Bozeman Real Estate 3rd Quarter Market update
The following graphs should help you understand where the market in Bozeman is for the 3rd quarter of 2011.
Market for Single Family Homes in Bozeman, MT
The previous graph indicates that our average price has very gradually increased each quarter this year. It also shows a significant upswing in homes sold for the 2nd quarter, our very productive summer months and just a slight decrease for 3rd quarter as we head into the end of the year. What is very promising is the decrease in the average number of days on the market for each quarter thus far! Please note the title, this is only for single family homes on less than one acre in our area and does not include condo's or vacant land.
Real Estate Inventory for Bozeman, MT
This graph is an indication of our inventory, how well it is moving, and how long it might take to get your home sold. We refer to this as the Absorption Rate. If you have a single family home in Bozeman you are interested in selling, this chart indicates it may take about 6 months to sell. We have sold 124 in the last 3 months and have twice that many on the market right now, the math then says we should sell that inventory in 6 months if we continue to sell homes at the present rate.
Obviously, if you have a home on more than one acre, or vacant land, the news still looks fairly bleak. There are considerably more homes on the market than there are buyers and you should be prepared for a longer listing period to sell your home. You should also consider very carefully your price point in order to short cut the length of time it may take to sell your home.
Average Asking Price to Actual Sold Price
The last chart I would like to share with you is the average asking price to sold price. As you can see, if you own a Single Family home under an acre, a condo, or a townhouse within Bozeman, there is very little negotiating on your asking price. This doesn't mean you haven't made price reductions to meet the market, but by the time you are negotiating with a buyer, you can usually expect to receive about 95% of what you are asking. If you have a home that is on more than one acre, as you can see, it is still rough waters for you and you can expect to negotiate your price in order to secure a buyer.
If you have further questions about Bozeman homes for sale, or would like to search the homes for sale in Bozeman Montana, please don't hesitate to call or email! We are your expert local real estate broker.