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REAL ESTATE MARKET REPORT
December 2019 into January 2020
M O N T A N A L I V I N G
BOZEMAN • BIG SKY • LIVINGSTON • BILLINGS
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January in Montana has already been a flurry...
With the stability in the stock market, the additional new direct flights into Bozeman from more major cities and a little bit of snow, our area has seen a busy start to the real estate market. We expect mortgage rates to stay unchanged with the talk of no rate hikes in 2020. This is the best time of year to start shopping for property on the tail end of lower seasonal pricing and great mortgage rates! We continue to see low inventory rates, so if you are considering selling, jump on it earlier in the year. This is an election year which adds a lot of unknown twists.
See below for the latest schedule of events to enjoy in Bozeman, Livingston and Big Sky!
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ARTICLES OF INTEREST:
More Direct Flight Cities to Bozeman
Skiing Out West...Cowboy Style
Turning Farmland into Agrihoods
Bozeman Real Estate Report
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* Sign up here for our semi-annual Bozeman Real Estate Report with extensive data on growth and investment opportunities, coming out soon!
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December 2019
Percent changes are calculated using rounded figures. Condo/Townhouse Market Overview Year-Over-Year Change in Closed Sales All Properties Year-Over-Year Change in Median Sales Price All Properties Year-Over-Year Change in Homes for Sale All Properties In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are + 2.7% lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
Closed Sales decreased 12.6 percent for Single Family homes but increased 6.3 percent for Condo/Townhouse homes. Pending Sales increased 37.0 percent for Single Family homes and 28.6 percent for Condo/Townhouse homes. Inventory decreased 8.1 percent for Single Family homes but increased 28.5 percent for Condo/Townhouse homes.
The Median Sales Price increased 6.1 percent to $435,000 for Single Family homes but decreased 5.5 percent to $288,000 for Condo/Townhouse homes. Days on Market decreased 21.4 percent for Single Family homes and 58.2 percent for Condo/Townhouse homes. Months Supply of Inventory decreased 12.1 percent for Single Family homes but increased 28.6 percent for Condo/Townhouse homes.
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
Below is snapshot of the local market, for more details on specific markets for Livingston, Big Sky, Bozeman and more, click here to see all of the data.
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Engel & Völkers - Watch the Life of Your Listing
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CALENDAR OF EVENTS
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The 2020 Bozeman’s Choice Awards Bash
Saturday, February 15
GranTree Hotel Grand Ballroom
Celebrating the best of the Gallatin Valley. Event proceeds benefit the Top 3 Bozeman’s Choice
Non-Profit Organizations: Eagle Mount, Heart of the Valley, and Haven.
Community Connect
Saturday, February 1, 9am-1pm
Bozeman Public Library
A one-day, one-stop event in Bozeman that brings together community volunteers to provide families and individuals access to a variety of services. (Free)
Gallatin Valley Farmer's Market
Emerson Cultural Center, Bozeman
Saturdays, 9 am-noon
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January 11 & 25
February 8 & 22
March 7 & 21
April 4 & 18
May 2
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Community Growth Policy Meeting for Livingston
Tuesday, Jan 28, 6-8 pm
414 E Callender St # 2, Livingston Community Room
If you are unable to make the meeting in person, we will also stream this meeting live on our City YouTube page.
Snobar Weekend in Big Sky
January 25, 3 pm - 1 am
Next to Swifty Lift at Big Sky Resort
Ski all day and dance all night in a bar made out of snow! Must be 21+, tickets are $15 at the door, cash only
BOZEMAN CALENDAR OF EVENTS
LIVINGSTON CALENDAR OF EVENTS
BIG SKY CALENDAR OF EVENTS
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Non-PROFIT PARTNERS
   
MAGAZINE PARTNERS
BOZEMAN | BELGRADE | MANHATTAN | THREE FORKS | BIG SKY | BIG TIMBER
EMIGRANT | LIVINGSTON | PARADISE VALLEY| GARDINER | GALLATIN GATEWAY
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