We know that having all the facts makes for better real estate decisions. Let’s take a look at the condo and townhome market in the Bozeman and Belgrade area as reported in the Big Sky Country MLS.

At the end of April, there were 76 condo/townhome units available with an average list price of about $846,000. This is an increase in inventory compared to this same time last year. However, there are 115 units currently under contract for an average list price of $761,000, indicating a healthy level of buyer activity in the market. 

131 condo/townhome units have sold so far this year with an average sales price just below $500,000. In comparison, there were 174 units sold at the same time last year for an average of close to $590,000. The decline in the average sales price might indicate some price adjustments and potentially more affordable options for buyers, but could also be reflective of a different product mix.

It’s interesting to note that when we break down the numbers by specific area, there is very little difference in the median sales price between, Bozeman city limits, outside Bozeman and the city of Belgrade. Median sales price helps us understand the typical value of sold properties. It represents the middle value in a series of sales, where half of the sales that occurred were higher and half were lower.

Looking ahead, it is essential to consider that the housing market can be influenced by various factors, including economic conditions and buyer sentiment. Buyers may have a wider selection of options and potentially more favorable pricing due to the increased inventory. As we get into our prime selling season, we will continue to monitor the market closely for any shifts or changes that could impact future trends.

 

We live here, we love it here and we are invested in our home communities. With offices across Bozeman, Big Sky, Livingston and Ennis, contact our team of experts to assist with your real estate needs.