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 homes 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!!