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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.

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

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

 

Bozeman Named Top College Town in 2015

by Hart Real Estate Solutions

Bozeman’s reputation as one of the nation’s most livable towns continues to grow as the town was recently honored as the 4th best college town in the United States. Last year, Bozeman was honored as the 11th most livable town in the United States (regardless of age group).

The report, put together by Smart Asset, looked for the most charming and vibrant places to live for high school and college age students, looking at the areas that surround their potential schools of interest. The rankings are based on a city’s crime and unemployment rates, average incomes for its residents, housing costs and the availability of dining and entertainment.

Smart Asset pointed to several categories that put Bozeman above many other cities in the nation. Bozeman’s proximity to Yellowstone National Park not only provides a great, natural activity for the area, but also helps drive the local economy and provide jobs for many college age students. On a similar note, Bozeman’s low unemployment rate and its booming economy also provide great draws for non-locals to the area.

Of course, Bozeman’s outdoor activities remain far above the norm for a college town. Bozeman is close to premiere fly-fishing, skiing, backpacking, ice climbing and mountain biking. Last year, Bozeman was honored as a top 25 ski town in the entire world, not just the nation. The town itself is also riddled with walking trails and parks. At night, symphonies, concerts, theatre productions, bars and breweries provide a good night life for those looking for late-night entertainment.

Other cities that scored in the top ten included Princeton, New Jersey; Kearney, Nebraska; Boulder, Colorado and Ann Arbor, Michigan.

 

Source: http://www.montana.edu/news/15849/bozeman-named-one-of-best-college-towns-for-2015

Gallatin County End of Year 2015 Market Update

by Hart Real Estate Solutions

Although annual data for 2015 will not be finalized until mid-February, now that we are closer to the end of the year, its much easier to see how 2015 has treated the real estate industry.

We've included a graph that shows both annual sales totals along with quarterly sales totals. The following data reflects sales through 10/31/15. Currently, there are 212 properties pending, representing $120,170,020 in dollar volume that have not been included in Quarter 4 totals. NOTE: Please click on the graph or this link for a better view.

Per the above graph, home values have increased year over year since 2011. Values have risen from just below $250,000 to above $300,000. The conservative $50,000 difference would reflect a 20% increase in home values since 2011.

Annual sale totals look to be right on track with 2014. If all pendings through 10/31 sold, 2015 sales would surpass 2014 totals. Home sale activity appears to be remaining true in the Gallatin market.

Interestingly, dollar volume through 10/31 hit $539,606,814. If all pendings sold, then dollar volume will have already surpassed last years annual total of $609,153,302 and reach $659,776,834. This figure would not include new sales added since then that would close before 12/31/15.

Overall, the market appears to be healthy and appears to be holding true, if not continuing to grow. Feel free to get in touch with us should you have any questions about home buying or selling strategies in 2016.

Building on Bozeman Main Street Renovated and Open for Business

by Hart Real Estate Solutions

An older building on the corner of Grand and Main Street in Bozeman finished their renovations in late October and is once again open for business. The building, known as the Dutton Building, sits near the entrance into Bozeman and will help add more visual appeal to Bozeman’s downtown.

The building had housed several restaurants over the past few years. After a few of them went out of business, the owners took the opportunity to tear down and renovate 2/3 of the building while adding a second floor.

The City Beautification Advisory Board bestowed and award on the building for its appearance and fit into Bozeman’s downtown atmosphere while the Downtown Bozeman Partnership said the building helps create a new visual entrance into town.

Renovation on the building was all privately funded. Businesses inside say renovations have helped drive additional, different customers to them. The owners are looking for additional businesses for their second floor.

 

Source: http://www.nbcmontana.com/news/Redesigned-downtown-Bozeman-building-revitalizes-street-corner/36084654

Bozeman Montana School Expansion Bond Passes

by Hart Real Estate Solutions

The Bozeman School district received great news from the Bozeman community on November 3rd, when voters passed 21.5 million dollars worth of bonds to expand both the Hawthorne Elementary School and Sacajawea Middle School.

Now, district officials can turn their sites towards a second high school in Bozeman.

As Bozeman grows, the community will need to continue funding the schools to help them address the rising student population and keep Bozeman the wonderful community that has attracted so many new residents.

 

Source:http://www.abcfoxmontana.com/story/30436025/bozeman-voters-pass-215-million-worth-of-school-bonds

 

New Bozeman Neighborhood: The Lakes at Valley West

by Tim Hart

The final plat of Valley West Subdivision’s final phase was approved on October 5th, allowing development to begin on Bozeman’s west side. The Lakes at Valley West, as the final phase is called, has been under formal review for the past year. Now with approval, it will bring approximately 60 homes and 2 lakes to the already thriving subdivision.

Valley West has been one of the fastest growing and most active subdivisions in Bozeman. The final phase will help provide amenities to the current neighborhood while also increasing home inventory in the Bozeman area.

Bozeman, like the United States overall, has dealt with rising values and a very competitive rental market. Across the nation, builders have been trying to increase home inventory to help alleviate rising home values. With both rental values reaching an all time high as well as rental vacancies reaching an all time low, increasing the number of homes available should help increase competition.

Bozeman has approved additional neighborhoods, apartment complexes and multi-use properties to try to increase local inventory. Bozeman has also looked into trimming lot sizes to make the home building process more affordable. Currently, commissioners have put an inclusionary zoning proposal on hold as well.

 

Source: http://www.ktvq.com/story/30282335/growth-spurt-on-west-side-of-bozeman

 

Bozeman Montana Airport Surpasses 1 Million Visitors

by Tim Hart

The Bozeman Yellowstone International Airport surpassed 1 million total passengers over a 12 month period. From September 2014 to 2015, 1,000,483 passengers either boarded or exited a plane in Bozeman.

The airport saw a 4.4% increase compared to September 2013 to 2014 numbers.

In 2014, Bozeman had the busiest Montana airport, despite not having the highest population. The proximity of nearby attractions has really helped boost Bozeman’s tourism and economy.

In order to better host their rising totals, the airport has drafted plans to expand the airport in the next 5 to 10 years. The airport would like to add a second paved runway, expand the terminal, add a new parking garage and add a new de-icing area.

The airport and Bozeman both help each other and grow with each other. The airport attracts people, allowing Bozeman to sell itself, but oftentimes these visitors return again or sometimes become permanent residents. Once the airport expands, local residents can expect more tourists and more people looking to stay for an extended time.

 

Source: http://www.bozemandailychronicle.com/news/economy/bozeman-airport-sees-million-passengers-over--month-period/article_c9da6b5f-2f28-59ba-b9bc-42efc3d774c4.html

Displaying blog entries 1-10 of 151

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