Belgrade 2019 Real Estate Trends
Belgrade December numbers are in! Let’s take a look at the Belgrade real estate pricing trends of 2019, compare it to trends of previous years of 2017 and 2018 and check the crystal ball for 2020. The following numbers represent all sales in each category for each year and numbers are coming from the Big Sky MLS.
Median Sales Prices
First up are median sales prices. I have divided these sales into Single family, Townhomes and Condos. We see a not unexpected increase in median sold prices in all three of these categories BUT we also see a slowing rate of increase which is great news for buyers. This statistic bolsters the thought that the real estate market is becoming more balanced.
Median Price Per Square Foot
Second number I checked to confirm the median sales price slow down, was the median price per square foot. And I reached the same conclusion, that prices are indeed slowing their rate of increase.
Days On Market
To help round out the picture of the market conditions, I then took a look at days on market. If days on market is a large number and homes are languishing on the market, then we would have certainly turned the corner to a buyer’s market. But alas, this is not what I found and in fact, homes in all categories are still moving along at a good pace with a decrease in DOM actually found in the townhome category.
Looking Ahead to 2020
So what does this mean for Belgrade real estate pricing in 2020? All indications currently point to a very similar year in 2020 as in 2019. Mortgage rates are now very low (under 3.7% for conventional 30 year fixed!) which will make it attractive for people to consider a home purchase. As seen below, Belgrade remains an attractive alternative to Bozeman and builders are building new homes, especially single family, as fast as they can.
Even with that though, there is still less than 3 months of inventory on the market.
I have attached a great listing that is representative of single family homes in Belgrade. Thanks to Dina Emmert. https://www.windermere.com/listing/MT/Belgrade/1547-Powers-59714/103416383
These numbers reflect sold pricing. Remember that Montana is a non-disclosure state so only licensed realtors can access accurate data. If you would like to dive deeper into market trends, please reach out and let’s have a conversation! Keep an eye on the blog at http://movemetomontana.com/ for more ongoing analysis. I hope you found this helpful – please pass it on!!
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!!