Construction

A row of new houses being built in south Bozeman on South 27th Avenue on April 22, 2021

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Bozeman’s home prices jumped again in March. The median sales price for single-family homes in March was $704,750, a roughly $100,000 increase from February and a 45.3% increase from a median price of $485,000 in March 2020.

Single-family houses sold more than twice as fast last month than March 2020, spending an average of 40 days on the market compared to 85 days last year, according to the Gallatin Association of Realtors monthly report.

Condo and townhouse sales followed similar trends, with a median sales price of $430,000, a 41% increase from a median price of $305,000 in March 2020. Those units also sold at a faster pace, spending an average of 56 days on the market compared to an average of 69 days in March of last year.

The pandemic has added fuel to Bozeman’s burning market in the last year. Though median single-family home prices have fluctuated month to month, they have been well above pre-COVID-19 prices.

Construction

Construction workers build a new neighborhood off West Graf Street in south Bozeman on April 22, 2021.

Lacy Browne, the association’s board president, said in a news release that the “strong sellers’ market” is likely to continue to be competitive for months.

“Thanks to the usual spring uptick, relaxing COVID restrictions, a tight inventory of available homes and ongoing high demand, prices are on the increase and homes are selling quickly,” Browne said.

Though the number of new listings increased for townhomes, the report shows supply did not keep up with demand.

The inventory of available single-family homes in March 2021 was nearly 70% lower than last year, from 414 homes to 125. Available inventory for condos and townhomes dropped by 82.8%, from 325 in March 2020 to 56 last month.

There was a 13.9% uptick in new listings for townhomes and condos and a 10.5% drop in single-family home listings last month compared to a year prior.

Sellers also received more than their asking price for homes, according to the report, netting 100.7% of asking price for townhomes and condos and 100.4% for single-family homes.

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Nora Shelly can be reached at nshelly@dailychronicle.com or 406-582-2607.

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