- Home sales in the Gallatin Valley decreased in March 2019 compared to previous years, with closed sales down 4.4% in Bozeman, 21.9% in Belgrade, and 18.5% in Big Sky. - The average sales price increased across the board, with a 9.7% rise in Bozeman, 16.4% in Belgrade, and 3.3% in Big Sky. - Inventory levels dropped significantly, falling 20.8% in Bozeman, 20.8% in Three Forks, and 18.1% in Big Sky, suggesting the market is becoming more balanced between buyers and sellers.

1. REAL ESTATE
UPDATE
Gallatin Valley
March 2019
brought to you by:
www.ReferredRealtyMT.com

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 April 12, 2019.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2019 ShowingTime.
March Homes for Sale
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
100
200
300
400
2017 2018 2019
335 330
262
-1.5% -20.6%
50
65
72
+30.0% +10.8%
32
22 28
-31.3% +27.3%
214
173
137
-19.2% -20.8%
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 April 12, 2019.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2019 ShowingTime.
March New Listings
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
50
100
150
200
250
2017 2018 2019
178
183
120
+2.8% -34.4%
51 52
41
+2.0% -21.2%
12
6 7
-50.0% +16.7%
41
27
33
-34.1% +22.2%
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 April 12, 2019.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2019 ShowingTime.
March Pending Sales
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
25
50
75
100
125
150
175
2017 2018 2019
149 151
118
+1.3% -21.9%
52
44 42
-15.4% -4.5%
7 6
9
-14.3% +50.0%
31
42
37
+35.5% -11.9%
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 one month of activity. Data is from April 12, 2019.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2019 ShowingTime.
March Closed Sales
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
20
40
60
80
100
120
140
2017 2018 2019
112 113
108
+0.9% -4.4%
39
34
48
-12.8% +41.2%
4 4
8
0.0% +100.0%
27 27
22
0.0% -18.5%
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 activity year to date. Data is from April 12, 2019.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2019 ShowingTime.
March Closed Sales
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
50
100
150
200
250
300
350
2017 2018 2019
280 280
238
0.0% -15.0%
89
78
97
-12.4% +24.4%
5
15 17
+200.0% +13.3%
54 56 55
+3.7% -1.8%
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 April 12, 2019.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2019 ShowingTime.
March Average Sales Price
Bozeman & Belgrade & Three Forks & Big Sky: Residential
$0
$0.2M
$0.4M
$0.6M
$0.8M
$1.0M
$1.2M
2017 2018 2019
$415,179
$432,216
$474,180
+4.1% +9.7%
$274,808
$283,806
$330,210
+3.3% +16.4%
$152,225
$194,625
$239,688
+27.9% +23.2%
$799,107
$978,067
$1,010,232
+22.4% +3.3%
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 April 12, 2019.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2019 ShowingTime.
March Months Supply of Homes for Sale
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2017 2018 2019
2.6 2.6
2.2
0.0% -15.4%
1.3
1.7 1.8
+30.8% +5.9%
5.6
3.2
3.7
-42.9% +15.6%
10.0
7.2
5.9
-28.0% -18.1%
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 April 12, 2019.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2019 ShowingTime.
March Median Days on Market
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
50
25
75
100
125
150
175
2017 2018 2019
37
23 25
-37.8% +8.7%
27
32
49
+18.5% +53.1%
129
19
89
-85.3% +368.4%
153
90
76
-41.2% -15.6%
Bozeman Belgrade Three Forks Big Sky

10. 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 April 12, 2019.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2019 ShowingTime.
March Average Price Per Square Foot
Bozeman & Belgrade & Three Forks & Big Sky: Residential
$0
$100
$200
$300
$400
$500
2017 2018 2019
$184
$219 $220
+19.0% +0.5%
$146
$170
$183
+16.4% +7.6%
$100
$142 $148
+42.0% +4.2%
$364
$436 $430
+19.8% -1.4%
Bozeman Belgrade Three Forks Big Sky

11. Local Market Update – February 2019
This is a research tool provided by the Big Sky Country MLS
Bozeman City Limits
1NE, 1NW, 1SM, 1SK
Single Family February Year to Date
Key Metrics 2018 2019 % Change Thru 2-2018 Thru 2-2019 % Change
New Listings 41 53 + 29.3% 91 96 + 5.5%
Pending Sales 44 54 + 22.7% 84 95 + 13.1%
Closed Sales 39 32 - 17.9% 72 51 - 29.2%
Days on Market Until Sale 54 132 + 144.4% 56 104 + 85.7%
Median Sales Price* $457,000 $436,500 - 4.5% $432,475 $437,000 + 1.0%
Average Sales Price* $490,106 $504,198 + 2.9% $477,509 $518,485 + 8.6%
Percent of List Price Received* 99.2% 99.1% - 0.1% 99.3% 98.8% - 0.5%
Inventory of Homes for Sale 111 90 - 18.9% –– –– ––
Months Supply of Inventory 2.3 1.8 - 21.7% –– –– ––
Condo/Townhouse February Year to Date
Key Metrics 2018 2019 % Change Thru 2-2018 Thru 2-2019 % Change
New Listings 33 41 + 24.2% 58 69 + 19.0%
Pending Sales 32 38 + 18.8% 66 64 - 3.0%
Closed Sales 19 16 - 15.8% 45 39 - 13.3%
Days on Market Until Sale 49 51 + 4.1% 50 54 + 8.0%
Median Sales Price* $320,000 $333,950 + 4.4% $293,075 $336,000 + 14.6%
Average Sales Price* $360,923 $333,113 - 7.7% $363,225 $346,165 - 4.7%
Percent of List Price Received* 98.6% 97.8% - 0.8% 99.2% 98.1% - 1.1%
Inventory of Homes for Sale 83 74 - 10.8% –– –– ––
Months Supply of Inventory 2.3 2.0 - 13.0% –– –– ––
* 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
Bozeman City Limits
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017 1-2019
$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 1-2019
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
Current as of March 10, 2019. All data from Big Sky Country Multiple Listing Service®. Report © 2019 ShowingTime.

12. Local Market Update – February 2019
This is a research tool provided by the Big Sky Country MLS
Bozeman Areas Outside City Limits
2B, 2FC, 2G, 2N, 2NW, 2T, 2SE, 2SW
Single Family February Year to Date
Key Metrics 2018 2019 % Change Thru 2-2018 Thru 2-2019 % Change
New Listings 44 34 - 22.7% 72 66 - 8.3%
Pending Sales 32 32 0.0% 64 61 - 4.7%
Closed Sales 24 25 + 4.2% 42 39 - 7.1%
Days on Market Until Sale 67 80 + 19.4% 72 104 + 44.4%
Median Sales Price* $499,988 $548,000 + 9.6% $477,500 $548,000 + 14.8%
Average Sales Price* $606,771 $922,544 + 52.0% $595,388 $930,331 + 56.3%
Percent of List Price Received* 96.6% 96.5% - 0.1% 97.5% 95.6% - 1.9%
Inventory of Homes for Sale 121 109 - 9.9% –– –– ––
Months Supply of Inventory 3.5 3.3 - 5.7% –– –– ––
Condo/Townhouse February Year to Date
Key Metrics 2018 2019 % Change Thru 2-2018 Thru 2-2019 % Change
New Listings 5 6 + 20.0% 10 14 + 40.0%
Pending Sales 4 7 + 75.0% 8 9 + 12.5%
Closed Sales 4 1 - 75.0% 8 3 - 62.5%
Days on Market Until Sale 69 0 - 100.0% 46 8 - 82.6%
Median Sales Price* $275,975 $338,050 + 22.5% $277,950 $338,050 + 21.6%
Average Sales Price* $280,475 $338,050 + 20.5% $279,644 $325,892 + 16.5%
Percent of List Price Received* 99.0% 101.5% + 2.5% 99.6% 101.2% + 1.6%
Inventory of Homes for Sale 5 11 + 120.0% –– –– ––
Months Supply of Inventory 0.9 2.0 + 122.2% –– –– ––
* 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 Areas Outside City Limits
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017 1-2019
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
Median Sales Price - Condo
Rolling 12-Month Calculation Gallatin County
Bozeman Areas Outside City Limits
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017 1-2019
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Current as of March 10, 2019. All data from Big Sky Country Multiple Listing Service®. Report © 2019 ShowingTime.

13. Local Market Update – February 2019
This is a research tool provided by the Big Sky Country MLS
Greater Big Sky
5CN, 5CS, 5BMT, 5BMV
Single Family February Year to Date
Key Metrics 2018 2019 % Change Thru 2-2018 Thru 2-2019 % Change
New Listings 17 4 - 76.5% 24 8 - 66.7%
Pending Sales 15 5 - 66.7% 21 14 - 33.3%
Closed Sales 5 3 - 40.0% 5 11 + 120.0%
Days on Market Until Sale 201 108 - 46.3% 201 125 - 37.8%
Median Sales Price* $1,995,000 $1,079,000 - 45.9% $1,995,000 $1,300,000 - 34.8%
Average Sales Price* $1,879,332 $1,179,333 - 37.2% $1,879,332 $1,292,000 - 31.3%
Percent of List Price Received* 99.3% 98.8% - 0.5% 99.3% 96.9% - 2.4%
Inventory of Homes for Sale 70 53 - 24.3% –– –– ––
Months Supply of Inventory 9.2 6.9 - 25.0% –– –– ––
Condo/Townhouse February Year to Date
Key Metrics 2018 2019 % Change Thru 2-2018 Thru 2-2019 % Change
New Listings 11 40 + 263.6% 35 54 + 54.3%
Pending Sales 18 20 + 11.1% 38 33 - 13.2%
Closed Sales 10 6 - 40.0% 22 18 - 18.2%
Days on Market Until Sale 109 165 + 51.4% 99 115 + 16.2%
Median Sales Price* $305,000 $417,500 + 36.9% $310,000 $417,500 + 34.7%
Average Sales Price* $425,450 $393,417 - 7.5% $407,455 $472,000 + 15.8%
Percent of List Price Received* 97.1% 94.5% - 2.7% 96.6% 96.3% - 0.3%
Inventory of Homes for Sale 117 80 - 31.6% –– –– ––
Months Supply of Inventory 8.1 5.4 - 33.3% –– –– ––
* 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 1-2019
$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 1-2019
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
Current as of March 10, 2019. All data from Big Sky Country Multiple Listing Service®. Report © 2019 ShowingTime.

14. Local Market Update – February 2019
This is a research tool provided by the Big Sky Country MLS
Livingston City Limits
6C
Single Family February Year to Date
Key Metrics 2018 2019 % Change Thru 2-2018 Thru 2-2019 % Change
New Listings 5 8 + 60.0% 14 19 + 35.7%
Pending Sales 6 9 + 50.0% 11 16 + 45.5%
Closed Sales 1 8 + 700.0% 10 13 + 30.0%
Days on Market Until Sale 23 131 + 469.6% 33 111 + 236.4%
Median Sales Price* $265,000 $266,500 + 0.6% $246,600 $235,000 - 4.7%
Average Sales Price* $265,000 $268,438 + 1.3% $243,020 $229,115 - 5.7%
Percent of List Price Received* 98.5% 98.3% - 0.2% 94.4% 96.3% + 2.0%
Inventory of Homes for Sale 22 20 - 9.1% –– –– ––
Months Supply of Inventory 1.9 1.7 - 10.5% –– –– ––
Condo/Townhouse February Year to Date
Key Metrics 2018 2019 % Change Thru 2-2018 Thru 2-2019 % Change
New Listings 2 4 + 100.0% 5 6 + 20.0%
Pending Sales 3 3 0.0% 6 8 + 33.3%
Closed Sales 3 3 0.0% 5 5 0.0%
Days on Market Until Sale 84 105 + 25.0% 51 128 + 151.0%
Median Sales Price* $205,000 $199,000 - 2.9% $211,000 $200,000 - 5.2%
Average Sales Price* $197,000 $193,000 - 2.0% $205,400 $214,780 + 4.6%
Percent of List Price Received* 92.5% 95.8% + 3.6% 95.5% 92.1% - 3.6%
Inventory of Homes for Sale 6 10 + 66.7% –– –– ––
Months Supply of Inventory 1.9 2.7 + 42.1% –– –– ––
* 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 1-2019
$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 1-2019
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
Current as of March 10, 2019. All data from Big Sky Country Multiple Listing Service®. Report © 2019 ShowingTime.