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Market Watch

2018: The First Six Months

Posted on July 19, 2018 by Carlee Spritzer

As the first half of 2018 is now behind us, it is the perfect time to reflect on what has transpired in the real estate market during this timeframe compared to prior years. This article includes just a few of the highlights of Bozeman and the surrounding area markets with data provided by the Big Sky Country Multiple Listing Service. The amount of available single-family inventory is finally seeing some increases. Within the Bozeman city limits, there were 126 homes for sale at the end of June versus 120 In 2017 and 142 in 2016. The area around Bozeman decreased by 7%; however, Belgrade and the surrounding area increased 36% and Manhattan/ Three Forks saw a huge 59% jump. The Big Sky inventory stayed flat, while both Park County and Ennis experienced 18% increases. The year-to-date sales unit activity showed gains of 9% in the Bozeman city limits; 41% in Manhattan/ Three Forks; 35% in Big Sky; and 7% in Madison Valley. There was decreased activity in the Bozeman area and Park County markets, while Belgrade remained static. The question of what single-family houses are selling for is always in the forefront for real estate professionals. The average and median prices increased in all areas. A quick summary gives the following results: Bozeman City Limits: Average price = $460,167. Median price = $418,130. Bozeman Area: Average price = $632,233. Median price = $483,800. Belgrade & Surrounding Area: Average price = $330,649. Median price = $311,200. Manhattan/ Three Forks: Average price = $348,257. Median price = $298,250. Gallatin Canyon/ Big Sky: Average price = $1,701,268. Median price = $1,542,000. Park County/ Livingston: Average price = $338,218. Median price = $302,200. Madison Valley: Average price = $369,197. Median price = $339,000. The condo/ townhouse market in our area also continues to be strong with the number of listings available for sale higher than last year, an increase in the number of sales, and climbing average and median prices. The only exception is the number of available listings in Big Sky has decreased. For a more complete overview of the market, contact your real estate professional at ERA Landmark. Our agents stay on top of the trends that might affect your sale or purchase decisions.  As always, it will be most interesting to see how numbers stack up at the end of the year. Stay tuned!

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Agents: Robyn Erlenbush
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