Bozeman’s Real Estate Market Report | 1st Quarter 2015
This year has begun fast and furious, with buyers seeking million dollar-plus homes circling in and out of Bozeman, most on their first round of touring property here. We have noted there is an evolution in the thinking of today’s buyers. Like previous buyers, they have done a good deal of internet research and have worked extensively with their agent prior to arriving here. What sets them apart is that they are not expecting “bargains” due to an economic downturn, but rather are insisting on “value”. Pricing is now more important than ever before. The buyers know the comparable pricing per-square-foot for homes in Bozeman and elsewhere in the country. They know what the price per-square-foot should translate into for quality, finishes, acreage, location, view shed, etc. It is, in many respects, harder than ever to bring a high-end negotiation to a completed transaction.
than ever given buyers’ insistence on value.
Currently, there are 173 homes listed in MLS Areas 1 & 2, priced $500,000 and above. Historically, this is the time of year when homes come on the market, especially those removed from the market over the winter months. There are only 8 additional homes on the market now than at the beginning of 2015. Inventory is tight. This is especially true in homes priced $500,000 to $1,000,000. Of the 173 listings, 102 homes are under the million dollar list price, which represents 59% of the number of homes available, however, homes between $500,000 and $ 1 Million account for 81% of the sales for homes $500,000 and above in 2015.
There have been 33 closings for homes $500,000 and above in the first quarter of 2015. The average of asking price to closed price has increased from 94% to an amazing 97%. Average Days on Market (DOM) fell from 2014 average of 205 to an astonishing 134 days. Homes in the $500,000 to $750,000 range are averaging 102 DOM.
and find one you like, you better make an offer
or it will be snatched out from under you!
The north side has had 7 closings over $500,000 in 2015, with Platinum Properties enjoying the highest sale, at $1,125,000. North side homes are averaging 172 DOM. Other sales have included a $850,000 closing in Bridger Canyon, 2 closings in Four Corners with $521,000 the highest figure paid, and 1 in Gallatin Gateway.
Closed transactions include 2 in The Homestead, a subdivision listed by Platinum Properties. We were dual agents in the highest closed land transaction of 2015. Two closing have taken place for Trail Creek land and 2 in Bridger Canyon. 80 acres is the most acreage to sell, closing at $6,500 an acre.
We are focused on YOU.