As I write this, the ski resorts are closing for the year and the grass is just starting to green up. It was a mild winter, especially compared to last year, and now the Gallatin Valley is looking forward to spring and summer. This month, we will look at first quarter sales of condos & townhouses in Bozeman.
Comparing first quarter sales over the past few years, January 1st through the end of March: Looking back, 2021 saw a large increase in pricing from first quarter sales of 2020, when the median sold price rose 18.5% to $400,700. Then, in 2022, the median sold price for the 105 condo & townhouse sales jumped another 38% to $553,000. Last year, pricing was down, with 65 units selling at a median sold price of $489,000. This year, pricing for first quarter condo & townhouse sales is back up, although not as high as 2022, with 79 units selling at a median sold price of $540,000.
One note is that pricing can vary widely in the condo & townhouse world depending on age & location. Many of the higher priced, luxury units are located downtown. If we remove that area and compare pricing of just units located outside of downtown Bozeman, we see that the median sold price went from $370,000 in 2021 to $500,000 in 2022, then back down to $480,000 last year. It also rose this year to $535,000. These numbers again include sales taking place during the first quarter of the respective years.
The amount of inventory in the form of newly listed condos & townhouses was back up this year, after taking a significant decrease last year. The first quarter of 2020 saw the highest number of new listings at 205. 2021 saw a decrease of new listings down to 135. That number then rose in 2022 to 161. Last year, the number of condos & townhomes listed during the first quarter was down considerably at 91 new listings. This year, inventory is back up with 154 condos & townhouses listed during the first quarter of 2024.
Last year, along with the decrease in new inventory, there was also a decrease in the number of closed sales, which had remained fairly consistent for the previous three years. In 2020, 107 units sold in the first 3 months. 2021 saw 109 closed sales, and 2022 saw 105. Last year, closed sales were down to 65 units. This year, its back up slightly although still below the 2020-2022 range with 79 closed sales.
Looking at the median days on market, for first quarter condo and townhouse sales in 2019, it was 20 days on market. That number rose significantly in 2020 to 45 days, perhaps as we started to see the effects of the pandemic. For the first quarters of both 2021 and 2022, the median days on market was only 3 days. Last year, that number was up to 55 days, but this year, it has come back down to 28 days.
2024 Real Estate Market Data
January 1st through April 1st, 2024
Data for Single Family Home Sales
| 2020 | 2021 | 2022 | 2023 | 2024 | |
| Total Sales – Bozeman | 185 | 171 | 151 | 126 | 131 |
| Median Sales Price | $511,000 | $660,000 | $900,000 | $865,874 | $969,000 |
| Average Sales Price | $642,466 | $896,376 | $1,342,713 | $1,090,183 | $1,404,867 |
| Av. Days on Market | 76 | 30 | 27 | 63 | 64 |
| Med. Days on Market | 40 | 5 | 5 | 41 | 39 |
Total Sales – Bozeman
January 1st through April 1st
| Year | # Homes Sold |
| 2004 | 119 |
| 2005 | 131 |
| 2006 | 116 |
| 2007 | 108 |
| 2008 | 92 |
| 2009 | 68 |
| 2010 | 96 |
| 2011 | 98 |
| 2012 | 108 |
| 2013 | 140 |
| 2014 | 149 |
| 2015 | 181 |
| 2016 | 170 |
| 2017 | 187 |
| 2018 | 184 |
| 2019 | 166 |
| 2020 | 185 |
| 2021 | 171 |
| 2022 | 151 |
| 2023 | 126 |
| 2024 | 131 |
As usual, I have included data for the number of single-family homes sold during the first 3 months of 2024. In addition to the sales reported, as of the date of writing, there is 107 pending sales of single-family homes. 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.
By Tim Ford – Real Estate Broker
