While this column generally focuses on Bozeman’s real estate market, the community of Belgrade is also an integral part of the Gallatin Valley. This month, we’ll take a look at how the Real Estate Market has fared there.

 

From the first of the year through August 1st, 239 single family homes have sold in Belgrade at a median sold price of $359,000. This is compared to 234 single family homes sold during the same time last year at a median sold price of $335,500. This equates to a 7% increase in median sold price.

 

The data is very interesting for condo & townhouse sales. 57 units sold during the first 7 months last year. This year, that number nearly doubled to 104 units sold. Accounting for much of the increase was new construction with 70 of the 104 units being new builds. Median sold pricing increased nearly 9% from $260,000 to $283,144.

 

The market for newly constructed single family homes also increased after remaining fairly constant for about 3 years. So far to date, 96 new construction single family homes have sold in Belgrade, compared to 65 new construction homes during the first 7 months of last year and 66 new construction homes the year before.

 

The month’s supply of homes has decreased slightly from this time last year to present, lowering from 2.6 months to 2.1 months. This is the number of months it would take to sell the current homes on the market at the current pace. A lower number generally constitutes a seller’s market, while a higher number indicates a buyer’s market. 


Days on market has remained essentially constant from last year to this, with the median number of days on market at 26, and this year sitting at 25. 

 

As usual, I have included data for the number of single-family homes sold in Bozeman during the first seven months of 2020. Pending contracts are up considerably at this time versus the same time period last year. In addition to the 583 homes sold during first 7 months of 2020, another 219 homes are currently pending, or under contract, as of the date of writing this article. This time last year, 165 single family homes were pending and the year before, 171 homes were pending. That equates to a 33% increase versus last year.


The included data reflects sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and Bozeman city limits. The data includes home sales reported through the local Big Sky Country MLS, and does not include private party sales, Condominiums, or Townhouses. 

2020 Real EstateMarket Data

January 1stthrough August 1st, 2020

 

Total Sales – Bozeman

583

Median Sales Price

$540,000

Average Sales Price

$655,815

Average Days on Market

59

Median Days on Market

21

 

Total Sales – Bozeman

January 1st through August 1st

Year

# Homes Sold

2004

402

2005

443

2006

404

2007

341

2008

322

2009

239

2010

313

2011

336

2012

400

2013

477

2014

527

2015

593

2016

618

2017

578

2018

576

2019

575

2020

583