Bozeman Montana Real Estate Information Archive

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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.

Gallatin County Multi-Family Home Sales: May Real Estate Market Report

by Hart Real Estate Solutions

This month, we will compare condo and townhome sales in the Gallatin County for Quarter 1 of 2016 to condo and townhome sales in Q1 2015. Here are a few stats:

  • Multi-family home sales increased by 15.83% (120 sold in 2015, 139 sold in 2016)
  • Dollar Volume increased by 5.96% ($33,245,180 in Quarter 1, 2015; $35,227,688 in Quarter 1, 2016)
  • Median sale price increased by 12.89% ($194,000 in 2015, $219,000 in 2016)
  • Multi-family homes spent 44.62% longer time on the market in 2016 (65 Days on market 2015, 94 Days on market in 2016)

Summary: Multi-family home sales continue to increase. As more multi-family properties sell, they are also selling at higher prices. The trend suggests that multi-family homes will continue to see value appreciation in 2016. It should be noted that they have spent more time on the market in exchange for higher listing prices. Feel free to look at Q1 2015 numbers compared to Q1 2014 to see an even bigger picture. The Gallatin County real estate market continues to grow and values continue to rise.

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

 

Gallatin County Ranks 1st in State for Overall Economic Investment

by Hart Real Estate Solutions

The Gallatin County continues to grow in population and economic prosperity. According to a report published by a New York financial tech company, Smart Asset, the county ranks first in the state for overall economic investment (click here to read about a specific Bozeman investment that continues to bring benefits to the area). The report evaluated United States counties based on their GDP growth, new building permits and the number of active municipal bonds in the area. The report then uses the total score from these three sectors to value a certain county’s economic outlook. Gallatin County ranked 1st in the state and 63rd in the United States.

Although the report generally favors counties with small populations, Gallatin County’s performance still remains great news, particularly because its local competition within the state all have similar, if not smaller populations.

The Gallatin County scored a 52.15 on the Incoming Investment Index. The county came in second in GDP growth in Montana, adding $439 million in gross domestic product from 2010 to 2013. Experts have credited part of this growth to Montana State University’s growth, which drives 30% of the counties economic earnings. Experts also pointed to the area's rapidly expanding high tech industry as a main driver.

According to the report, Gallatin County is also growing in population. The county ranked first in new building permits and permit growth, issuing 18 per every 1,000 homes. Utility hook ups have also increased significantly in the past year, promising future homes and continued development.

 

Source: http://www.bozemandailychronicle.com/news/economy/economic-data-report-show-positive-trends-in-gallatin-county/article_3cc4a22e-3d2d-51fd-939c-c05063c76f99.html

 

 

Gallatin County Housing Market Update - November 2015

by Tim Hart

This month, we will compare Condo and Townhome sales in the Gallatin County for the first three quarters of 2015. Here are a few stats for Gallatin County townhomes and condominiums:

  • From Quarter 1 to Quarter 2, total home sales increased by 77.50%(120 sold in Quarter 1, 213 sold in Quarter 2)
  • From Quarter 2 to Quarter 3, total home sales increased by 5.16% (213 sold in Quarter 2, 224 in Quarter 3)
  • From Quarter 1 to Quarter 3, total home sales increased by 86.67%

 

  • From Quarter 1 to Quarter 2, dollar volume increased by 65.66% ($33,245,180 in Quarter 1, $55,075,255 in Quarter 2)
  • From Quarter 2 to Quarter 3, dollar volume increased by 5.11% ($55,075,255 in Quarter 2, $57,889,875 in Quarter 3)
  • From Quarter 1 to Quarter 3, dollar volume is projected to increase by 74.13%

 

  • From Quarter 1 to Quarter 2, homes spent 18.46% longer time on the market (65 DOM in Quarter 1, 77 DOM in Quarter 2)
  • From Quarter 2 to Quarter 3, homes spent 23.38% shorter time on the market (77 DOM in Quarter 2, 59 DOM in Quarter 3)
  • From Quarter 1 to Quarter 3 homes spent 9.23% shorter time on the market.

 

Summary – Sales and dollar volume continue to grow for townhomes and condominiums. Increased home sales and dollar volume imply more homes on the market at higher prices. They have been going quicker as the year has progressed, suggesting more buyers are jumping into the market. Overall, the market appears to be deepening as more homes are listed and more buyers start their search.

Counties with More Public Lands See Highest Growth in State

by Tim Hart

According to a report released by Headwaters Economics, counties with large amounts of public lands have been seeing higher economic growth than counties without. Luckily, Gallatin County is among the leaders in both public land and a fast growing economy.

Gallatin County had the highest rate of population growth from 2003 to 2012 and it drew more than 18,000 new residents during that time. The Headwaters report pointed to the quality and quantity of public lands as a big reason for the growth.

The report found that nearly two thirds of the growth in per capita personal income came from only 7 counties in Montana. Gallatin County was among them, but the correlation suggests that the public land in and around the county may actually be what is attracting new residents, businesses and money. This past summer, Yellowstone National Park has seen higher summer visitation rates. State Parks also saw a sharp rise in attendance.

Montana industries also took a noteworthy shift from mining, manufacturing and forestry and have shifted towards real estate, technical and professional service jobs. Higher paid and higher paying professionals are coming to the valley in a big way. The growth of real estate shows that people are buying and selling homes at an increased rate. As more people are becoming agents, that only shows how many out of staters have their eye on Montana.

 

Source: http://www.bozemandailychronicle.com/news/economy/montana-gallatin-county-reaping-benefit-of-public-lands/article_33796fee-6c0f-580d-b3ae-45d5370464cc.html

 

State Park Attendance Up Again

by Tim Hart

Montana State Parks had more than 2.2 million visitors in 2014. Visitor totals grew by 3 percent, more than 40,000 more than in 2013. Not only that, but Montana State Parks broke the record for most visitors in their history for the second straight year.

In general, most visitors to the state parks were Montana residents—80% in fact. However, in the Southwest region of Montana (that’s us!) nearly 345,000 visitors were nonresidents. Those numbers are inclusive of the greater Yellowstone area, but not the National Park proper, which sees even higher visitation numbers. After some quick math, that meant 15.6% of the total 20% of nonresidents visiting Montana were actually visiting the Southwest Montana area. Over the past decade, state park numbers have increased by nearly 33 percent.

The percentage of nonresident visitors to Southwest Montana really stood out to me. Southwest Montana, Yellowstone, and the greater Gallatin Valley continue to see increased exposure on the national consciousness, for both its summer and winter outdoor opportunities. As more tourists continue to visit, more of these people may find themselves falling in love with the area, a feeling us Montana residents know too well.  The Gallatin Valley continues growing in part because in part, it sells itself so well to its visitors.

 

Source: http://www.bozemandailychronicle.com/news/state/record-numbers-visited-state-parks-in/article_1a9fa933-7ab7-53ce-8bb9-44bc14e89657.html

Bozeman Becoming a Ski Hub for Nation, World

by Tim Hart

Bozeman, Montana has fast become a winter sports haven for the nation and even the world. Within the last two months, Bozeman has seen major steps forward in both its Alpine and Nordic ski reputation.

Bozeman was honored by National Geographic as one of the top 25 best ski towns in the world. That’s right, not the nation, but the world.

Bozeman shared the honor with towns such as Whistler, Canada; Chamonix France; Cortina d’Ampezzo, Italy; Aspen, Colorado; and Zermatt, Switzerland.

According to National Geographic, Bozeman stood out as the adventure capital of the Northern Rockies. The magazine enjoyed the working town feel of Bozeman, as oppose to other ski resort towns.

But Bozeman still offers the best of both worlds, with its two very different ski areas. Bridger Bowl, the non-profit, local ski area with its intense vertical and the famous Ridge offers a more day-to-day feel. Big Sky, on the other hand, offers the family vacation route, wining and dining its patrons every step of the way.

National Geographic also pointed to Bozeman’s surrounding mountains. Places like Hyalite also offer great winter activities like skiing, snow-shoeing, hiking and ice climbing.

In other news, Bozeman’s Nordic reputation may fast improve, thanks to the hard work of passionate locals. This past month, a non-profit organization called the Bridger Biathlon Club has reached two agreements to buy both the Crosscut Ranch and Bohart Ranch Cross Country Ski Center. The organization plans on building a world-class Nordic Ski venue designed to attract everyone from locals to Olympic athletes.

The Bridger Biathlon Club bought Bohart Ranch Cross Country Ski Center with the intention of continuing and expanding its Nordic operations. The organization has also signed a 3-year lease and purchase agreement for the nearby Crosscut Ranch with Jackson Financial Group. Jackson Financial Group had purchased the 259-acre ranch in a March auction. Over the past 25 years, the Crosscut Ranch could have had many different futures. At one point, the ranch had been on the track towards becoming a 2,500-unit subdivision.

Now, with both areas combined, the new cross country ski area will become one of the better cross country areas around, with more than 500 acres of total land. The Bridger Biathlon Club hopes to raise 10 million dollars by Nov. 15th 2017 to finalize the purchase and improve the surrounding infrastructure.

The biathlon club has already installed the newest, highest quality biathlon range at Bohart to make the area into a state-of-the-art training facility for high performing athletes. Biathlon combines cross-country skiing with target shooting and the sport has seen a rise in popularity due to its recent exposure in Olympic broadcasts. The range at Bohart has 12 Olympic targets and two Paralympic targets. 

After all the upgrades are completed, the cross-country ski area is on track to become a world class training facility, making the rocky west a much more viable option for Olympic winter sport training.

Now, with talks of a new, premier ice climbing/event center potentially being built at the Fairgrounds, coupled with the town’s recent indoctrination into the Ice Climbing World Cup circuit, Bozeman seems fast on its way to becoming the snow and ice sport capital of the Northwest.

The Bridger Canyon will now have Bridger Bowl and the new cross-country ski area literally a ski run away from each other (though probably an alpine one!). Coupled with Bozeman’s access to Big Sky and West Yellowstone, its hard not to see why Bozeman’s winter sport reputation has grown. Such a reputation can do a lot to attract visitors, athletes, students and families. Those looking to move to Bozeman may now be persuaded to make the plunge, now finding the area surrounded by such activity and buzz around winter sports.

 

Source: http://www.bozemandailychronicle.com/outdoors/bohart-ranch-crosscut-ranch-sold/article_8e1bcc88-7320-11e4-8940-7b60e3defb3d.html

http://adventure.nationalgeographic.com/adventure/trips/best-ski-towns-photos/#/bozeman-montana-ski_47301_600x450.jpg

https://bozemanicetower.wordpress.com/

http://www.theuiaa.org/events-111-Bozeman-UIAA-Ice-Climbing-World-Cup-Montana-United-States-2014.html

 

Under a new proposal brought to the Bozeman City Commission, Bozeman may dig public cable lines to address the poor service and high prices of private internet/cable providers. Advocates pushing a publicly owned fiber-optic cable network say that digging public lines would increase competition among internet providers, helping improve their services and prices.

The city would not provide Internet access directly but would install a common network that could be leased by private companies. Without needing heavy, upfront capital, the addition of small, private companies into the market could increase the current competition.

As more businesses store their valuable information online, having affordable, reliable connections becomes all the more important. Considering two thirds of businesses surveyed by advocates of the new proposal were dissatisfied by their internet service, increased competition may lead to better internet quality in Bozeman.

Advocates suggest that the Internet has become an essential utility and requires proper infrastructure in the city to support it. In their minds, the Internet should be dealt with in the same manner as roads and sewers.

Currently, 143 cities in the US have implemented some form of public fiber-optic cable policy. The project, if approved, would be funded with private donations and tax increment finance district funds that have been allocated for economic development. The city would not need a bond or additional money from the city’s general fund.

Once again, it’s great to see the City of Bozeman focusing and planning for the future. By listening to such proposals, even if they ultimately are not approved, Bozeman can stay on the forefronts of technology and continue being the easy, enjoyable city it has become to its residents.

 

Source: http://www.bozemandailychronicle.com/news/city/advocates-push-for-public-fiber-network-in-bozeman/article_6bce111e-84ea-11e4-b335-cf30253919e8.html?utm_medium=desktop&utm_source=block_937344&utm_campaign=blox

Bozeman Market Update - Condos and Townhomes January 2015

by Tim Hart

This month, we will highlight townhome and condo sales through November in Bozeman. Here are a few stats for all Bozeman condos and townhomes:

  • Unit sales increased from 2013 to 2014 by 16.98%. (371 sold in 2013, 434 sold in 2014)
  • Dollar volume increased from 2013 to 2014 by 34.23% ($68,926,687 in 2013, $92,523,141 in 2014)
  • Average sales price also rose from 2013 to 2014 by 14.75% ($185,786 in 2013, $213,187 in 2014)

Summary –Bozeman has seen increases in townhomes and condos across the board. With more unit sales going at higher prices, Bozeman’s condo and townhome market is healthy and growing.

Displaying blog entries 1-10 of 37

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