Fall Real Estate Happenings
By Tim Ford, Real Estate Broker
The Gallatin Valley managed to escape most of the summer season without a lot of smoke, but we’ve had some roll through as we approach fall. Overall, it was a great summer though. As the season starts to change, it’s a good time to review some home maintenance items before the snow flies, and take a quick look at the sales numbers.
Fall is a great time of year to do a quick walk around the house and think about some things that may need attending to before the yard and roof are blanketed in snow. Here’s a quick check list of items to consider:
-Disconnect garden hoses from exterior hose bibs, drain, & store. If you own rental properties, remind tenants to do the same.
-Have irrigation systems winterized & blown out (likely by a professional contractor)
-Clean gutters after the leaves have fallen and insure downspout extensions are in place to make sure melting snow has a clear path away from the home.
-Store paints and other liquids that may freeze indoors.
-Have boilers & furnaces serviced including changing or cleaning filters.
-Follow manufacturer’s instructions for winterizing lawn mowers and other small engines. This generally includes removing as much fuel as possible and adding a fuel stabilizer to the tank.
With just a few hours on a weekend, you can be sure your home is ready for the winter ahead. In addition to fall home tips, I’ve also been getting a lot of questions on the market. Most people have heard by now that interest rates have gone up and that the market is changing. Let’s take a look at the numbers.
If we look at sales of single-family homes both inside and outside of Bozeman city limits and compare sales during the first 8 months of this year versus last year, the median sold price is still up over 20%: $885,000 for the homes sold from January 1 through September 1 of this year versus $730,000 for the same time period last year. Overall sales numbers are down, from 637 homes sold in the first 8 months last year to 481 sales this year.
Using this time period includes the first quarter of this year, when interest rates were still low. If we compare just the sales starting in May when rates started ticking up and through the summer months, we see the following. In 2021, from May 1st through Sept 1st: 382 homes sold at a median sold price of $772,500. In 2022, from May 1st through Sept 1st: 283 homes sold at a median sold price of $877,466. This represents a 26% decrease in the number of sales, but a 14% increase in median sold pricing.
As usual, I have included the latest Real Estate statistics for the first 8 months. In addition to the homes sold in the first 8 months of 2021, another 92 home sales are currently pending or under contract as of the date of writing. This compares to 149 home sales pending at this same time 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.
2022 Real Estate Market Data
January 1st through September 1st, 2022
|Total Sales – Bozeman||690||738||637||481|
|Median Sales Price||$494,950||$560,000||$730,000||$885,000|
|Average Sales Price||$592,876||$690,294||$941,892||$1,168,489|
|Average Days on Market||79||57||19||20|
|Median Days on Market||21||19||5||5|
Total Sales – Bozeman
January 1st through Sept 1st
|Year||# Homes Sold|