Mid-Year Market Update

Summer is in full swing and I hope you’re taking advantage of all the wonderful things to do in Montana this time of year!

Right now, buyers have considerably more options than they've had the past few years. In Bozeman City limits single family home inventory is up 83% and condo/townhouse inventory is up 90%. Across all residential property types in Belgrade, inventory is up 23% and n Big Sky it’s up 22%.

With inventory levels up and closed sales down it means that buyer activity has changed a bit. The number of pending properties are down in most areas as well. Belgrade is one exception to this - as closed sales are up 54% and the number of pending properties is up 33%. There continues to be a large supply of new construction in Belgrade with prices that are more affordable compared to the immediate Bozeman area.

Homes are selling close to the asking price (median of 98%) but we are seeing some price reductions. I like to think of these more as price corrections, bringing the list price down to where it likely should have started. Rates are expected to drop later this year which should spur some additional market activity.