B.Ozeman property prices rose again in March. The median sales price for single family homes was $ 704,750 in March, an increase of around $ 100,000 from February and a 45.3% increase from an average price of $ 485,000 in March 2020.
Single-family homes sold more than twice as fast last month as in March 2020, spending an average of 40 days in the market, compared to 85 days last year, according to the monthly report by the Gallatin Association of Realtors.
Condominium and townhouse sales followed similar trends, with an average selling price of $ 430,000, up 41% from an average selling price of $ 305,000 in March 2020. These units also sold faster, spending an average of 56 days in the market compared to an average of 69 days in March last year.
The pandemic fueled Bozeman’s burning market over the past year. Although the median prices for single-family homes fluctuated from month to month, they were well above pre-COVID-19 prices.
Construction workers are building a new neighborhood on West Graf Street in South Bozeman on April 22, 2021.
Lacy Browne, the association’s chairman, said in a press release that the “strong seller market” is likely to be competitive for months.
“Thanks to the usual spring surge, easing of COVID restrictions, scarce inventory of available homes, and continued high demand, prices are rising and homes are selling fast,” Browne said.
Although the number of new townhouse listings has increased, the report shows that supply has not kept pace with demand.
The stock of available single-family homes in March 2021 was almost 70% lower than last year, from 414 to 125. The available stock of condominiums and townhouses decreased by 82.8% from 325 in March 2020 to 56 last month.
New registrations for townhouses and condominiums rose 13.9% last month and entries for single-family homes rose 10.5% year over year.
Sellers also received more than their asking price for houses, according to the report, offsetting 100.7% of the asking price for townhouses and condominiums and 100.4% for single-family homes.
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