Market Watch

Southwest Montana Real Estate Update

Posted on May 26, 2020 by ERA Landmark

Everyone is wondering what the effects of COVID-19 will be on our local real estate market. In true Montana manner, we may be bucking national trends. We have seen very little impact to our regional market with closings and pending sales tracking very similar to last year.  There has been very strong interest from buyers in larger cities desiring to relocate to our state. Perhaps people who have been living in the more congested regions of our country are being enticed by our vast skies, pristine mountains, and general sense of spaciousness.   A snapshot of our local areas shows what is currently happening in four of the markets ERA Landmark Real Estate serves.

Bozeman & Gallatin Valley | Single Family Residences, Condos,  & Townhouses

The Gallatin Valley includes the communities of Bozeman, Belgrade, Manhattan, and Three Forks. In these areas, the number of single-family residences that were sold from March 16th to May 15, 2020 did see a slight decrease in number of units compared to the same period last year. The median price of the sold units rose to $420,000, an increase of nearly 11%.  The sales of condos and townhouse units in the Gallatin Valley looks very stable over this time with only 3 less sales during the 60 day period and also had a rise in median price of just over 1%.

As is consistent with many events around the world, some of the area’s favorite events are facing changes to the way they would ordinarily operate. Bozeman’s Sweet Pea Festival has announced that their 43rd annual celebration will be interrupted and they will be creating new ways to present and adapt to other events. We are still planning to hold the Sweet Pea Juried Art Show in our ERA downtown office during July.

Livingston & Park County | Single Family Residences, Condos,  & Townhouses

The Livingston area is definitely going against national currents. The number of sold units has actually gone up just over 23% during the sixty days when compared to the same span of time last year. With inventory remaining limited, the median sales price was $338,800, a boost of 18%.

The 96th Annual Livingston Roundup Rodeo has been cancelled for the 2-4th of July. Livingston’s 4th of July Parade has also been cancelled, but a very creative plan is in the works to create a “virtual” parade. If live outdoor music is your thing, Pine Creek Lodge, south of Livingston, recently reported that they hope to move forward with live music this summer!

Ennis & Madison Valley | Single Family Residences, Condos,  & Townhouses

The Madison Valley area, including Ennis, has also posted numbers that reflect a slight uptick in the number of units sold and a 19% increase in the median sales price of properties sold compared to the same period in 2019. The median sales price of these properties was $413,500.

While some Ennis area events including “Tap Into Ennis”, an opportunity to taste offerings from Montana breweries and distilleries, have been postponed until further notice, the annual 4th of July parade and rodeo on July 3 & 4, are still moving forward.

Throughout our area and all over Montana, major events that we all look forward to every year are being cancelled or postponed. We will still look forward to tourism, although it may be a little later and on a smaller scale than we are used to. For those of you who are already living in one of Montana’s remarkable communities, it may be a great chance to go experience what is available out your own back door!

Big Sky | Single Family Residences, Condos, & Townhouses

In the Big Sky market, there were 33 homes, with a median sales price of $935,000, that sold within the sixty days following March 16, 2020. As of May 19th, 2020, another 42 homes were reported to be pending, meaning the seller has accepted an offer, but the transaction has not yet closed. The sudden closure of Big Sky Resort and the abrupt end of the winter visitors had a strong impact on them in the short terms, however, we are receiving many inquiries and set appoints for the summer season.

The Arts Council of Big Sky has announced that it will be canceling its 2020 summer concert series, Music in the Mountains, as well as the annual Big Sky 4th of July celebration.

The Big Sky Resort golf course opened on May 22, 2020 and mountain biking and scenic lift rides will open for the season on June 26, 2020. The local hiking trails are starting to dry out and it’s a great time of year to check out Ousel Falls. Don’t forget your bear spray when you’re hiking!

Data Source:  Big Sky Country MLS. Date range of March 16, 2020 - May 15, 2020 for areas 1-4, 5, 6, & 7

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