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
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!
The fastest-growing micropolitan in the entire United States, Bozeman real estate is something to watch! Keep up to date on everything Bozeman, real estate, market statistics, and our personal thoughts on the future market. Stay one step ahead with us, your local real estate experts. Sign up below for a complimentary report.
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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.
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
January 11 & 25 February 8 & 22 March 7 & 21 April 4 & 18 May 2
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