This document provides real estate market data and statistics for Bozeman, Belgrade, and Greater Big Sky, Montana for the month of October 2018. It includes information on new listings, pending sales, closed sales, average and median sales prices, days on market, and housing inventory levels. The data shows higher sales prices, lower housing supply, and stronger seller's market conditions in October 2018 compared to the previous year.

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 November 19, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
October Homes for Sale
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
100
200
300
400
500
2016 2017 2018
402 409
347
+1.7% -15.2%
89 82
120
-7.9% +46.3%
29 32
45
+10.3% +40.6%
227
185
123
-18.5% -33.5%
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 November 19, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
October New Listings
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
20
40
60
80
100
120
140
2016 2017 2018
98
111
122
+13.3% +9.9%
34
39
42
+14.7% +7.7%
1 3 5
+200.0% +66.7%
27 28
14
+3.7% -50.0%
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 November 19, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
October Pending Sales
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
25
50
75
100
125
150
2016 2017 2018
103
132 133
+28.2% +0.8%
33
40
28
+21.2% -30.0%
1
7 8
+600.0% +14.3%
16 15 15
-6.3% 0.0%
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 November 19, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
October Closed Sales
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
25
50
75
100
125
150
175
2016 2017 2018
128
134
157
+4.7% +17.2%
39
44
36
+12.8% -18.2%
10 12
5
+20.0% -58.3%
30
34
27
+13.3% -20.6%
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 November 19, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
October Closed Sales
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
250
500
750
1,000
1,250
1,500
2016 2017 2018
1,356
1,264
1,327
-6.8% +5.0%
366
407 400
+11.2% -1.7%
66 56 72
-15.2% +28.6%
205
231 241
+12.7% +4.3%
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 November 19, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
October Average Sales Price
Bozeman & Belgrade & Three Forks & Big Sky: Residential
$0
$0.2M
$0.4M
$0.6M
$0.8M
$1.0M
$1.2M
$1.4M
2016 2017 2018
$434,029
$414,114
$512,644
-4.6% +23.8%
$277,112 $283,305
$402,847
+2.2% +42.2%
$220,640
$262,950 $266,680
+19.2% +1.4%
$411,643
$617,635
$1,151,542
+50.0% +86.4%
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 November 19, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
October 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
2016 2017 2018
3.0
3.2
2.7
+6.7% -15.6%
2.5
2.0
3.2
-20.0% +60.0%
4.4
5.5 5.6
+25.0% +1.8%
10.8
8.3
5.3
-23.1% -36.1%
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 November 19, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
October Median Days on Market
Bozeman & Belgrade & Three Forks & Big Sky: Residential
0
20
40
60
80
100
120
2016 2017 2018
40
23
36
-42.5% +56.5%
12 12
34
0.0% +183.3%
14
35
84
+150.0% +140.0%
97
81
96
-16.5% +18.5%
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 November 19, 2018.
All data from Big Sky Country MLS, a subsidiary of the Gallatin Association of REALTORS®. InfoSparks © 2018 ShowingTime.
October Average Price Per Square Foot
Bozeman & Belgrade & Three Forks & Big Sky: Residential
$0
$100
$200
$300
$400
$500
2016 2017 2018
$200 $198
$221
-1.0% +11.6%
$139
$159
$184
+14.4% +15.7%
$123
$149
$173
+21.1% +16.1%
$241
$326
$445
+35.3% +36.5%
Bozeman Belgrade Three Forks Big Sky

10. Local Market Update – October 2018
This is a research tool provided by the Big Sky Country MLS
Bozeman City Limits
1NE, 1NW, 1SM, 1SK
Single Family October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 36 47 + 30.6% 603 632 + 4.8%
Pending Sales 46 60 + 30.4% 509 538 + 5.7%
Closed Sales 55 68 + 23.6% 482 530 + 10.0%
Days on Market Until Sale 48 52 + 8.3% 57 47 - 17.5%
Median Sales Price* $388,000 $444,450 + 14.5% $380,000 $427,500 + 12.5%
Average Sales Price* $460,574 $479,082 + 4.0% $423,288 $476,753 + 12.6%
Percent of List Price Received* 98.2% 98.1% - 0.1% 99.2% 99.0% - 0.2%
Inventory of Homes for Sale 135 114 - 15.6% –– –– ––
Months Supply of Inventory 2.8 2.3 - 17.9% –– –– ––
Condo/Townhouse October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 29 38 + 31.0% 494 439 - 11.1%
Pending Sales 32 39 + 21.9% 396 396 0.0%
Closed Sales 32 34 + 6.3% 350 376 + 7.4%
Days on Market Until Sale 28 45 + 60.7% 63 55 - 12.7%
Median Sales Price* $242,450 $285,078 + 17.6% $270,000 $300,000 + 11.1%
Average Sales Price* $270,981 $338,018 + 24.7% $307,887 $342,550 + 11.3%
Percent of List Price Received* 99.2% 99.4% + 0.2% 99.7% 99.3% - 0.4%
Inventory of Homes for Sale 102 91 - 10.8% –– –– ––
Months Supply of Inventory 2.8 2.5 - 10.7% –– –– ––
* 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 November 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.

11. Local Market Update – October 2018
This is a research tool provided by the Big Sky Country MLS
Belgrade
3B, 3N, 3S
Single Family October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 36 37 + 2.8% 377 370 - 1.9%
Pending Sales 34 23 - 32.4% 324 281 - 13.3%
Closed Sales 32 29 - 9.4% 304 281 - 7.6%
Days on Market Until Sale 26 45 + 73.1% 38 37 - 2.6%
Median Sales Price* $289,200 $312,000 + 7.9% $286,700 $317,400 + 10.7%
Average Sales Price* $302,658 $380,316 + 25.7% $322,002 $350,860 + 9.0%
Percent of List Price Received* 99.3% 98.0% - 1.3% 99.1% 98.9% - 0.2%
Inventory of Homes for Sale 64 88 + 37.5% –– –– ––
Months Supply of Inventory 2.1 3.3 + 57.1% –– –– ––
Condo/Townhouse October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 1 1 0.0% 81 116 + 43.2%
Pending Sales 4 4 0.0% 79 93 + 17.7%
Closed Sales 10 4 - 60.0% 71 84 + 18.3%
Days on Market Until Sale 9 37 + 311.1% 28 29 + 3.6%
Median Sales Price* $189,500 $204,500 + 7.9% $185,000 $210,500 + 13.8%
Average Sales Price* $182,540 $207,925 + 13.9% $184,285 $221,476 + 20.2%
Percent of List Price Received* 98.9% 99.7% + 0.8% 99.4% 99.6% + 0.2%
Inventory of Homes for Sale 5 20 + 300.0% –– –– ––
Months Supply of Inventory 0.7 2.4 + 242.9% –– –– ––
* 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
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 November 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.

12. Local Market Update – October 2018
This is a research tool provided by the Big Sky Country MLS
Greater Big Sky
5CN, 5CS, 5BMT, 5BMV
Single Family October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 7 4 - 42.9% 102 102 0.0%
Pending Sales 6 5 - 16.7% 72 90 + 25.0%
Closed Sales 10 13 + 30.0% 65 78 + 20.0%
Days on Market Until Sale 117 150 + 28.2% 211 147 - 30.3%
Median Sales Price* $627,500 $1,095,000 + 74.5% $1,152,500 $1,395,000 + 21.0%
Average Sales Price* $935,250 $1,478,846 + 58.1% $1,334,020 $1,640,767 + 23.0%
Percent of List Price Received* 94.2% 94.8% + 0.6% 94.9% 96.1% + 1.3%
Inventory of Homes for Sale 72 56 - 22.2% –– –– ––
Months Supply of Inventory 10.0 7.0 - 30.0% –– –– ––
Condo/Townhouse October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 21 12 - 42.9% 175 133 - 24.0%
Pending Sales 9 11 + 22.2% 154 157 + 1.9%
Closed Sales 22 12 - 45.5% 148 153 + 3.4%
Days on Market Until Sale 119 193 + 62.2% 135 118 - 12.6%
Median Sales Price* $362,950 $417,500 + 15.0% $362,500 $409,000 + 12.8%
Average Sales Price* $429,836 $705,053 + 64.0% $447,531 $544,144 + 21.6%
Percent of List Price Received* 96.4% 96.0% - 0.4% 96.4% 96.5% + 0.1%
Inventory of Homes for Sale 107 63 - 41.1% –– –– ––
Months Supply of Inventory 7.6 4.3 - 43.4% –– –– ––
* 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
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 November 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.

13. Local Market Update – October 2018
This is a research tool provided by the Big Sky Country MLS
Livingston City Limits
6C
Single Family October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 15 16 + 6.7% 153 148 - 3.3%
Pending Sales 12 16 + 33.3% 147 125 - 15.0%
Closed Sales 14 9 - 35.7% 133 117 - 12.0%
Days on Market Until Sale 34 46 + 35.3% 54 51 - 5.6%
Median Sales Price* $250,000 $340,000 + 36.0% $229,000 $280,000 + 22.3%
Average Sales Price* $244,617 $372,639 + 52.3% $230,086 $285,124 + 23.9%
Percent of List Price Received* 96.8% 97.8% + 1.0% 97.3% 97.7% + 0.4%
Inventory of Homes for Sale 27 31 + 14.8% –– –– ––
Months Supply of Inventory 2.1 2.7 + 28.6% –– –– ––
Condo/Townhouse October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 1 6 + 500.0% 28 40 + 42.9%
Pending Sales 6 4 - 33.3% 25 31 + 24.0%
Closed Sales 4 5 + 25.0% 16 30 + 87.5%
Days on Market Until Sale 26 23 - 11.5% 24 42 + 75.0%
Median Sales Price* $214,836 $210,000 - 2.3% $150,250 $218,000 + 45.1%
Average Sales Price* $200,543 $199,280 - 0.6% $194,716 $211,710 + 8.7%
Percent of List Price Received* 98.8% 99.8% + 1.0% 96.8% 98.4% + 1.7%
Inventory of Homes for Sale 4 12 + 200.0% –– –– ––
Months Supply of Inventory 1.3 3.1 + 138.5% –– –– ––
* 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 November 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.

14. Local Market Update – October 2018
This is a research tool provided by the Big Sky Country MLS
Greater Three Forks
4TC, 4TL, 4TN, 4TR, 4TSW
Single Family October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 3 3 0.0% 56 76 + 35.7%
Pending Sales 3 5 + 66.7% 36 49 + 36.1%
Closed Sales 6 2 - 66.7% 33 46 + 39.4%
Days on Market Until Sale 37 19 - 48.6% 61 45 - 26.2%
Median Sales Price* $288,500 $192,000 - 33.4% $255,500 $242,000 - 5.3%
Average Sales Price* $267,167 $192,000 - 28.1% $252,656 $242,954 - 3.8%
Percent of List Price Received* 96.7% 87.4% - 9.6% 96.9% 97.9% + 1.0%
Inventory of Homes for Sale 15 25 + 66.7% –– –– ––
Months Supply of Inventory 4.3 5.7 + 32.6% –– –– ––
Condo/Townhouse October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 0 0 –– 0 2 ––
Pending Sales 0 0 –– 1 4 + 300.0%
Closed Sales 0 0 –– 2 5 + 150.0%
Days on Market Until Sale –– –– –– 154 302 + 96.1%
Median Sales Price* –– –– –– $238,368 $215,000 - 9.8%
Average Sales Price* –– –– –– $238,368 $215,000 - 9.8%
Percent of List Price Received* –– –– –– 101.4% 100.0% - 1.4%
Inventory of Homes for Sale 5 0 - 100.0% –– –– ––
Months Supply of Inventory 5.0 –– –– –– –– ––
* 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
Greater Three Forks
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
Greater Three Forks
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 November 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.

15. Local Market Update – October 2018
This is a research tool provided by the Big Sky Country MLS
Greater Manhattan
4MA, 4MC, 4MN, 4MS
Single Family October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 9 7 - 22.2% 79 83 + 5.1%
Pending Sales 4 5 + 25.0% 55 58 + 5.5%
Closed Sales 4 10 + 150.0% 51 56 + 9.8%
Days on Market Until Sale 13 35 + 169.2% 68 69 + 1.5%
Median Sales Price* $322,450 $424,475 + 31.6% $307,000 $390,250 + 27.1%
Average Sales Price* $324,725 $486,895 + 49.9% $368,443 $437,465 + 18.7%
Percent of List Price Received* 99.7% 94.3% - 5.4% 98.3% 97.4% - 0.9%
Inventory of Homes for Sale 29 31 + 6.9% –– –– ––
Months Supply of Inventory 5.8 5.9 + 1.7% –– –– ––
Condo/Townhouse October Year to Date
Key Metrics 2017 2018 % Change Thru 10-2017 Thru 10-2018 % Change
New Listings 1 0 - 100.0% 10 7 - 30.0%
Pending Sales 1 0 - 100.0% 9 7 - 22.2%
Closed Sales 0 0 –– 8 7 - 12.5%
Days on Market Until Sale –– –– –– 9 8 - 11.1%
Median Sales Price* –– –– –– $134,000 $205,000 + 53.0%
Average Sales Price* –– –– –– $144,438 $200,643 + 38.9%
Percent of List Price Received* –– –– –– 99.0% 99.0% 0.0%
Inventory of Homes for Sale 1 0 - 100.0% –– –– ––
Months Supply of Inventory 0.8 –– –– –– –– ––
* 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 Manhattan
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
Greater Manhattan
1-2003 1-2005 1-2007 1-2009 1-2011 1-2013 1-2015 1-2017
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Current as of November 10, 2018. All data from Big Sky Country Multiple Listing Service®. Report © 2018 ShowingTime.