Bozeman and Big Sky Mid-Winter real estate market update
Throughout the winter season so far we’ve seen the continuation of high buyer demand and low inventory. Home prices are up across all segments, and we’re seeing properties go under contract very quickly, often with multiple offers.
It’s an exciting time in southwest montana right now with lots of growth – the university is growing, we’re seeing lots of new shops and restaurants and of course new folks from all over are looking to move to Bozeman and Big Sky.
Check out our full video update below:
New Flights for Bozeman International Airport
Bozeman Yellowstone international airport has announced several new flights, making our beautiful area even more accessible. New flights beginning in May and June include non stop service to Austin Texas, Oakland and san Diego California.
Additionally, it was recently announced that southwest airlines will begin servicing Bozeman with flights to Denver and Las Vegas beginning in May.
Real Estate Market Statistics
Here are a few key stats to help give you an idea of what’s been going on lately in the big sky and bozeman real estate markets.
For the 12-month period spanning February 2020 through January 2021, Pending Sales in Gallatin County were up 24.5 percent overall. The overall Median Sales Price was up 10.9 percent to $442,500. Market-wide, inventory levels were down 68.4 percent.
In February 2021, the Median residential Sales Price in Bozeman was $484,900, a 14% increase over the same time last year. Pending sales increased by 24.4% and closed sales increased by 17%.
Big Sky Montana
In Big Sky in February, the Median residential Sales Price was $1,100,000. This represents a 53% increase over the same time last year. Pending sales were up by 75% and closed sales increased by 50%.
It is interesting to note that 2020 maintained one of the highest numbers of new listings in the Big Sky Residential Market in the past decade, but buyer demand increased at a higher rate.
Summarizing the Trends
So how to we break this all down? It’s a great time to be a seller in Bozeman and Big Sky. If you’ve been thinking about selling now is the time. With prices continuing to rise you may be surprised how much your home could be worth in todays market. Reach out to us for a home valuation so we can help give you an idea of what your home may be worth.
For buyers, we can help you get ready to act fast and strategize on how to put in a competitive offer. With new listings going under contract quickly with multiple offers, we can help put you in the best position to have your offer accepted. We also have many great tools to help ensure you know as soon as new listings hit the market – a great advantage when sometimes homes are receiving offers and going pending after just a few hours!
Looking To 2021 Trends
As we look to 2021, signals suggest buyer demand will remain elevated and tight inventory will continue to invite multiple offers and higher prices across much of the housing inventory. Mortgage rates are expected to remain low, helping buyers manage some of the increases in home prices and keep them motivated to lock in their housing costs for the long term. These factors will provide substantial tailwinds for the housing market into the new year.
Greg and I look forward to the opportunity to work with you here in Bozeman and Big Sky.