This document contains real estate market data and statistics for the Bozeman, Belgrade, and Greater Big Sky, Montana areas for the month of August 2018. It includes information on new listings, pending sales, closed sales, average and median sales prices, days on market, and supply of homes for sale for both single family homes and condominiums/townhomes. The data is presented numerically and in charts and provides year-over-year comparisons to assess current market conditions and trends.

1. Office: (832) 326-5787
Courtney@CourtneyFoster.com
www.ReferredRealtyMT.com
Courtney Foster
Referred Realty Group
Each data point is one month of activity. Data is from September 17, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
August Homes for Sale
Bozeman & Belgrade & Three Forks & Big Sky
0
100
200
300
400
500
600
2016 2017 2018
463
447 439
-3.5% -1.8%
98 89
120
-9.2% +34.8%
25
43 49
+72.0% +14.0%
245
194
132
-20.8% -32.0%
Bozeman Belgrade Three Forks Big Sky

2. Office: (832) 326-5787
Courtney@CourtneyFoster.com
www.ReferredRealtyMT.com
Courtney Foster
Referred Realty Group
Each data point is one month of activity. Data is from September 17, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
August New Listings
Bozeman & Belgrade & Three Forks & Big Sky
0
50
100
150
200
250
2016 2017 2018
151
169
191
+11.9% +13.0%
57
79
57
+38.6% -27.8%
7
11 15
+57.1% +36.4%
43
24
16
-44.2% -33.3%
Bozeman Belgrade Three Forks Big Sky

3. Office: (832) 326-5787
Courtney@CourtneyFoster.com
www.ReferredRealtyMT.com
Courtney Foster
Referred Realty Group
Each data point is one month of activity. Data is from September 17, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
August Pending Sales
Bozeman & Belgrade & Three Forks & Big Sky
0
25
50
75
100
125
150
175
2016 2017 2018
146
134
150
-8.2% +11.9%
36
51
45
+41.7% -11.8%
11 9 9
-18.2% 0.0%
39
27
23
-30.8% -14.8%
Bozeman Belgrade Three Forks Big Sky

4. Office: (832) 326-5787
Courtney@CourtneyFoster.com
www.ReferredRealtyMT.com
Courtney Foster
Referred Realty Group
Each data point is one month of activity. Data is from September 17, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
August Closed Sales
Bozeman & Belgrade & Three Forks & Big Sky
0
50
100
150
200
2016 2017 2018
166
159
169
-4.2% +6.3%
55
44
54
-20.0% +22.7%
8 11 10
+37.5% -9.1%
20
28 31
+40.0% +10.7%
Bozeman Belgrade Three Forks Big Sky

5. Office: (832) 326-5787
Courtney@CourtneyFoster.com
www.ReferredRealtyMT.com
Courtney Foster
Referred Realty Group
Each data point is activity year to date. Data is from September 17, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
August Closed Sales
Bozeman & Belgrade & Three Forks & Big Sky
0
200
400
600
800
1,000
1,200
2016 2017 2018
1,079
1,010
1,045
-6.4% +3.5%
294
318 321
+8.2% +0.9%
49 41
59
-16.3% +43.9%
139
171
197
+23.0% +15.2%
Bozeman Belgrade Three Forks Big Sky

6. Office: (832) 326-5787
Courtney@CourtneyFoster.com
www.ReferredRealtyMT.com
Courtney Foster
Referred Realty Group
Each data point is one month of activity. Data is from September 17, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
August Average Sales Price
Bozeman & Belgrade & Three Forks & Big Sky
$0
$0.2M
$0.4M
$0.6M
$0.8M
$1.0M
$1.2M
2016 2017 2018
$368,324
$454,903
$505,934
+23.5% +11.2%
$256,957
$274,015
$311,944
+6.6% +13.8%
$242,293 $238,679
$252,310
-1.5% +5.7%
$561,900
$666,857
$914,484
+18.7% +37.1%
Bozeman Belgrade Three Forks Big Sky

7. Office: (832) 326-5787
Courtney@CourtneyFoster.com
www.ReferredRealtyMT.com
Courtney Foster
Referred Realty Group
Each data point is one month of activity. Data is from September 17, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
August Months Supply of Homes for Sale
Bozeman & Belgrade & Three Forks & Big Sky
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2016 2017 2018
3.4
3.6 3.5
+5.9% -2.8%
2.8
2.2
3.1
-21.4% +40.9%
3.8
7.8
6.3
+105.3% -19.2%
12.1
8.5
5.6
-29.8% -34.1%
Bozeman Belgrade Three Forks Big Sky

8. Office: (832) 326-5787
Courtney@CourtneyFoster.com
www.ReferredRealtyMT.com
Courtney Foster
Referred Realty Group
Each data point is one month of activity. Data is from September 17, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
August Median Days on Market
Bozeman & Belgrade & Three Forks & Big Sky
0
25
50
75
100
125
150
2016 2017 2018
18 19
15
+5.6% -21.1%
10 8 8
-20.0% 0.0%
31
14
20
-54.8% +42.9%
132
39
25
-70.5% -35.9%
Bozeman Belgrade Three Forks Big Sky

9. Office: (832) 326-5787
Courtney@CourtneyFoster.com
www.ReferredRealtyMT.com
Courtney Foster
Referred Realty Group
Each data point is one month of activity. Data is from September 17, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
August Average Price Per Square Foot
Bozeman & Belgrade & Three Forks & Big Sky
$0
$100
$200
$300
$400
$500
2016 2017 2018
$178
$215
$223
+20.8% +3.7%
$145
$163
$178
+12.4% +9.2%
$127
$110
$140
-13.4% +27.3%
$259
$304
$374
+17.4% +23.0%
Bozeman Belgrade Three Forks Big Sky

10. Local Market Update – August 2018
This is a research tool provided by the Big Sky Country MLS
Bozeman City Limits
Single Family August Year to Date
Key Metrics 2017 2018 % Change Thru 8-2017 Thru 8-2018 % Change
New Listings 71 71 0.0% 510 538 + 5.5%
Pending Sales 51 59 + 15.7% 413 431 + 4.4%
Closed Sales 50 74 + 48.0% 383 419 + 9.4%
Days on Market Until Sale 50 34 - 32.0% 59 46 - 22.0%
Median Sales Price* $394,430 $452,500 + 14.7% $379,000 $425,000 + 12.1%
Average Sales Price* $435,643 $512,213 + 17.6% $415,642 $471,445 + 13.4%
Percent of List Price Received* 98.9% 98.5% - 0.4% 99.4% 99.2% - 0.2%
Inventory of Homes for Sale 148 158 + 6.8% –– –– ––
Months Supply of Inventory 3.2 3.2 0.0% –– –– ––
Condo/Townhouse August Year to Date
Key Metrics 2017 2018 % Change Thru 8-2017 Thru 8-2018 % Change
New Listings 34 58 + 70.6% 411 357 - 13.1%
Pending Sales 32 41 + 28.1% 337 320 - 5.0%
Closed Sales 49 44 - 10.2% 287 301 + 4.9%
Days on Market Until Sale 51 20 - 60.8% 72 55 - 23.6%
Median Sales Price* $285,000 $304,700 + 6.9% $272,000 $300,000 + 10.3%
Average Sales Price* $315,387 $313,530 - 0.6% $313,874 $341,628 + 8.8%
Percent of List Price Received* 99.8% 99.3% - 0.5% 99.8% 99.4% - 0.4%
Inventory of Homes for Sale 97 102 + 5.2% –– –– ––
Months Supply of Inventory 2.7 2.9 + 7.4% –– –– ––
* Does not account for sale concessions and/or downpayment assistance. | Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size.
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point. If no activity occurred during a month, the line extends to the next available data point.
Median Sales Price - Single Family
Rolling 12-Month Calculation Gallatin County
Bozeman City Limits
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Median Sales Price - Condo
Rolling 12-Month Calculation Gallatin County
Bozeman City Limits
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017
$100,000
$150,000
$200,000
$250,000
$300,000
Current as of September 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.

11. Local Market Update – August 2018
This is a research tool provided by the Big Sky Country MLS
Belgrade
Single Family August Year to Date
Key Metrics 2017 2018 % Change Thru 8-2017 Thru 8-2018 % Change
New Listings 61 41 - 32.8% 319 300 - 6.0%
Pending Sales 38 28 - 26.3% 263 233 - 11.4%
Closed Sales 34 35 + 2.9% 238 229 - 3.8%
Days on Market Until Sale 15 23 + 53.3% 41 37 - 9.8%
Median Sales Price* $309,440 $315,000 + 1.8% $285,000 $315,900 + 10.8%
Average Sales Price* $305,895 $335,191 + 9.6% $324,158 $343,941 + 6.1%
Percent of List Price Received* 99.4% 99.0% - 0.4% 99.1% 99.0% - 0.1%
Inventory of Homes for Sale 76 87 + 14.5% –– –– ––
Months Supply of Inventory 2.6 3.2 + 23.1% –– –– ––
Condo/Townhouse August Year to Date
Key Metrics 2017 2018 % Change Thru 8-2017 Thru 8-2018 % Change
New Listings 12 14 + 16.7% 68 102 + 50.0%
Pending Sales 8 14 + 75.0% 67 83 + 23.9%
Closed Sales 7 12 + 71.4% 58 66 + 13.8%
Days on Market Until Sale 15 36 + 140.0% 33 22 - 33.3%
Median Sales Price* $220,000 $270,450 + 22.9% $184,250 $215,500 + 17.0%
Average Sales Price* $203,321 $251,608 + 23.7% $183,946 $223,118 + 21.3%
Percent of List Price Received* 100.1% 99.5% - 0.6% 99.4% 99.7% + 0.3%
Inventory of Homes for Sale 4 23 + 475.0% –– –– ––
Months Supply of Inventory 0.5 2.8 + 460.0% –– –– ––
* Does not account for sale concessions and/or downpayment assistance. | Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size.
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point. If no activity occurred during a month, the line extends to the next available data point.
Median Sales Price - Single Family
Rolling 12-Month Calculation Gallatin County
Belgrade
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
Median Sales Price - Condo
Rolling 12-Month Calculation Gallatin County
Belgrade
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Current as of September 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.

12. Local Market Update – August 2018
This is a research tool provided by the Big Sky Country MLS
Greater Big Sky
Single Family August Year to Date
Key Metrics 2017 2018 % Change Thru 8-2017 Thru 8-2018 % Change
New Listings 5 9 + 80.0% 86 86 0.0%
Pending Sales 6 11 + 83.3% 58 79 + 36.2%
Closed Sales 11 10 - 9.1% 47 60 + 27.7%
Days on Market Until Sale 177 94 - 46.9% 236 136 - 42.4%
Median Sales Price* $1,097,500 $1,549,500 + 41.2% $1,237,500 $1,518,000 + 22.7%
Average Sales Price* $1,076,700 $1,890,650 + 75.6% $1,401,832 $1,687,035 + 20.3%
Percent of List Price Received* 93.7% 97.3% + 3.8% 94.5% 96.7% + 2.3%
Inventory of Homes for Sale 81 56 - 30.9% –– –– ––
Months Supply of Inventory 11.9 6.8 - 42.9% –– –– ––
Condo/Townhouse August Year to Date
Key Metrics 2017 2018 % Change Thru 8-2017 Thru 8-2018 % Change
New Listings 16 6 - 62.5% 140 109 - 22.1%
Pending Sales 20 12 - 40.0% 129 134 + 3.9%
Closed Sales 16 19 + 18.8% 113 127 + 12.4%
Days on Market Until Sale 115 90 - 21.7% 143 112 - 21.7%
Median Sales Price* $352,500 $409,000 + 16.0% $365,000 $405,000 + 11.0%
Average Sales Price* $450,602 $441,368 - 2.0% $459,378 $514,767 + 12.1%
Percent of List Price Received* 94.5% 96.0% + 1.6% 96.3% 96.4% + 0.1%
Inventory of Homes for Sale 102 69 - 32.4% –– –– ––
Months Supply of Inventory 6.8 4.7 - 30.9% –– –– ––
* Does not account for sale concessions and/or downpayment assistance. | Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size.
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point. If no activity occurred during a month, the line extends to the next available data point.
Median Sales Price - Single Family
Rolling 12-Month Calculation Gallatin County
Greater Big Sky
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
Median Sales Price - Condo
Rolling 12-Month Calculation Gallatin County
Greater Big Sky
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
Current as of September 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.

13. Local Market Update – August 2018
This is a research tool provided by the Big Sky Country MLS
Livingston City Limits
Single Family August Year to Date
Key Metrics 2017 2018 % Change Thru 8-2017 Thru 8-2018 % Change
New Listings 21 10 - 52.4% 123 122 - 0.8%
Pending Sales 14 14 0.0% 123 97 - 21.1%
Closed Sales 21 15 - 28.6% 108 94 - 13.0%
Days on Market Until Sale 30 40 + 33.3% 55 53 - 3.6%
Median Sales Price* $179,000 $270,000 + 50.8% $221,000 $270,000 + 22.2%
Average Sales Price* $205,729 $286,077 + 39.1% $227,490 $278,272 + 22.3%
Percent of List Price Received* 97.9% 98.3% + 0.4% 97.3% 97.7% + 0.4%
Inventory of Homes for Sale 28 36 + 28.6% –– –– ––
Months Supply of Inventory 2.2 3.3 + 50.0% –– –– ––
Condo/Townhouse August Year to Date
Key Metrics 2017 2018 % Change Thru 8-2017 Thru 8-2018 % Change
New Listings 5 2 - 60.0% 21 30 + 42.9%
Pending Sales 3 0 - 100.0% 15 25 + 66.7%
Closed Sales 2 3 + 50.0% 10 22 + 120.0%
Days on Market Until Sale 18 30 + 66.7% 28 52 + 85.7%
Median Sales Price* $137,950 $261,000 + 89.2% $142,450 $217,500 + 52.7%
Average Sales Price* $137,950 $256,333 + 85.8% $152,379 $206,377 + 35.4%
Percent of List Price Received* 98.6% 95.8% - 2.8% 95.6% 97.8% + 2.3%
Inventory of Homes for Sale 7 11 + 57.1% –– –– ––
Months Supply of Inventory 3.1 2.5 - 19.4% –– –– ––
* Does not account for sale concessions and/or downpayment assistance. | Percent changes are calculated using rounded figures and can sometimes look extreme due to small sample size.
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point. If no activity occurred during a month, the line extends to the next available data point.
Median Sales Price - Single Family
Rolling 12-Month Calculation Gallatin County
Livingston City Limits
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017
$0
$100,000
$200,000
$300,000
$400,000
$500,000
Median Sales Price - Condo
Rolling 12-Month Calculation Gallatin County
Livingston City Limits
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Current as of September 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.