Bozeman Homes For Sale – New Homes For Sale – Bozeman Home Sales Boom! – How Much Does A Bozeman Home Cost?
Search all homes for sale in Bozeman, Montana – 2020 data on Average Days on Market” ⇓ – Median Prices ⇑ – Absorption Rates ⇑ – Bozeman Housing History – Condos/Townhomes Here
August 2020 Bozeman Housing Sales Graphs
The median sales price for Bozeman homes (chart 1) continues to rise both inside and outside city limits.
Inside Bozeman City Limits: at the start of Q1 2019, median home sales price inside Bozeman city limits was $429,000, $31,000 lower than the $460,000 we saw in January 2020. By mid-Q3 2020, prices inside the city increased $17,500 to $477,500.
Outside Bozeman city limits: median home sales prices began Q1 (January) 2020 around $554,000 and rose $6,000 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.
Median percent of last list price (chart 2) has been trending upward since June 2009 in all Bozeman sectors. Presently, the median percent of last list price for Bozeman homes rests at about 99.5% in Q3, 2020.
Outside city limits, median percent of last list price has remained fairly steady since June 2019, at 98%.
Price trends for Bozeman homes continues upward.
Mid-Q3 2020, the number of homes for sale (chart 3) throughout the Bozeman area has dropped to 233, a 58% decrease from the number 5 years ago, 403.
The number of Bozeman homes for sale has dropped in Bozeman’s “other areas.” Inside Bozeman (August 2020) the supply is 2 months. Outside city limits the supply continues at 4 months.
Average days on market (chart 4) continues to decline in the city, but outside city limits it’s risen to 62 days. Five years ago average days on market was 69 days inside and 109 outside the city of Bozeman.
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.
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