Mid-Year Real Estate Market Update for Bozeman and Big Sky

Summertime in Bozeman and Big Sky got off to a slow start, but we’re now enjoying the sunny and warm weather despite some afternoon thunderstorms!

We’ve been seeing a lot of activity in the market this season- both buyers and sellers are ready to get in the game after waiting on the sidelines during our long and chilly spring.  

Across Gallatin County in Q2 of 2019, closed Sales decreased 1.9 percent for Single Family homes and 6.2 percent for Condo/Townhouse homes. Pending Sales increased 16.2 percent for Single Family homes and 1.6 percent for Condo/Townhouse homes. Inventory decreased 17.9 percent for Single Family homes but increased 23.2 percent for Condo/Townhouse homes.

The Median Sales Price increased 7.3 percent to $424,000 for Single Family homes and 15.9 percent to $336,125 for Condo/Townhouse homes. Days on Market increased 8.5 percent for Single Family homes but decreased 3.3 percent for Condo/Townhouse homes.

Months Supply of Inventory decreased 19.5 percent for Single Family homes but increased 23.3 percent for Condo/Townhouse homes.

In terms of relative balance between buyer and seller interests, residential real estate markets across the country are performing well within an economic expansion that will become the longest in U.S. history in July. However, there are signs of a slowing economy. The Federal Reserve considers 2.0 percent a healthy inflation rate, but the U.S. is expected to remain below that this year.

30-year-fixed-rate mortgages are trending lower, meaning that now is a great time to buy if you’ve been considering making a move: