your name and email into the form or contact us. (info@eralandmark.com or 800-788-2372).