Year End Market Recap
The 2018 numbers are in! See what was happening in the Bozeman real estate market last year.
Posted: January 30, 2019 by Krissy Stewart
The Big Sky Country MLS has released its official Annual Report for Gallatin County, detailing residential real estate trends, prices, and predictions for the year to come. From the report, "...2018 delivered a more seasoned prudence toward residential real estate. Home buyers, now steeped in several years of rising prices and low inventory, became more selective in their purchase choices."
Take a look at some notable numbers from last year:
Year-over-year, the number of homes available for sale was lower by 14.6 percent. There were 854 active listings at the end of 2018. New listings decreased by 2.5 percent to finish the year at 2,916. The areas with the highest percent change in new listings over 2017 were:
1. Broadwater County ( 115.3%)
2. Jefferson County ( 85.7%)
3. West Yellowstone ( 76.1%)
4. Livingston City Limits ( 45.1%)
Closed sales were up 1.6% over 2017, closing the year out at 2,486. Areas with the largest positive changes in closed sales were:
1. West Yellowstone ( 37.0%)
2. Broadwater County ( 28.7%)
3. Jefferson County ( 24.0%)
4. Big Sky Mountain ( 18.3%)
5. Livingston City Limits ( 17.3%)
*Residential home data only
Average sales price continued to climb in 2018. Residential home prices were up 11.3 percent compared to last year, and Condominium home prices were up 13.3 percent. The areas that saw the greatest change in average sales price over 2017 were:
1. Greater Three Forks ( 38.2%)
2. Butte ( 27.0%)
3. Greater Manhattan ( 25.4%)
4. Bozeman South of Kagy ( 25.4%)
5. Bozeman North of Main/West of 19th ( 24.5%)
Inventory of homes for sale at year end has continued to fall, closing the year out at 584. There were some areas with a larger number of homes for sale over last year, however. These include:
1. Livingston City Limits ( 34.1%)
2. West Yellowstone ( 33.3%)
3. Sweet Grass County ( 30.4%)
4. Bozeman North of Main/West of 19th ( 5.6%)
What do the experts predict for 2019? From the report:
"The biggest potential problem for residential real estate in 2019 might be human psychology. A fear of buying at the height of the market could create home purchase delays by a large pool of potential first-time buyers, thus creating an environment of declining sales.
If the truth of a positive economic outlook coupled with responsible lending practices and more available homes for sale captures the collective American psyche, the most likely outcome for 2019 is market balance."
Do you have additional questions about the market in our area? Reach out to one of our experienced agents here, or give us a call at 406.587.7653.