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Gallatin County Market Update - Single Family Home Sales Year End Report

by Hart Real Estate Solutions

Year end figures for 2015 have been released. Now, with concrete figures for all of 2015, we can compare real estate market growth in comparison to 2014. This month, we will compare single-family home sales in 2015 to annual sales figures during 2014. Here are a few stats:

  • Total home sales increased by 6.68% (1,392 sold in 2014, 1,485 sold in 2015)
  • Dollar volume increased by 8.93% ($609,153,302 in 2014, $663,572,593 in 2015)
  • Average sale price increased by 2.11% ($437,610 in 2014, $446,850 in 2015)
  • Median sale price increased by 12.02% ($297,250 in 2014, $333,000 in 2015)
  • Homes spent 9.28% time longer on the market in 2015 (88 Days on Market in 2014, 97 Days on Market in 2015)

Summary – Sales, dollar volume, as well as average and median sales prices continued to rise in 2015. The Gallatin market has grown consistently in the past couple years, with 2015 being no exception. Homes did spend a little longer on the market. New construction homes need to be listed once framed, contributing to higher days on the market. In exchange for spending more time on the market, single family homes sold at higher prices. The market continues to be very active and healthy.

Hart Real Estate Solutions Know Your Home 101 – Neoclassical

by Hart Real Estate Solutions

Neo-classical architecture began in the United States in the mid 18th century. The style is principally derived from the architecture of classical antiquity. Buildings like the Parthenon in Athens provided the framework for Neo-classical architecture.

In the United States, neoclassical is most often seen in government buildings. In fact, neo-classical architecture became so popular that for a long time in the 19th century, the style was actually referred to as Federal Architecture. The Capitol building, the Lincoln Memorial and the Museum of Natural History all are built in neoclassical style.

Residential homes are defined by the large columns that frame the main entry door. They are usually stately and give a sense of great power and wealth. They can be confused for Colonial homes, which also display columns prominently in the front entrance.

Take another lesson here:

Victorian

Craftsman/Bungalow

Colonial

Tudor

Ranch

French Eclectic

Spanish Mission Revival

Cape Cod

Tri-Level

Second Empire

Italianate

Prairie School

Chalet

A Frame

Can Home Renovations Raise Property Taxes?

by Hart Real Estate Solutions

As spring approaches, many home sellers awake from their winter slumber, hoping to list and sell their home for top dollar. The current wisdom suggests that renovating the home in the right places can oftentimes drastically raise the list price. Although true for many, home renovations come at a cost. Renovations take up time that the home could otherwise be on the market and they take up-front money. Most homeowners see both of these costs and plan their investment accordingly. However, many renovators forget that improvements to the property can also raise their own tax bills. Though usually not a deal breaker, its something many overlook when they are trying to determine whether a renovation will bring a solid return on investment.

Renovations can raise a home’s assessed value and therefore its property taxes. Local governments valuate homes then take a percentage of that value to determine how much each homeowner should pay.

Homeowners who are unsure of how a renovation may affect their assessed value should communicate with government officials before taking on a major project.

Generally, increasing the living space (square footage) of a home will raise a property’s value. Finishing a basement or an attic, for example, will also require a reassessment. Of course, adding additional bedrooms or bathrooms can almost guarantee a property value rise.

Kitchen renovations are very grey area, so checking in with local officials first will alleviate worries of reassesments. According to Realtor Magazine, even adding things like garden sheds or regrading lots for drainage issues can affect a property’s value.

Renovations can often be the best way to improve a property’s listing price. With a higher listing price, comes a higher overall home value, increasing property taxes. Homeowners should make sure that the renovation, as well as future costs, are properly budgeted to avoid having to squeeze by financially.

 

Source: http://realtormag.realtor.org/daily-news/2015/11/30/some-home-renovations-can-raise-tax-bills

 

 

Bozeman Honored as Top 16 Worldwide Destination

by Hart Real Estate Solutions

Los Angeles journalists might finally be catching up to the rest of us Bozemanites who have already made Bozeman home. In a recent article, the LA Times shared their top 16 destinations to visit in the world in 2016. Bozeman, MT made the list, which included other exotic locations such as Botswana; Paris, France; Iran; Dublin, Ireland; Cartagena, Columbia and Washington DC among others. The list did not order from 1 to 16, so Bozeman’s honor put it on equal footing with these other spectacular locations.

The article highlighted Bozeman as the tourist gateway to Yellowstone National Park. In 2014, 3,936,162 people who visited Montana, travelled to Bozeman as well. In 2015, that number grew to 4.4 million plus visitors. Tourist spending broke 4 billion in 2014.

The LA Times looked at Bozeman’s growing hospitality industry as an example of the positive momentum for the town in general. For example, the Lark Hotel on Main Street, after only its first year of business, has already moved forward with plans to expand their hotel. The hotel already had 90% occupancy rates, showing how many people now want to visit the Bozeman area. Forty-six percent of people who drove through Bozeman with no intentions of stopping, stayed in the town for at least one night in 2014. In 2015, that number rose to 48 percent.

The LA Times article also highlighted the local restaurants in the area and of course, Yellowstone National Park, as major draws for the small Montana town we call home. Local officials credited Bozeman’s tourism growth to the expanding airport, which has made travel to Yellowstone and beyond much easier for out of state visitors.

As Bozeman continues to grab more national attention, it can be expected that more people will visit Bozeman. More than a few are more than likely to catch “the Bozeman bug” so to speak and look to make Bozeman a more permanent destination. So long as that continues, Bozeman real estate can look forward to continued growth and recovery as the market expands.

 

Source: http://www.latimes.com/travel/la-tr-d-16-places-20151227-story.html

http://www.nbcmontana.com/news/Bozeman-makes-list-for-top-2016-destinations/37167738

http://www.kpax.com/story/30846496/paris-spain-ireland-and-bozeman-city-joins-list-of-must-see-destinations

http://www.nbcmontana.com/news/Bozeman-hotel-expands-after-successful-year/37343366

Hart Real Estate Solutions Know Your Homes 101 - A Frame

by Hart Real Estate Solutions

An A-Frame home is known for its steeply angled roofs that almost always begin at the foundation of the home. The home looks a bit like the letter A, giving it its name. A frame ceilings are often open all the way to the top rafters.

A-Frames can be attributed to ancient cultures, with many islanders creating roofed huts that had similar designs. The A-frames simplicity would naturally lead many different cultures to discover the architectural style as it did not require too big a step from a lean-to.

However, the A-frame peaked in popularity in the early 50’s, based on its cheap cost to construct and the fact that many Americans had started to purchase second homes or vacation homes. A-frames were sold as kits in department stores like Macy’s and Sears, improving their popularity even more. The A-frame home has become a staple of many vacation rentals and can provide both a beach-like feel, as well as a mountain resort feel.

Take another lesson here:

Victorian

Craftsman/Bungalow

Colonial

Tudor

Ranch

French Eclectic

Spanish Mission Revival

Cape Cod

Tri-Level

Second Empire

Italianate

Prairie School

Chalet

Bozeman Has Fastest Growing Economy in Montana

by Hart Real Estate Solutions

According to some recent analysis, Bozeman has the fastest growing economy in Montana. Bozeman has seen increases in wages, its construction and manufacturing industries, available jobs and student population in recent years.

Wages have increased in Bozeman by 5 percent, compared to Montana’s 2 percent.

Construction has been on the rise and building is once again booming in the area. Before the recession, Bozeman issued around 500 permits per year on average. That figure dropped to approximately 200 in 2008, but this year 467 permits were issued. Construction also added 367 jobs between 2013 and 2014. It would be expected that those figures increased in 2015 as well.

Manufacturing also saw job growth, coming in second to the construction sector and adding 199 jobs in 2014.

Bozeman’s technology industry, of course, has had the biggest effect on Bozeman’s landscape and future outlook. Since the sale of RightNow Technologies in 2011 to Oracle, the economy has seen a significant lift. Oracle just recently announced that it will be expanding once again and will be adding even more jobs to the Bozeman area. That article has been included in this newsletter and can also be read here.

Other major companies have also looked to expand in their local locations. Simm’s, a fishing products dealer, announced this year that they will expand their production facility in the area, adding 160 additional employees.

Gallatin County is also the number 1 county in economic investment in the state of Montana. Montana State University continues to provide opportunities to its students for start up companies and other similar ventures. MSU has set records for enrollment, partly based on the fact that so many students on the tech side of the University have had so much recent success.

Bozeman continues its positive momentum. Its economy continues to grow, the housing sector appears to have recovered, and many different industries in the area have thrived in recent years.

 

Source: http://billingsgazette.com/business/bozeman-s-economy-is-montana-s-strongest-fastest-growing/article_ad0d2383-77e4-59f1-924a-794c8856c27a.html

 

Oracle Building New Operations Center - Google, Facebook Next?

by Hart Real Estate Solutions

Oracle Corporation has agreed to a 10-year lease on a new 20,000 square foot building that is currently under construction. Likely, the expansion will also provide additional jobs to Bozeman’s booming technology industry. In total, Oracle will now have 120,000 square feet of offices in Bozeman.

Oracle plans on using the new building as a global operation center which would control Oracle’s network of other data centers. The building will also be used as a “showcase building” for local visitors and high level executives.

Oracle continues to expand its presence in Bozeman, offering additional jobs and an economic boost to the local community. Bozeman continues to invest in itself while local and national businesses continue to invest in Bozeman. In 2015, Bozeman had the fastest growing economy in the state of Montana.

In early December, news also came via the Bozeman Daily Chronicle that both Google and Facebook have also met with local officials to determine whether they might be interested in opening data centers in Bozeman as well. Having major corporations expand or build new data centers in Bozeman will only attract an even higher tech presence to the area.

 

Source: http://www.bozemandailychronicle.com/news/economy/new-oracle-operations-center-to-bring-bozeman-more-tech-jobs/article_1875caa6-2d00-560b-98ac-e6d55c0a5069.html

http://www.bozemandailychronicle.com/news/economy/officials-clearing-way-for-google-or-facebook-to-build-data/article_6a3c5b03-20b8-594c-a392-401ebd42ba48.html

 

New Fenced Dog Park Near Bozeman Pond Open

by Hart Real Estate Solutions

If anyone had still questions whether Bozeman is a dog friendly town, that topic can be put to rest as Bozeman has added yet another dog park to its repertoire. The new 2 acre dog park opened next to the Bozeman Pond and will eventually be incorporated into Bozeman’s plans to expand the Bozeman Pond Park. Many homes in the nearby area have small to no backyards. This park will make it more convenient for dog owners to take their pets on a walk and get them some exercise.

Bozeman has added multiple dog parks, including a 20+ acre off leash park and other smaller parks similar to this new project. Snowfill Dog Park also expanded its trail system this year.

The new park is open but will still be adding a shaded pavilion and a small dog/puppy area. The new park came from land purchased by the City of Bozeman from the Gallatin Valley Land Trust (read more about land trusts here. The city used money from the 2012 trails, open spaces and parks bond. The Bozeman Pond Park recently received additional funding for its expansion as well.  

 

Source: http://www.bozemandailychronicle.com/news/city/run-dog-run-opens-dog-park-near-bozeman-pond/article_3566ca27-f940-5703-a519-d2fb006a0266.html

 

Home Equity Continues to Expand Across US

by Hart Real Estate Solutions

More United States borrowers got into the black in 2015 and reported having equity in some form on their home. Now, many of these buyers also have more equity in general, as home prices have improved and the housing market has recovered.

Household holdings in real estate totaled 21.825 trillion dollars in the 3rd quarter of 2015. In 2014, real estate holdings totaled 20.461 trillion. From 2014 to 2015, holdings increased by 1.365 trillion dollars.

Home mortgage debt hit 9.46 trillion dollars in the 3rd quarter. Compared to 2014, that figure rose by 0.078 trillion dollars.

The difference in holdings growth (1.365 trillion) over the mortgage debt difference (0.078 trillion) shows that households across the US have seen a rise in their home equity.

In September 2015, 91% of US homes had equity. That number should grow as home values have risen across the United States. In 2014, 89% of borrowers had equity in their home. In March of 2015, 97% of Montana borrowers had equity in their home.

Although mortgage debt did expand in 2015, that fact is not necessarily negative. Oftentimes, mortgage debt expands, not because people are falling farther into debt, but because more home buyers are taking out mortgages. A majority of US home buyers need to take out mortgages to buy a home, so expanding mortgage debt often implies a healthier, growing housing market.

Delinquent mortgages have fallen in the past couple years, supporting the idea that more buyers are entering the market. As more homeowners see their equity grow, more potential buyers will see their financial success and want to also have a part in it.

 

 

Source: http://eyeonhousing.org/2015/12/housing-equity-continues-to-expand/

 

 

US Housing Market’s Third Quarter Best in Nearly a Decade

by Hart Real Estate Solutions

Existing home sales rose by 3.4% in the 3rd quarter of 2015 and has been one of the best quarters for the housing market in nearly a decade. The quarter has lead to a new annual rate of 5.48 million sales in 2015. Existing home sales increased by 8.4% compared to 2014.

In the United States overall, the single family median home price hit $229,000, up 5.5% from the third quarter of 2014. While home prices and sales continue to climb, their growth rates have slowed to a much healthier pace, providing a bit more depth and consistency to the US housing market.

Median prices rose in 87% of US markets and only 24 of these areas reported prices lower than in 2014.

In the West, existing home sales increased by 3.9% and are 9.7% higher than a year ago.

Issues still remain with lack of home inventory, which have pushed prices up and eliminated some first time home buyers from feasibly buying a home. But generally, more buyers are now able to buy a home than before.

 

Source: http://realtormag.realtor.org/daily-news/2015/11/13/housing-has-best-quarter-in-nearly-decade

 

Displaying blog entries 1-10 of 490

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