Q1 Market Update

It’s finally spring in Montana! Or it feels like it on most days. Rest assured there is more sun and warmer days ahead in the forecast. The real estate market also got the memo that spring is here - buyers remain active despite volatility with mortgage rates the past few weeks. Let’s take a look at where the numbers are so far this year.

Compared to this time last year, the median sales price is up in Bozeman by almost 5% where as in Belgrade it’s remained about the same and in Big Sky gone down 11.5%.

This past March, single family homes in Bozeman City Limits typically spent around 15 days on the market and sold with a median price per square foot of $354. In the same area, condos and townhomes spent around 34 days on market and sold with a median price per square foot of $339.

Ending inventory was up at the end of March across the board. As we head further into spring and summer I expect that inventory number to stay fairly constant – we’ll see more inventory come on but hopefully listings will go pending at a similar rate. We continue to see homes selling for almost 98% of asking price.

If you have any questions about our market, as always, don’t hesitate to reach out! I’m happy to get together and discuss in more detail.