Statistics that Matter when Timing your Real Estate Move

by Liz Nitz

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.

Predictions for 2021 Economy and Real Estate Market

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!

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The following homes listed below were just listed in the last 7 days. This seller’s market is hot so we keep a close eye on the latest inventory. Subscribe below for instant updates of your ideal criteria.

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2238 Baxter Lane 8, Bozeman, Montana 59718

2238 Baxter Lane 8, Bozeman, Montana 59718

2Bedroom(s)
2Bathroom(s)
970Sqft
This cozy, well-maintained, and bright second level 2 Bed, 2 Bath condo boasts it all from new LVP flooring throughout the kitchen and living room to its convenient proximity to shopping, parks, and schools. Enjoy the mountain view from the covered balcony before heading to the nearby walking trails. Easy access to the detached single car garage and private parking space.
$375,000

1755 Windrow Drive, Bozeman, Montana 59718

1755 Windrow Drive, Bozeman, Montana 59718

4Bedroom(s)
2Bathroom(s)
0.02Acre
2,100Sqft
Modern, single level living in Flanders Mill! This like-new home boasts soaring ceilings, an entertainer’s kitchen with quartz countertops, and stainless steel appliances coupled with a thoughtful and open floor plan.
$1,099,000

5408 May Fly Street, Bozeman, Montana 59718

5408 May Fly Street, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.14Acre
1,796Sqft
Don't miss out on this rare opportunity to own a single family home in Bozeman listed under $700,000 with mountain views! This well laid out, 1796 sq ft Norton Ranch home features 3 generously sized bedrooms, 2.5 bathrooms, large closets, and an open floor plan on the ground floor. The fenced back yard gives plenty of privacy while still getting plenty of sun year round.
$695,000

2400 W Durston Road 40, Bozeman, Montana 59715

2400 W Durston Road 40, Bozeman, Montana 59715

3Bedroom(s)
2Bathroom(s)
1,820Sqft
Appealing Willowbrook condo with updated luxury vinyl plank flooring in kitchen, dining area and living room. Full kitchen appliance package plus a washer and dryer. Gas fireplace serves dining and living room areas. Large east facing patio for enjoyment in the summer. First floor master with double closets. The two bedrooms on the second floor share a full bath. Two car garage.
$539,000

743 Loxley Drive, Bozeman, Montana 59718

743 Loxley Drive, Bozeman, Montana 59718

5Bedroom(s)
2Bathroom(s)
0.19Acre
2,348Sqft
Location, main level master and a 3 car tandem garage are just a few of the reasons you have to tour this property for yourself! Vaulted ceilings, five bedrooms, two and half bath with over 2,000 sq ft. this floor plan allows for a variety of options to suit your needs. Directly out the backdoor leads you to a patio with a pergola great for entertaining in the backyard.
$829,900

2526 Maiden Star Lane, Bozeman, Montana 59715

2526 Maiden Star Lane, Bozeman, Montana 59715

3Bedroom(s)
2Bathroom(s)
0.20Acre
2,455Sqft
The Legends home you have been waiting for! 3 bedroom 2 1/2 bath, high end custom built by DK Homes. Fantastic location close to neighborhood trails that link to the M/town trail and Story Mill Park. Minutes to Main Street and Bridger Bowl. This home features an open floor plan showcasing rock fireplace with soaring vaulted ceilings.
$997,000

3801 Renova Lane, Bozeman, Montana 59718

3801 Renova Lane, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.14Acre
1,242Sqft
Currently the ONLY single family home in Bozeman city limits under $600,000! This single level three bedroom, two bath home is situated in Oak Springs subdivision, directly across from the neighborhood park and within close proximity to the Gallatin County Regional Park.
$590,000

114 Michael Grove, Bozeman, Montana 59718

114 Michael Grove, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.08Acre
1,354Sqft
Looking for a great investment, home for your college students or just a great deal in an increasingly competitive market??? Well, look no further. This townhome is 3 beds, 2 full baths, great back yard ready for your personal touch. Located conveniently to all things Bozeman, this centrally located home gives you access to wherever you need to go.
$449,900

4616 Danube Lane, Bozeman, Montana 59718

4616 Danube Lane, Bozeman, Montana 59718

4Bedroom(s)
3Bathroom(s)
0.42Acre
3,834Sqft
Highly sought after Baxter Meadows West location! If you're looking to be in the heart of Bozeman's energy, look no farther! Conveniently located just blocks from Bozeman schools, the neighborhood park, Bozeman Sports Park, Gallatin Regional Park, Dog Park, pump track & Dinosaur Park...it's a rare find! Situated on just over 0.
$1,359,800
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