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Pricing Trends in Belgrade – Good news here!
As promised, I have put together a follow up to my post about Price trends in Bozeman and have applied a similar analysis to just single family, condos and townhomes in Belgrade. Compare these notes to my Blog about Bozeman Pricing trends published on 11/15. I had to change the price parameters a bit because the majority of homes sold have lower prices than those of Bozeman homes.
In the first graph below which represents homes sold for 300K or less, we see townhomes and single family home prices leveling out a bit in the second half of 2019 while townhomes have actually taken a little jump in the past few months. In the second graph which represents home pricing from 300 – 400 K, we see single family homes pricing fairly flat this year with even a slight decline. Condos took a big jump at the beginning of the year and then leveled out. In the last two graphs, there are no sold townhomes or condos over 400K and we see mostly flat or decreasing prices in single family homes over 400K.
An interesting note and juxtaposition to pricing as it relates to supply and demand, is how many homes are on the market in each category. In the less than 299K category, condos and single family home listings for sale have decreased by 20 and 40% respectively this year but townhomes have increased by 25%. In the 300-400K category, single family home inventory was at 39 homes which indicated a rise of 39.3% and perhaps leading to the softening of the market pricing in that category. Inventory in the 400-550K category also increased by 66% however that means from 7 home to 15 homes available. In the over 550K category, single family home inventory has increased by 10% but that’s only about 3 homes. My advice to a buyer would be to utilize the VERY low mortgage rates right and go look at single family homes. There is enough inventory for sale that I think you would do well in a negotiation.
These numbers reflect sold pricing. Remember that Montana is a non disclosure state so only licensed real estate professionals can access accurate data. If you would like to dive deeper into market trends, please reach out and let’s have a conversation! I hope you found this helpful – please pass it on!!
Why Windermere?
There are quite a few options out there when choosing a real estate agent to help you sell or purchase your home. Why should you choose Windermere?
I write this blog having been a Windermere agent for 10 years in Seattle and having just joined the Windermere office in Downtown Bozeman. Here are my reasons why I think Windermere has more to offer than other firms.
- Windermere is committed to providing their agents with the most up-to-date technology and tools to do their jobs. That means that you, as the client, have access to the most recent data and marketing techniques to accomplish your goals. Did you know that the Windermere company has a Chief Economist on staff who interprets past data but also does economic projections so we are ahead of the trend curve? And in these turbulent times, who doesn’t need a little help making sense of it all?
- Windermere offices and their agents are committed to their communities. Every agent donates money to the Windermere Foundation which then distributes money and help to local charities. Each Windermere office aligns itself with a charitable cause every year and sponsors Community Service Day to work for that cause.
- Windermere agents and their offices are woven into the fabric of the community they serve. Look around next time you are at a neighborhood meeting or chamber of commerce and I bet you will encounter a Windermere agent.
- Windermere is a family. While that may not seem important to a client, it is. We receive all kinds of support from our office owner and the corporate entity that helps us be better agents. We have educational opportunities not only on topics such as technology and trends but things like time management, work/life balance, social media training etc. Our agents spend time together discussing and sharing obstacles, opportunities and successes. You can be sure that a member of the family will always be supported by the rest of our office and our company. We are all there for you.
I hope that you can see that I love Windermere and believe in its values as a company. I believe that we are held to a very high standard by our company because they give us so much to work with and want the best agents in the community and marketplace working for them. In turn, you get the best agents and the best company working for you!
All In, For You.
Take a look at this video that our office recently put together. So much fun.
Bozeman Real Estate Pricing Trends by Price Category
Is there any good news for Bozeman buyers in regard to pricing of real estate? To answer this question, we have to dig a bit into our sales data. Luckily, October numbers and Year to Date numbers were just released so we have a pretty good idea of what is going on. For a snapshot, I have broken out sales prices by price category and graphed them over three years. In this blog edition, I am only applying my analysis to Bozeman but I will do follow up blogs on Gallatin County and Belgrade.
My categories are 350 K or less, 351 – 499K, 500 to 700K and over 700K. I have broken out Single Family, Condo and Townhome sales. The attached graphs show what has happened with median pricing in each category. While there are price variations if you were to look at each individual month, that is to be expected as pricing of available inventory will vary but the overall trend here seems to be pretty flat with even some softening in the single family home market. As expected, the higher priced home categories have seen the least price increase while the homes less than 499K have continued to increase at a very gradual rate. One note, in the two higher price categories, the townhomes and condos have some big rises and dips. I believe this to be reflective of high end projects that are being sold downtown. They are limited in number and as they are completed, the developer puts them on the market. They sell over 6months to a year and at high prices which makes the graph skew
Homes, Condos and Townhomes less than $350,000
Homes, Condos and Townhomes $351,000-$499,999
Homes, Condos and Townhomes $550,000- $699,999
Homes, Condos and Townhomes $700,000 and over
These numbers reflect sold pricing. Remember that Montana is a non disclosure state so only licensed real estate professionals can access accurate data. If you would like to dive deeper into market trends, please reach out and let’s have a conversation! I hope you found this helpful – please pass it on!!
Warm Places that are easy to get to from Bozeman!
You may have noticed that it’s gotten chilly outside and there’s been a fair amount of white stuff falling to the ground. But alas, Bridger is not slated to open until December 6 and Big Sky is slated to open November 28. And as much as we love winter sports, it is nice to get a break and go somewhere warm at some point over the winter.
So where can one go fairly easily – let’s take a look at the airline schedules and see.
- Hawaii. This one my family knows well as we own a home At Mauna Lani on the Big Island (we rent it out, if you’re interested. Link https://www.vrbo.com/714002). Since we are Alaska Frequent fliers, I will lay out the routing on Alaska but United and Delta have similar offerings. You can depart on the 7:40 am flight, do a quick stop in Seattle and then be back on a plane at 9:50 am and have a Lei around your neck and a Mai Tai in your hand by 2:25. Alternately, you can leave at 1:25 and be in Kona by 10 pm. The flights are almost identical for trips to Maui.
- Mexico. First example I will use is Los Cabos. Leaving on that same 7:40 am flight, connecting in Seattle, you can have your margarita in hand by 3:10. Delta and Aeromexico have a nice code share that will have you depart at 6 am and have you touch down in Puerto Vallarta at 3 pm. Just one stop needed for that one too.
- Southern California. LAX can be a great jumping off point to either head north through Santa Barbara wine country or head south and enjoy the beaches all the way down through San Diego. Easy one here as United has a direct flight that leaves at 3 and gets you into LA at 5. There is a direct flight coming back too. If you are an airline loyalist (choices being Alaska and Delta), One can take the Alaska 7:40 to Seattle and be in LA by 12:45. Delta has a similar offering and one a little later in the morning that goes through Salt Lake City.
- What about the Caribbean or a cruise option? That can be done too! You can fly to Miami with one stop on either American or United and get there in less than 8 hours. The United offering actually gets you in time to get some dinner and then hit the bars in South Beach. Or you could get your connection to your Caribbean Island on an early evening flight. Long Day of traveling but you could be on some Caribbean Island enjoying Rum Punch in one day.
Our Yellowstone International Airport is one of our favorite parts of living in Bozeman. It is visually attractive, efficient, has TSA precheck, the Montana Corral has great gifts and the Copper Horse actually has tasty food and timely service and one of the best views in town. I am always amazed that I can go through that security line and go anywhere in the world without having to repeat that process as long as we stay in the airport during layovers. Can’t beat it!
3 Great Brunches in Bozeman – From someone who doesn’t love Brunch
While some people look forward to sleeping in on Sunday and then rolling out to a cushy brunch and imbibing bloody marys, mimosas, and tons of carbs, my family takes a more measured approach to Brunch. Being self employed, it is hard to ever be completely “off”, but Sunday is a day for us where we usually get in our toughest workout of the week first, then go eat before moving onto the plan for the day or some work. I know, we are so boring…
So we like the brunch drinks but we also need some decent protein to go along with those yummy carbs. Following is my family’s list of favorite brunch spots that meets our criteria…
Tanglewood. https://www.tanglewoodmt.com/ We love this place. It hasn’t really caught on yet as a brunch spot but it will. We think there is a little something for everyone here – satisfies the traditional brunch person as well as someone looking for something a bit more savory and they even have a healthy option or two. There are fun drinks here if you want to fancy up a mimosa and the bloody mary comes with lots of yummy accoutrements. The atmosphere is inviting and lively but not loud which is lovely. Our favorite dishes are the Salmon salad ( incredible, always perfectly cooked and a bargain for the price), the Liege waffle, and the duck sausage.
Jam. https://jamonmain.com/ Well Jam is the other end of the spectrum in terms of crowds. Everyone knows about Jam and that includes people who are just passing through. So unless you are there before 9 am on Saturday or Sunday, expect a wait. The good news is that the Jam crew is really good and efficient at what they do so the tables will turn over and you will be seated in the time they tell you. They provide coffee at the host stand so you can take a cuppa and go stroll Main street while you wait. Jam only serves the breakfast menu on weekends but there are enough protein oriented and savory dishes to satisfy us. Our favorite menu items here are the Mia Benedict, the Puerco Verde Crepes, Vegetable omelet and a personal favorite, the gluten free banana pancake. Also have to give kudos to the daily specials and the bacon! Fun list of drinks here – my personal favorite being the Pink drink but they also offer kombuchas and a nice selection of Townshends teas.
Barley and Vine. http://barleyvinemt.com Barley and Vine is a cozy brunch spot – more appropriate for small groups than a large one. Food here is always good and we tend to go here if we are more in the lunch mood than the breakfast mood. We LOVE their burger, I think the best in Bozeman, complete with a homemade English muffin and served with real frites (skinny , crispy fries). There are breakfast type items here including fresh made doughnut holes, omelets and a great chicken and waffle dish. Beverages here include a great wines by the glass offering as well as mimosas and beers.
We love to try new places and we are somewhat critical as I was in the restaurant business for 20 years and our daughter is in the restaurant business with hopes of opening her own place here in Bozeman. Our opinions are our own but we’d love to know what you think! Reply back with your favorite brunch places and we will check them out.
Statistics that Matter when Timing your Real Estate Move
I want to start this blog by saying that not everyone has the flexibility to time a move or a real estate transaction. Sometimes, you just have to move and buy or sell your home; Sometimes you find the house of your dreams without really looking.
But for many people trying to decide whether it is time to move to a bigger home or to downsize into a smaller one, whether it is a good time to move to Bozeman or whether it is time to take advantage of favorable interest rates, some market knowledge is imperative to making an informed decision.
To take a quick temperature of the market, I look at Median home sales price, Days on Market, Inventory and Asking price ratio to Sales Price. There are lots more numbers out there but I find that watching these particular ones roll from month to month gives a pretty accurate picture of what to expect when listing a home for sale or looking to purchase a home.
Recent statistics about Gallatin County only –
Year to Date though September Single Family Median Sales Prices rose 6.3% over 2018.
(From 414K to 440K)
YTD through September Condo and Townhome Median Sales Price rose 8.5% over 2018
(From 295K to 320K)
YTD Days On Market (DOM) Single Family Home rose 6.9% over 2018 from 58 to 62 Days
YTD DOM Condo and Townhome is 53 days down from 64 days in 2018 or -17.2%
As one might expect, these DOM numbers are very different during the prime selling season of May – August where Single family homes sold in 37 Days and Condo/Townhomes sold in 36.
So one may ask how much negotiating of the prices is going on? Not much as both Single Family and Condo/Townhome are getting 98.7% of their asking price and Higher!
As we head into winter, Single family home inventory has already decreased by 7.5% but Condo Townhome has increased by 31% due to new developments coming on line in Bozeman and Belgrade.
Typically the next few months see a slow down in sales, median price stabilization but also lower inventory. After a very rapid fire summer in buying and selling, we are approaching a more balanced market but I would still expect that there is pent up demand because mortgage rates are still below 4% after being above 4% for a long time earlier this year and last year. We are getting tight on inventory of Single Family homes.
My advice to Buyers and Sellers of Single Family homes would be for Sellers to take advantage of the low choice on the market and for Buyers to take advantage of a slower market and really low interest rates. I am happy to discuss these statistics with you or dive in a little deeper.
Give me a call or send an email and let’s time your best move!
