Bozeman MT Homes For Sale – New Houses For Sale – Sales Boom – How Much Does A Bozeman Home Cost?
Search all homes for sale in Bozeman, Montana – Average Days on Market ⇓ – Median Sales Prices ⇑ – Absorption Rates ⇑ – # Bozeman Homes For Sale ⇓ – Condos/Townhomes Here
December 2020 Bozeman Housing Sales Graphs
The median sales price for Bozeman homes (chart 1) continues to rise both inside and outside city limits.
Since April 2020, we have had the steepest rise in years, ⇑ 14% inside Bozeman and ⇑ 17% outside Bozeman.
Inside Bozeman City Limits: at the start of Q1 2020, median sales price for single-family homes inside Bozeman city limits was $460,000.
By mid-Q3 2020, median sales prices inside the city increased ⇑ $17,500 to $477,500.
Now, in late 2020, median Bozeman home sales prices inside Bozeman have risen to $523,000, a ⇑ $63,000, ⇑ 12%, price increase since January 2020.
Outside Bozeman city limits: median home sales prices began Q1 (January) 2020 around $555,000 and rose $5,000 to $560,000 by the end of Q1 (March). By mid-Q3 (August 2020), median sales price rose ~$39,000! to just below $599,000.
Also, in late 2020, median home sales prices outside Bozeman have risen to $651,000, a ⇑ $96,000, ⇑ 15%, price increase since January 2020.
Median percent of last list price (chart 2) has remained above 98% since mid-2015 in all Bozeman sectors.
In December 2020, the median percent of last list price for Bozeman single-family homes has hit 100%, attesting to the housing boom Bozeman is having this year, especially since August.
Outside city limits, median percent of last list price has been rising since August 2020.
Price trends for Bozeman homes ⇑ continues upward.
The number of homes for sale (chart 3) throughout the Bozeman area has been dropping since May 2020.
In May 2020, there were 239 homes for sale inside Bozeman. In December 2020, there are 171, which is ⇓ 68% lower, about a ⇓ 28% drop in homes for sale in Bozeman.
In May 2020, there were 166 homes for sale outside Bozeman. In December 2020 we find 123 homes for sale, ⇓ 43, about a ⇓ 25% drop since May 2020.
Average days on market (chart 4) has been declining in the city since May 2020, but outside city limits it’s been rising since May. Average days on market inside Bozeman has been dropping since May 2019, which is a 20-month decline.
Looking Back: 2019
2019: The median sales price for Bozeman homes (chart 1) continued rising both inside and outside Bozeman’s city limits.
In January 2019, median sales prices (chart 1) inside Bozeman city limits were at $481,000; outside city limits, median home sales prices began the year at $681,000 and rose to about $735,000 by year’s-end 2019.
The inventory (chart 3) of Bozeman homes for sale from early 2015 to the present has consistently dropped through the years, both inside and outside the city, rising a bit in the summer months.
2018: Median sales prices increased from 8.5% to 11%. Median percent of list price was approximately 98%. More history.
Bozeman Absorption Rate – Average Days On Market
Absorption Rate (AR) indicates how long it takes the average home, condo, town-home, etc. to sell in a particular area and in a specific time range. (Examples below use single-family homes only.)
One type of Absorption Rate is calculated in “percentage of all homes” sold each month.
This form of AR is calculated by dividing the number of active homes for sale in a given month (you can use any time frame as long as you adjust the sold-home amount for that period) by the number of homes sold in a given month.
June 2020 Absorption Rate = Sold Homes/Active Homes For Sale (for sale + pending) = 956/1216 = 79% chance of your home selling in 1.27 months (see “second type of AR calculation” to figure the “number of months to sell“).
A rate above ~18-20% indicates a seller’s market and below ~15-17%, a buyer’s market. Bozeman’s AR percentage comes in significantly higher than 18-20%!
A second type of Absorption Rate calculation results in “number of months to sell.”
Absorption Rate (AR): Homes For Sale/Sold Homes = 1216/956 = 1.27 months to sell a home in Bozeman in June 2020.
Generally, Average Days on Market (chart 4) decreases as the Absorption Rate increases.
Taunya’s Featured Area Homes For Sale (Listed 28 Properties in 2020)
LISTINGS IN OTHER SOUTHWEST MONTANA CITIES: BOZEMAN LISTINGS – BELGRADE MT LISTINGS – BIG SKY LISTINGS – GALLATIN GATEWAY MONTANA LISTINGS – LIVINGSTON MONTANA LISTINGS – MANHATTAN MT LISTINGS – THREE FORKS MONTANA LISTINGS
Taunya Fagan Bozeman Homes – Boutique Luxury @ ESTATE House, 3960 Valley Commons Drive, Suite 1, Bozeman, MT 59718 – Call 406.579.9683