Bozeman Montana Real Estate Information Archive


Displaying blog entries 1-10 of 139

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.

The US Navy has turned to Montana State University and Bozeman’s S2 corporation to help design new technology for diagnosing and detecting potential threats across the world.

The Navy has given MSU’s Spectrum Lab and S2 Corporation a $4.5 million contract to develop new sensors to improve the Navy’s intelligence and awareness. The university and corporation were chosen based on their marked improvement over current technology. According to the CEO of S2 corporation, current sensors see only about 1 percent of a possible spectrum whereas technology they have developed in Bozeman sees more than 100 times that.

The Navy has given S2 and Montana State a 3-year contract, which will provide additional stability for Bozeman’s burgeoning high tech industry. Bozeman, Montana's e-city according to Google, has seen a major expansion by Oracle and NASA funded tech programs in 2016 alone. This news, continues to add to Bozeman's recent stockpile of tech news.

These groups have the opportunity to invent new technology in Bozeman that will be deployed into real world practice. This contract will only improve Bozeman’s reputation as a center for technology in Montana. The contract will also provide additional capital for MSU and S2 to hire additional high income employees.

Bozeman continues to attract more specialized, high salary jobs. Bozeman’s economy continues its forward momentum as more high tech professionals continue to make their home in Bozeman.




Bozeman Montana Will Have Second High School

by Hart Real Estate Solutions

Make some room Bozeman High School—it looks like you will have some company soon in Bozeman, Montana. The phrase now feels much more real, thanks to a 6-1 vote by the Bozeman School Board to build an entirely new, 9 -12 high school in Bozeman Montana. Bozeman has been one of the fastest growing small towns in Western United States.

Bozeman High School currently has 2,000 students but has been expanding year over year. By 2020, the date a new high school should be opened, that enrollment will reach 2,400, hence the split.

The Bozeman School Board, as well as its high school expansion advisory committee, worked hard in the past six months to determine the best method of expanding its educational services to a growing city.

The Bozeman School District had grappled with several ideas, including a Freshman only school, expanding the current high school, or even changing which age children would attend what school. However, after much deliberation, the board went ahead with the most expensive, but also most forward thinking proposal (in terms of potential future costs): an entirely new high school, a distinct entity from Bozeman High School with its own teachers, athletics, mascot etc.

The high school will be built on Bozeman’s west side of town, on Oak and Flander’s Mill Road. It will be just North of Meadowlark Elementary school.

The recommendations for the new Bozeman high school were researched and made by the 31-member advisory committee which consisted of parents, teachers and community members. The committee had to tackle concerns that expansion might bring. The variety and number of classes offered may be thinned due to the costs of new faculty, administration and operating costs.

Bozeman High School’s reputation has been nothing short of stellar of late. Its students always perform extremely high on standardized tests, they take a wide variety of AP classes, the school has received education based grants, and the overall happiness of Bozeman high schoolers is very high in comparison to other places in Montana and in the US. Many are concerned a second school could potentially dilute the excellence and momentum Bozeman High School has built.

Despite concerns of the price and drawbacks of a second high school, the advisory committee reported that letters for and against a new high school were nearly 2-1, giving them the confidence that they have made the best decision for the community. Voters will still need to pass the bond that funds the school. That very important vote will take place in May, 2017.




This month, we will compare single family home sales in the Gallatin Valley through April 2016 to last year’s home sales and help reveal trends in the market. Here are a few stats:

  • 2016 sales are currently projected to drop by 21.62% (1,485 in 2015, 388 through April, projected to 1,164 sales in 2016)
  • Dollar volume is projected to drop by 24.05% ($663,572,593 in 2015, $167,993,026 through April, projected to 503,979,078 in 2016)
  • Currently, homes are moving slightly faster than last year, staying on the market 2.06% shorter than 2015 (97 days on the market in 2015, 95 days on the market in 2016)

Summary: The 2016 housing market has moved slower than in 2015, at least through the first 4 months. Home buyers and sellers alike should keep in mind that the most active time periods, those over the summer and fall, tend to see the highest activity. So although simple projections suggest the market might be slowing, a fast summer could easily reverse this trend. The market remains very healthy—growth continues—and small home inventory has kept the market fast paced. 

New Phone Application Will Map Bozeman Montana Trails

by Hart Real Estate Solutions

As the outdoors continue to bring more and more people to Bozeman, Montana, the city has put a bit of organization back into nature. One of Bozeman’s biggest attractions is its 80 mile, in and around town trail system. Bozeman continually updates and improves its trails, knowing they are one of the main attractors to local residents. The trail is used by adults, children, runners, walkers and bikers. Whether for exercise or for travel, the trails have become a part of Bozeman’s outdoor culture.

Starting sometime this year, the Gallatin Valley Land Trust and the City of Bozeman will create a new phone application that maps out every mile of Bozeman’s trails. The application will help residents organize runs or discover new trails. The app will also be constantly updated, so residents will know when a trail is  closed or under maintenance. Amenities like bathrooms will also be marked on the application, helping Bozemanites plan their hikes and breaks accordingly.

The application was approved in January. Once the application is up and running, it will help locals utilize Bozeman trails even more effectively.



New Pathway Planned For Bridger Canyon Hikers and Bikers

by Hart Real Estate Solutions

The “M” Trail and the Drinking Horse Trail attract a host of daily hikers, trail runners, bikers and other outdoor enthusiasts. Bridger Canyon Road is also one of the more beautiful and fun biking roads in the area. As the area’s popularity has increased, Bridger Canyon road has seen a lot of pedestrian and recreational traffic.

Currently, only a small shoulder exists for people who want to get to the trail heads without having to drive. Using a previously passed bond, the city will construct a new pathway from Bozeman that will go to both the "M" and Drinking Horse Trails. The pathway will be fully separated from Bridger Canyon Road and is expected to cost $4 million.

The path will be asphalt to allow bikers to also use the path with ease. It will connect into city trails at Story Mill Road and then extend out to both the “M” and Drinking Horse. The city will also look into creating an under path  to connect the two trails (on opposite sides of the road) without having to cross Bridger Canyon Road.

The city will need to get 5 homeowners on board to allow room for the pathway.

Bozeman continues to focus on its resident’s safety, while also finding ways to provide access to the outdoors, without the need for a car. Bozeman becomes more convenient to its residents everyday. Its no wonder that more and more people continue to move to the greater Bozeman area.



Vacation Rental Regulations Coming for Bozeman?

by Hart Real Estate Solutions

The vacation rental market in Bozeman has grown quickly over the past couple of years. The presence of online short term rental sites like AirBnB, have made it easier for any property owner to advertise their home to the world. Vacation home sales increased drastically across the US in 2014, partly due to their wonderful return on investment. But as the market has grown, more and more concerns have been raised about the lack of regulations of vacation rentals in Bozeman.

Bozeman has been honored as a top 16 world wide destination and a top ten ski town in the United States. Coupled with Big Sky's summer growth (and very consistent winters of course!) as well as Yellowstone's increasing popularity, it can be easier to find short term renters than in other Montana markets.

While short term rentals have provided Bozemanites with additional revenue potential in their properties, others have grown concerned about the commercialization of neighborhoods and rising rental rates. As more investors opt into the short term rental market, that leaves less home inventory for the long term rental market. Bozeman has had a vacancy rate at or near zero for several years. It has been an owner’s market, with most owners being able to filter rental candidates based on lease terms and rent rates. In general, having even less inventory on the rental market will lead to higher rent rates.

To have a vacation rental in Bozeman, home owners need to have a permit. However, vacation rentals have not been regulated. According to the Bozeman Daily Chronicle, 280 vacation rentals were listed as active on AirBnB. City planning only has 6 registered vacation rentals in the City of Bozeman.

Although vacation rentals only earn about 10 to 15% of their full potential in Bozeman, having a successful one can lead to a wonderful return on investment. A vacation home priced at $250 a night would net earnings at $40,000 plus if it was filled only half the year.

Bozeman Commissioners will explore the vacation rental market and determine if regulations will be necessary. They will discuss the issue on June 27th. Commissioners have had affordable housing on their list of priorities for a couple of years. The vacation rental battle will probably fall into this discussion as commissioners try to find ways to lower the average price of homes for sale as well as homes for rent.




Bozeman Montana Company Wins Award from US Department of Commerce

by Hart Real Estate Solutions

The U.S. Department of Commerce rewards companies across the nation for making a substantial contribution to the expansion of US exports.

The “E” award, created by President John F. Kennedy, is the highest recognition any U.S. entity can receive from the department.  

Simms Fishing Products from Bozeman, Montana received the award in mid-May, showing the company’s growth and its consistency in delivering top quality goods.

The awardees this year contributed $2.23 trillion dollars worth of goods and services in 2015. These companies also provided 11.5 million jobs that were supported by exports.

Bozeman becomes more worldly each and every day. Business is not limited to the valley, to Montana or even the United States. Businesses continue to be attracted to the area for its unique culture and outdoor access. As more and more companies find Bozeman attractive, Bozeman can expect more jobs, more business and of course, more residents and homes in Bozeman.



Old Bozeman K- Mart to Be Demolished for New Development

by Hart Real Estate Solutions

The building that housed the Kmart in Bozeman will be demolished. Bozeman’s planning office approved a demolition permit this week as city officials continue to try to attract new development, both commercial and residential, in Bozeman’s Midtown district.

Kmart closed in Bozeman in 2014 due to financial struggles from the national brand. The land under the building was rezoned in early May by the Bozeman City Commission in an attempt to spur more business development in the area.

The demolition permit has approved tearing the building down to its concrete slab. Workers will remove the building material and then fence the remaining site until future development occurs. As of yet, no official development plans have been created.

Bozeman’s zoning changes along 7th avenue has already spurred reaction from property owners. A new business will be moving to Midtown, while other property owners are removing buildings with new zoning laws in place. Bozeman’s Midtown will undergo a lot of change in the coming years as the city works on developing and improving the area.



Study Suggests Bozeman Bring Back Paid Parking

by Hart Real Estate Solutions

A studied performed by Oregon based Rick Williams Consulting suggested that Bozeman Montana update its plans for managing parking in its downtown district. Parking demand has increased in Downtown Bozeman, the city’s historic district, due to new development and new visitor’s being attracted to the area.

Bozeman will need to develop a strategy for parking along Main Street and the rest of downtown if it wants to keep the area a convenient place to eat, shop and find entertainment.

As Bozeman grows, existing parking lots might be used for infill development. A precedent has already been set in Midtown Bozeman to favor commercial and residential real estate development over maintaining parking spaces. Bozeman Commissioners approved allowing businesses to reduce parking in Midtown, if they increased bike parking and public transit stops.  The city has hoped to spur commercial and residential growth in the area. Cutting on parking would allow for bigger, denser buildings to be built.

For Main Street and Downtown Bozeman, the study suggests removing the 2 hour free parking window that is enforced by parking officers, and replacing the system with parking meters. Bozeman had parking meters in the 1980's. The study suggested that adding meters would prevent downtown parkers from staking out a spot for hours on end and would keep people moving quickly, within a set period of time. Meters would also make enforcing parking regulations much easier.

Whether Bozeman decides to move ahead with parking meters is yet to be seen. They would certainly do a lot to help fundraise for the city. As Bozeman grows, staying open to ideas that will keep the city ahead of the curve will always be appreciated and a necessary part of the pains and gains of Bozeman’s recent boom.






Displaying blog entries 1-10 of 139