REAL ESTATE MARKET REPORT March 2020 M O N T A N A L I V I N G BOZEMAN • BIG SKY • LIVINGSTON • BILLINGS
March in Montana and Shelter in Place...
Wow, what a difference between last month and this month! The details are changing continuously, we are all trying to keep up with the logistics and how it affects our everyday life. The positive spin on it is "Do What You Always Wish You Had Time To Do" and treat it as a gift. I understand there is a lot of anxiety with so many parts of it, however, trust that it will end and hopefully, we can have positives on the other side such as more options for working from home, more respect for school for our kids, a new appreciation of seeing friends and family, going out to eat and wide-open spaces with more cows than people. We believe more people will be looking at places like Montana, Wyoming and Idaho and moving from cities in the future. We have a very low inventory which creates a sellers' market. We currently have less than 3 months supply of homes, it becomes a balanced market at 5-8 months. Stay tuned and be ready! Real estate is considered an essential business.
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Bozeman February 2020 As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the - 1.3% stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
Closed Sales decreased 11.1 percent for Single Family homes but increased 57.1 percent for Condo/Townhouse homes. Pending Sales decreased 4.8 percent for Single Family homes but increased 36.0 percent for Condo/Townhouse homes. Inventory decreased 11.5 percent for Single Family homes but increased 15.2 percent for Condo/Townhouse homes.
The Median Sales Price increased 6.7 percent to $447,950 for Single Family homes but remained flat at $295,000 for Condo/Townhouse homes. Days on Market decreased 23.5 percent for Single Family homes but increased 18.7 percent for Condo/Townhouse homes. Months Supply of Inventory decreased 13.8 percent for Single Family homes but increased 6.7 percent for Condo/Townhouse homes.
The recently released January ShowingTime Showing Index® saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up double digits from the year before, with the Midwest Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID19 and its potential impacts to the overall economy in the coming months.