Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales.
Closed Sales decreased 4.0 percent for Single Family homes but increased 12.1 percent for Condo/Townhouse homes. Pending Sales increased 4.1 percent for Single Family homes and 4.6 percent for Condo/Townhouse homes. Inventory decreased 7.9 percent for Single Family homes and 20.3 percent for Condo/Townhouse homes.
The Median Sales Price increased 13.8 percent to $431,250 for Single Family homes and 12.9 percent to $297,000 for Condo/Townhouse homes. Days on Market decreased 10.2 percent for Single Family homes but increased 12.2 percent for Condo/Townhouse homes. Months Supply of Inventory decreased 11.4 percent for Single Family homes and 23.7 percent for Condo/Townhouse homes.
Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.
For specific statistics on Bozeman, Livingston or Big Sky click on the relative area.
Current as of October 10, 2018. All data from Big Sky Country Multiple Listing Service®
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