Year to Year Outlook for the Gallatin Valley
The Year in Review:
Year to Year Outlook for the Gallatin Valley (Big Sky, Bozeman, Belgrade, Three Forks and Manhattan)
Stats for Improved Properties:
* Data is for period Jan 1 – Dec 31 – includes all improved categories except for mobile/manufactured.
Summary of Data for Improved Properties:
- Bozeman is a shining star without a doubt up 222 units over 2011 with days on market down almost 20 days and median price rising by $10,000.00 plus.
- Belgrade also picked up some steam up 8 units and median price up by $10,000.00 - this trend has continued into the new year
- Big Sky is still stabilizing – units sold are down but median price improved by $20,000.00 and days on market shrinking
- Manhattan is stable in units sold and $27,000.00 increase in median price
- Three Forks has also gained ground after stagnating – units up by 13 – but median price is down and days on market up
Stats for Vacant Land:
* Data is for period Jan 1 – Dec 31 – includes all land categories.
Summary of Data for Vacant Land:
- More of the same for Bozeman in land with net increase of 234 units year to year
- Belgrade is down about 5 lots
- Big Sky is more positive than negative – up 20 lots – median is down but I see this as positive – sellers are getting more realistic about their land values and deals are closing successfully.
- Manhattan improved in lot sales – prices are down
- Three Forks is a negative trend BUT both lot and house sales are now trending up in the first quarter of 2013 as Three Forks is being seen by many first time buyers as an affordable alternative. I am bullish on Three Forks for 2013! Our office, alone, will be representing developers in three large sub-divisions – activity is brisk!
Overall, the Gallatin Valley is seeing great growth with Bozeman being the shining star and booming. I am fairly confident that this report at the end of 2013 will likely see all indicators turning to positive.