I hope that this blog finds everyone well out there. The people of Gallatin County have done a good job of being responsible with their interactions and keeping the Coronavirus at bay. We have also done an even better job of reaching out to others and helping those who need it. I have seen so many great examples of our caring community including food deliveries to those who have been laid off, people purchasing gift cards to support local businesses, even a man with a guitar singing to seniors outside their windows. Hopefully we don’t have much longer of our home isolation and can look forward to a great summer together.
Some of you are probably wondering, what has happened to the Bozeman and Belgrade real estate market? Have home values dropped thereby decreasing your equity? I know that after your health of yourself and loved ones, the economic consequences of this crisis have got to be paramount in your mind.
You may be surprised to learn then, that the real estate market is holding its own. I have made some tables below to illustrate. The categories for this blog post are single family homes in all price ranges and the three tables represent Bozeman City Limits, Bozeman Outside City Limits and Belgrade.
Bozeman City Limits
In this table, we see data from Bozeman inside city limits. New listings for March are actually up over last year. Closed sales are also in line with last year however most of those sales would have been signed in late January or February. The slowdown here can be seen in Pending sales. A few reasons for this – People are hesitant to look at homes now, sellers are requesting initial showings by video and we did not have the normal influx of out of towners for spring break and house shopping. Our inventory has increased a little but prices have remained firm thus far. We are still at a pretty low inventory level as real estate markets go.
Bozeman – Outside City Limits
Below are the statistics for Bozeman Outside City Limits. This is a little different of a situation. Here we see increased listings over last year and even increased pended sales in the month of March. Closed sales have slowed slightly but the interesting number is that Days on Market has decreased by 30 days in March and is down even year to date. Inventory is up a bit as I would expect due to our recent situation and the difficulty in getting out.
Next up is Belgrade. Belgrade is just booming with development and home sales. We see increased inventory over last year and increased pended sales and a year to date increase in closed sales. Days on market has decreased reflecting plenty of buyer activity.
Thus far, real estate is still moving, thanks to Governor Bullock allowing us to continue our work with people needing homes. Home loans are still available at good rates and we have not seen pricing decreases. April’s numbers will be very enlightening as our sales will have been affected by the March stay at home time order.
Keep an eye on my blog at http://MoveMeToMontana.com for updates and more information about the Bozeman area.
Data is from Gallatin Realtors and Big Sky MLS. https://gallatinrealtors.com/
Stay strong, stay distant and stay healthy! We got this.