REAL ESTATE MARKET REPORT February 2020 M O N T A N A L I V I N G BOZEMAN • BIG SKY • LIVINGSTON • BILLINGS
February in Montana, winter finally came...
We received quite a snowfall this month that added feet of snow to our ski hills. It was hard to ski in all of that powder!
In addition to snow, we have a lot of activity in our real estate market. Homes that are priced well are receiving multiple offers, a lot of cash offers. Investors are moving money out of certain states and the stock market into real estate in Montana. In addition, interest rates are great and loan limits for conforming financing have increased! See below...
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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Western Ranches and Farms for Sale Engel & Völkers Ranches & Recreation brings you the best of western life in the great outdoors. Advisors from around the western states are here to help you find the best fit. With years of experience, not only in real estate, but water rights & land rights, farming, ranching, and life in the west, our ranch advisors help match you with the right home.
Mortgage Rates Are Dropping, Take Advantage Today! January 2020 For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price - 1.9% growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long-term NAR economist predicts. He is also expecting the new-home construction market sales to increase by 10%. Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.
Closed Sales increased 83.9 percent for Single Family homes and 11.9 percent for Condo/Townhouse homes. Pending Sales increased 9.4 percent for Single Family homes and 69.8 percent for Condo/Townhouse homes. Inventory decreased 13.2 percent for Single Family homes but increased 21.0 percent for Condo/Townhouse homes.
The Median Sales Price decreased 6.1 percent to $450,000 for Single Family homes but increased 1.4 percent to $338,000 for Condo/Townhouse homes. Days on Market decreased 28.8 percent for Single Family homes but increased 30.5 percent for Condo/Townhouse homes. Months Supply of Inventory decreased 16.7 percent for Single Family homes but increased 14.3 percent for Condo/Townhouse homes.
We start off the year with continued low-interest rates, low unemployment, and rising rents nationally. These factors should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming spring market. Click the graphs below for the full reports.
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APR26 | Cher Here We Go Again Tour APR3 | Revel 2020 Livingston
APR4 | 2020 Open House 4 Horses APR24 | Taste of Livingston APR18 | Tap into Montana Brew Fest Big Sky Mar 7 | Big Sky Skijoring's 3rd Annual Best in the West Showdown Mar 7 | Rocky Mountain Pearls @ Gallatin Riverhouse Apr10 | 14th Annual Big Sky Big Grass Apr 18 | Pond Skim 2020 Bozeman MAR 14 Pub 317's Run to the Pub APR 4 Bridal Walk in Downtown Bozeman APR 17 International Food Bazaar 2020 Gallatin Valley Farmer's Market Emerson Cultural Center, Bozeman Saturdays, 9 am-noon