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Longfellow Wins US Department of Education Honor

by Tim Hart

Longfellow students have something to be proud about coming into this 2014-15 school year. The school was honored with the 2014 National Blue Ribbon School Award, presented by the U.S. Department of Education. Longfellow has 325 kids from Kindergarten to 5th grade.

Longfellow was one of 337 schools nationally and one of two in Montana to receive the honor. The school won in the exemplary high-performing school category. Over the last 5 years, the school has adequately and consistently met the standards set as an overall school. Longfellow also excelled with their special education students as well as low-income students.

On state standardized tests, Longfellow students displayed their excellence. 97% of students scored a passing level or higher in reading, 93% in math, and 94% in science.

Bozeman schools continue to excel, with Longfellow helping to lead the way. Bozeman’s Morning Star school won the same award in 2009, reflecting the overall health of the Bozeman education system. Families with children can come to Bozeman with faith that they can find a quality education for their kids.  

Source: http://www.bozemandailychronicle.com/news/education/article_177eb5f2-48de-11e4-a53a-57657fa45220.html?utm_medium=desktop&utm_source=block_953010&utm_campaign=blox

Marketing Update: Gallatin Valley Townhomes and Condominiums

by Tim Hart

This month, we will highlight condominiums and townhomes in the Gallatin County from the first two quarters of 2013 compared to the first two quarters of 2014.

Here are a few stats for all of Gallatin County for condos and townhomes:

  • Units increased in the first two quarters by 27.5% (244 sold in 2013, 311 sold in 2014)
  • Dollar volume increased in the first two quarters by 55.8% from $56,339,593 in 2013 to $87,800,977 in 2014
  • Average sale price also increased from $234,833 to $280,586
  • For 2014 through 8/31/2014
    • Sold volume already at $117,936,021 and 438 units

Summary – based on increases across the board in the first two quarters from 2013 to 2014, the 2014 market continues to shine, looking to surpass 2013 annual totals easily.

New Affordable Housing Option Coming to Bozeman

by Tim Hart

I just read a really great article on this new affordable housing area off Cottonwood Road. Homes have been selling even before they are finished building. There are some great options regarding mortgages as seen in the article below. Some listings are still available. Feel free to Contact me at 406-570-5730 if you have any questions about them.

Here is the article: http://www.kbzk.com/news/new-affordable-housing-option-available-to-own-in-bozeman/

 

Mortgage Rates Hit Lowest for 2014

by Tim Hart

After mortgage rates dropped in the U.S. for the second week in a row, borrowing costs hit their lowest rate yet for 2014. This week, the average rate shifted from 4.12% to 4.1% for a 30 year fixed mortgage. Although the percentage shift may be small, when added up over 30 years, even the smallest changes can greatly impact the cost of home ownership. A 30 year rate has not been this low since the end of October last year. 15 year mortgages also saw price reductions, slipping from 3.24% to 3.23% this month. The 30 year rate has been consistently declining since it had hit a two year high of 4.58% last August. Experts foresee the lower rates supporting and fostering home demand. July trends support these expert’s claims, as previously owned homes sold at an annualized rate of 5.15 million this July, up 2.4% from June. The longer the rates stay low, the more activity can be expected in the future of the US housing market.

Source: http://realestate.msn.com/blogs/post--mortgage-rates-hit-new-2014-low

Updates Coming for North 7th Avenue

by Tim Hart

City officials met this past week with professionals from California in the hopes of updating and renovating North 7th Avenue.  The California company, the Mayor’s Institute on City Design, helps prepare mayors to become the chief designers of urban areas, and they will be begin by focusing on the 7th Avenue area that stretches from Main to I-90.  The area could see zoning changes as well as aesthetic updates. For property owners in the area, the new focus on 7th and its neighboring streets could really improve home values in the future. Now may also be the time to grab up any open real estate in the area, as improvements could lead to higher prices later on.

 

http://www.kbzk.com/news/a-new-vision-in-the-works-for-bozeman-s-north-7th-avenue-corridor/

Both Big Sky and Bridger Bowl Resorts both set records for skiers.  Bridger Bowl saw 217,000 skiers this season overturning the previous mark by 3%.  Big Sky saw more than 450,000 skier visits overturning the previous mark by over 100,000 skiers!   Snow fell early and often with snowpack levels well above 100% levels in all areas in Big Sky and the Gallatin Valley.

Real Estate Outlook for the Gallatin Valley

by Tim Hart

 

Activity in Bozeman continues to trend very positively.  Big Sky continues to improve in median price and also days on market.  Belgrade is up and Manhattan and Three Forks continue to improve.  Bozeman and the Gallatin Valley are moving nicely!  The realtors and their suppliers are still very busy, prices are rising, days on market stats are shrinking.  It is a great place to live and the stats continue to prove this out.

Stats for Improved Properties:

 

Market Area

Units Sold – 2012 (thru Sept 30th)

Units Sold – 2011

Median Price – 2012

Median Price – 2011

Ave Days on Market – 2012

Ave Days on Market – 2011

Indicator

Bozeman

809

663

$235,000.00

$224,000.00

87

108

Improved

Belgrade

180

168

$160,750.00

$150,000.00

85

95

Improved

Big Sky

117

131

$355,000.00

$306,424.00

217

240

Mixed

Manhattan

43

41

$175,000.00

$159,000.00

234

191

Improved

Three Forks

26

20

$153,750.00

$154,500.00

240

128

Mixed

* Data is for period Jan 1 – Sept 30th – includes all improved categories except for mobile/manufactured.

Summary of Data for Improved Properties:

  • Bozeman continues to trend up – 146 more improved properties sold this year vs. last year, days on market continue to shrink.
  • Belgrade also improved.  12 more units have sold year to year, median price up and days on market are down.
  • Big Sky statistics are mixed.   Median price continues to trend up – almost $45 k, units sold down a touch and days on market now improved over last year.  The trend is improving and should continue to.  
  • Manhattan now trending up – 2 more units sold, median price up $16k, days on market the only lagging indicator.
  • Three Forks finally gaining ground – six more properties sold year to year, median price about stagnant, days on market not improved though.

 

 

 

Overall, the Gallatin Valley is very healthy and continuing to improve!

Call, e-mail or text me for more information on the market and to get signed up for property alerts  which are daily updates based on your parameters or visit my web site..  I look forward to serving you!   Tim

 

Overview

Even through the tough times the last couple of years, we still saw very healthy buyer activity in the lower end of the market (up to about $220,000.00).  This healthy activity is now steadily moving the middle market up to $500,000.00.

It appears we hit the price bottom a while back.  But prices stagnated until buyer demand came to meet it.   Rates have been and continue to be at near historic lows.  Check this link for the latest http://finance.yahoo.com/.  Thirty year rates are in the mid 3’s and fifteen year rates are below 3%.  Prices are creeping up in both Bozeman and Belgrade and inventory is shrinking.   Buyers are buying and the buying situation in the valley has become very competitive for well priced properties, especially at price points below $220,000.

Example and General Note

I worked with a buyer recently who wants to purchase a 3 – 4 bedroom condo in Bozeman.  We found two great values, both bank owneds and got in early with offers.  Even so, both offers resulted in  and multiple counters – the market is very competitive now not only with single family homes but also condos and townhomes.  At last check, there were only 20 condos available in Bozeman up to $170,000.00!  For this same period, there are now 20 condos pending – as many pending as are available – wow!

There are at least six builders that have been putting up semi-custom spec homes in Bozeman at a phenomenal rate.  They pre-sell their current build by using an already finished unit as a model.  In almost all cases, the ‘model’ is already sold.   A majority of the product to date has been single family homes – mainly 3 beds or 3 beds with bonus room – and they can’t build them quickly enough.  They are also starting to build condos and townhouses as they have seen demand increase for this product.  One interesting phenomenon among these builders is watching their base prices creep from the low $200,000.00’s for single family homes.  Some are now building ‘specs’ in excess of $400,000.00’.  Features and finishes have also improved over past spec builds. 

 

Stats

For those of you that are numbers junkies, please follow this link for a full update on the entire valley – we post statistics at our Gallatin Association of Realtors web site quarterly.   Here is the link http://gallatinrealtors.com/News_and_Events/Market_Statistics

For a few quick stats on the market, read on…  

The following are comparisons for the first six months of 2012 vs. 2011

Market Area

Units Sold – 2012

Units Sold – 2011

Median Price – 2012

Median Price - 2011

Days on Mkt – 2012

Days on Market - 2011

Bozeman

450

420

$234,000.00

$228,000.00

94

117

Belgrade

137

117

$148,000.00

$145,000.00

80

100

Big Sky

84

77

$359,000.00

$345,000.00

254

277

Manhattan

17

11

$175,000.00

$179,000.00

258

136

Three Forks

97

74

$148,000.00

$160,000.00

135

119

 

Summary of chart – Bozeman, Belgrade, Big Sky and Three Forks all sold more units in the first six months of 2012 vs. 2011.  The only city down was Manhattan.  Median price improved in Bozeman, Belgrade and Big Sky.    Days on market are DOWN (this is good) in Bozeman, Belgrade, Big Sky and Manhattan.

Summary – the Gallatin Valley is trending up in almost every area, rates are holding low and prices are starting to trend up.  If you have been thinking about investing in these markets, I believe the time is now. 

Call, e-mail or text me.  I look forward to serving you

 

Market Overview – Bozeman, Big Sky

by Tim Hart

 

This story overviews recent trends in real estate for Bozeman (and surrounding communities) & the Big Sky market.

Bozeman has been interesting to follow for the Spring/early summer market.  If you have a home priced right under $300,000.00, it has not taken long to find a buyer.  The number of distressed properties  (bank owned and short sale properties) has also decreased with most going under contract quickly.   

Here are a few positive trends in Bozeman:

  • Median sales price has increased to 283,400 in 2012 from $251,000 in 2011
  • Total units & total volume also increased
  • For condos & townhomes, total sales volume up with days on market shrinking drastically from 152 in 2011 to 90 in 2012
  • Land in Bozeman is starting to catch fire.  Between pending and sold data for 2012, if all close as scheduled, total volume for 2012 has almost matched the full year stats for 2011! For 2012, 91 units($6.92 M volume) have sold and 92 are pending ($7 M volume) as compared to 190 units sold ($16.7M volume for all of 2012)
  • Sub-division land has become hot as builders are building ‘semi-custom’ pre-sold spec homes where buyers can pick finishes and do minor floor plan modifications.  With the distressed properties slowing, the builders are coming out of the ground more frequently and price increases are anticipated.

 

For Big Sky (including Gallatin Canyon & West Yellowstone):

  • Overall, the market is still seeing opportunistic buyers looking for excellent value.
  • As a whole, total volume for the region is trending about the same as 2011 but the optimism of Big Sky agents is on the rise with increased showing & contract activity.

 

Summary - Bozeman is really starting to fire on all cylinders, Big Sky is still ‘revving’ up.  For a complete overview of statistics for Bozeman, Big Sky and the Gallatin Valley, e-mail us @ tim@athomeinbozeman.com

 

What Is It About Montana's Economy?

by Tim Hart

 

  

Bozeman values are grounded in well, the ground. Environment, agriculture, mining, and logging have all been on the forefront of Montanan economy, but recently, things are shifting.  It’s moving from the thought of land as a thing from which riches are taken to one where riches are brought because of the land and its opportunities, according to a report by Bozeman-based nonprofit research firm Headwaters Economics.

There is an urge to see land as an economic asset. With this trend comes new data that links Montana’s economic viability to the diversification of employment that pivots around the LAND. The ability to rely on our land has led to Montana outpacing the nation in employment and personal income and income per person growth.  

Services such as health care, real estate, government/professional, and scientific/technical services are all interlinked to the health of the land.

“Talking about Montana as an unspoiled place with spectacular natural amenities is our ace in the hole, economically. It’s how we’re attracting the diversity we’ve been able to attract,” Ray Rasker, executive director of the Headwaters Economics non-profit research firm, said.

Jason Bacaj may be reached at jasonb@dailychronicle.com or 582-2635

 

Displaying blog entries 1-10 of 11

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