Bozeman Montana Real Estate 4th Quarter Market update
The following graphs should help you understand where the market in Bozeman is for the 4th quarter of 2011.
Market for Single Family Homes in Bozeman, MT
The previous graph indicates that, as usual, the fourth quarter during the holiday season did taper off some, but not nearly what we usually expect. With interest rates at all-time lows, buyers have continued to purchase throughout the end of the year, albeit with slightly less gusto. I think these numbers indicate the first quarter of 2012 may be a pleasant upward swing and again reflect Bozemans market stability. 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 4 to 5 months to sell. We have sold 120 in the last 3 months and have one and a half that many on the market right now, the math then says we should sell that inventory in 4 to 5 months if we continue to sell homes at the present rate. This is an improvement over third quarter absorption rates but may be caused by the number of homes removed from the market for the holiday season.
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.