Bozeman Montana Real Estate Information Archive


Displaying blog entries 1-10 of 539

Affordable Condos Coming To Bozeman

by Hart Real Estate Solutions

As housing prices are on the rise, affordable housing in Bozeman is running scarce. Lower class families and individuals are being pushed further out of city limits as these housing options become limited. Countering this issue, the Talbach House project is providing Bozeman with a three-story condo building in a great location of a quickly developing area of the city.

The most appealing aspect of these condos is that their affordable price would not be sacrificing quality. Bitnar Architects have designed these condos with a high-end interior and European-inspired elements, such as large windows. One bedroom units will hold 625-square-feet, starting at $172,000.

Other condos of the same size are priced between $285,000 and $800,000, and the median price of single-family homes in Bozeman last year was $337,000. In this comparison, this Talbach House project is looking like a great deal for affordable housing.

The goal of this building project, stated by the developer of Cadius Partners, is to satisfy the needs of affordable housing for the “growing population of younger people” who are not yet committed to settle down and get married, before moving in to a single-family home.

Being the neighbor of the new Oracle campus, another opportunity is evident to house its growing staff. These condos would be a convenient option for the company’s employees. There are few chances in one’s career to have a walking commute.

September 2016 Real Estate Market Report

by Hart Real Estate Solutions

The Gallatin County real estate market is still growing strong. According to the Gallatin Association of REALTORS®, both average sales volume and total sale price has shown significant growth through September 2015 to September this year.

The increase in average real estate price from $358,997 last year to $460,957 this year, estimates an astounding 36% housing appreciation. Average sales volume has also seen substantial growth by 30% in this area.

These numbers demonstrate positive implications that the Gallatin area is steadily climbing in the real estate market. As the GAR President stated, “our local market is in strong shape.”

The statistics comparison between September 2016 and 2015 are as follows:

Residential Sales-Units:

  • September 2015: 226
  • September 2016: 217

Residential Sales- Average Sales Price

  • September 2015: $339,194
  • September 2016: $460,957

Residential Sales- Total Sales Volume

  • September 2015: $76,657,952
  • September 2016: $100,027,807 

Bozeman's Plan For Its New Law & Justice Center

by Hart Real Estate Solutions

With all this growth in the Bozeman area, city and county officials are looking to upgrade their law and justice center to accommodate for the larger population. At the discretion of the county’s voters, the construction of a new facility is proposed for $71.5 million. The petitioned project is designed with two buildings, one would be a 61,300-square-foot law enforcement building, and the other would be a 126,000-square-foot courts building. These two structures are intended to replace the current 59,000-square-foot criminal justice system located on College Street.

This $71.5 million bill would be shared with a 30-70 split between the city and county taxpayers. This designation is based on the size of each jurisdiction. Consequently, city taxpayers alone would be responsible for $21.5 million of the cost, while county taxpayers, who include city homeowners, would account for the other $50 million. In other words, over the course of 20 years, an average property worth $240,000 would be projected to see roughly $50 added to its annual property tax, while those inside city limits would share the entire portion of the costs with $108.

The law enforcement facility would be suited to house the Bozeman Police Department, Gallatin County Sheriff’s Office, as well as the regional drug task force and SWAT team, while leaving room for storage of evidence and records.

The other larger courts building would house all of the departments of this districts court system, including:

  • Gallatin County District Court, with three judges ruling on felony criminal cases and civil legal matters.
  • Gallatin County Justice Court, with two justices dealing with misdemeanor crimes that occur outside city limits.
  • Bozeman Municipal Court, which, as the name suggests, holds jurisdiction over misdemeanors within city limits.
  • Clerks responsible for managing records of each court.
  • The county attorney’s office, which is designated for prosecuting cases in the district and justice courts.
  • City attorney prosecutors for municipal court cases.
  • Youth probation officers, for supervising juvenile offenders.

And last but not least,

  • Victim services, where violent crime victims are provided with support.

Once built, these buildings are proposed to provide enough space for 25 to 30 years, and with their design to accommodate for possible expansions, new additions would extend its lifespan to roughly 50 years.


4G LTE Reaching Montana's Countryside

by Hart Real Estate Solutions

It looks like Montana is becoming more connected to the modern world. Governor Steve Bullock just announced on Oct. 6 that T-Mobile is paving the way for spreading its high-speed wireless broadband reach across Montana. This will bring 4G LTE to a wider range of rural areas, reaching out to about 1.1 million people of both Montana and Wyoming.

Governor Steve Bullock has shown his enthusiasm for this development, stating in his recent letter to the Federal Communications Commission (FCC), “Increased access to high-speed internet and enhanced mobile coverage will further strengthen our state’s business climate and enable Montana businesses to thrive in a global economy and create more job opportunities for hard-working Montana families.

T-Mobile has demonstrated its commitment to this plan with the purchase of three licenses from Charter Communications to allow them to build on this broadband connection in nearly the entire area of Montana east of I-15, as well as four northwestern counties of Wyoming.

This may be groundbreaking news for those who question living out of town for the sake of losing their beloved cell-phone and Internet connection. It looks like the joys of living in a quiet country-side home will be getting even better without having to sacrifice your high-speed reception.

Job Growth in Gallatin County

by Hart Real Estate Solutions

Good news for Gallatin County homeowners, the U.S. Census Bureau just released that we are ranked 24th among the fastest growing counties in the nation. Population in Gallatin County just breached 100,000 residents as of July 2015, with estimating a 3,500 increase over a one-year period, and a 1 percent increase in population growth rates.

This rapid growth provides the Bozeman area with positive implications in development and business opportunities, followed by job growth. Not only is this county seeing wide spread job openings in construction, retail, and restaurants, but more importantly, high-tech jobs as well. With Montana State University drawing in such educated talent, high-tech companies such as Wisetail, Elixiter, and RightNow Technologies, which was bought by Oracle, are showing interest in the employment prospects of the Bozeman area.

It is exciting to see these opportunities opening up as tech-based businesses are moving in. The entrance of the high-tech industry introduces higher salaries ranges, which in turn, supports local businesses and the real estate market. 

Snow in the Big Sky Mountains!

by Hart Real Estate Solutions

Even though we still have had our share of dreamy September days with blue bird skies and perfect 55 – 60 degree nights, the mountains are starting to get a nice coating of ‘ceiling white’.   We are seeing snow in the Spanish Peaks to the South and of course, Lone Mountain – the main ski mountain at the Big Sky & Moonlight Basin Resorts along with the saddle in the Bridgers.

The juxtaposition of 70 degree temperatures in the Valley with snow on the mountains is what makes Bozeman, well... Bozeman. 

We thought you might also enjoy the Big Sky Resort Tram Cam in Big Sky from the top of Lone Mountain– see this link:

If you are thinking about a great ski trip this winter, be sure to check out our local, but world class resorts:

Bozeman Market Report - Home Sales Are On The Rise

by Hart Real Estate Solutions

Statistically, there have been more sales single family homes in Bozeman in 2016 as compared to 2015. This would include every price range up to $700,000.   Also to note, the list price to sales price ratio is higher across the board, exceeding 98% in all price ranges under $700,000.

In price ranges above $700,000, 2015 had 65 sales verses 49 sales this year.

New construction sales are also slightly stronger in 2016 than the same period last year, with 110 sales of new homes so far this year.

We continue to see new inventory hit the market and go under contract quickly.  If you are thinking about selling, now may be the time to see what your home is worth and plan for winter house projects.

Bozeman is Booming

by Hart Real Estate Solutions

It seems it wasn’t that long ago when distressed properties (bank owned and short sales) made up a significant percentage of the market and there was ‘value’ everywhere.   I put value in quotes as no one really knew how to evaluate value other than to define it as properties that were significantly off their peak value.  I had one particularly wise investor that was purchasing very simple, straightforward investments (condos and townhomes priced under $80,000.00) with the goal of a 10 – 12% return on a cash investment.   He already owned many multi-families but he saw value and also ease of resale in purchasing individual units – he has doubled his investment in most cases.

So much has changed since then.   Without sounding like a glorified cheerleader, here are some quick stats & interesting facts about Bozeman and the surrounding areas, including Big Sky, Gallatin Gateway, Manhattan, Belgrade, and Livingston.

  • Our local university, Montana State University….
    • Had yet another year of record enrollment.  This year enrollment climbed above 16,000 students.  This is the tenth time in the last eleven years that MSU has set an enrollment record.  This makes MSU Montana’s largest university. 
    • Montana State is among the top 3% of colleges and universities in the nation for research expenditures and typically exceeds $100 Million per year – are you kidding me?  This makes MSU the largest research and development entity of any kind in the state.
  • Tech companies are booming in Bozeman
    • A few years ago, in 2011, a boot strapped tech company named Right Now Technologies was purchased by Oracle for $1.5 billion
    • According to Oracle’s founder, Greg Gianforte, in a recent speech he gave, Bozeman is now home to 82 tech companies
    • We are seeing tech companies come here for a myriad of reasons – quality of life, affordable housing as compared to Silicon Valley and other hot beds of tech, a talented work force and more.
  • Montana ranked first in start-ups in the entire US for the fourth straight year
  • The Bozeman Yellowstone International airport is the busiest in the state – 2015 saw over 1,000,000 passengers – a record for the state and the first time this many passengers were accommodated ever
  • Yellowstone Park is just down the road – an absolute jewel in the US
  • The Big Sky ski area also saw record guests at 440,000 visits in 2015 – Big Sky also announced a 10-year plan to invest $150,000,000.00 in improvements to the mountain to accommodate over 650,000 annual visits projected by the year 2025.
  • Bozeman population grew at 4.5% from 2014 to 2015 – standing at 43,400 residents according to the US Census Bureau

I am only scratching the surface – more to come in future letters. There is no better time to join us in Bozeman and the Gallatin Valley!

Bozeman Market Report - Condos and Townhome Sales Through June 2016

by Hart Real Estate Solutions

This month, we will highlight condo and townhome sales through June 1 2016 and compare them to 2015 totals in the greater Bozeman area and Belgrade. Here are a few stats:

  • Condos and Townhomes sales have increased by 7.35% in 2016 (204 sold in 2015, 219 sold in 2016)
  • Dollar volume has increased by 14.73% in 2016 ($44,716,616 in 2015, $51,305,072 in 2016)
  • Condos and Townhomes have spent 26.98% longer on the market than they did in 2015 (46 Days on the Market in 2015, 63 Days on the Market in 2016.

Summary: Condo and Townhome values continue to climb steadily in the greater Bozeman, Belgrade area. As values have risen, these homes have spent more time for sale but as of yet, total sales continue to go up. Having total sales increase suggests that the buyer pool still has an appetite for well-priced multi-family properties. Bozeman and Belgrade’s multi-family market continues to grow and remain healthy.

Bozeman Montana Commissioners Approve City Budget

by Hart Real Estate Solutions

Commissioners have been debating the city’s budget, discussing where spending needs to increase and by how much. Bozeman Montana is one of the fastest growing towns in the nation, so commissioners did not consider lowering the budget, but rather trimming back on possible spending increases.

Commissioners had debated several budgets, with City Manager’s Chris Kukulski’s budget dominating the conversation. Kukulski called for major investments in infrastructure, while also addressing issues created by Bozeman’s population and economic growth. If adopted in total, this budget would have increased a typical Bozeman resident’s city fees by 5.5 percent.

In Kukulski’s budget, the average Bozeman resident would see their taxes increase by $114 per year. Infrastructure spending would take $72 of the yearly tax increase per resident. The fees would fund deferred maintenance as well as street creation and maintenance in new Bozeman neighborhoods.

An alternative budget reduced the increase to $80 per year, representing a 3.9% total increase. However, this plan required cuts in both planning studies and affordable housing efforts, both topics that have been high on the Bozeman’s list of priorities.

The city ultimately decided to approve a budget closer to Kukulski’s budget, but with additional cuts, representing a middle area between the two proposed budgets. They city approved the new budget with a 3-2 vote. Bozeman Commissioners passed on several new hires and a few planning initiatives to cut an additional half million from the budget. They did add some spending in a few places, including the Bozeman Public Library’s new mobile library, the bookmobile.

The approved budget will add $92 a year to a Bozeman resident’s lifestyle. Total yearly costs per resident have increased to $1,148 per year. The 4.5% increase fell between Kukulski’s budget (5.5 percent increase) and the alternative budget (3.9 percent increase). Homeowners can expect to see a $1.32 increase in their property taxes.


Displaying blog entries 1-10 of 539