Bozeman Price Trends and Conditions Update for Week 4, September 2015: Median Prices this week for Bozeman Montana Homes Rises a Bit From $229,000 to $229,450 – Bozeman Real Estate Prices – Average Days on Market is 91.
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As summer comes to a close, the Bozeman Montana real estate market continues to flourish. The Bozeman MT real estate and homes market has robust activity.
The Market Action Index (MAI) is falling; we are in a zone for Sellers. Note: if the MAI climbs, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Median list price for Bozeman Montana homes, Week 4, September 2015 is $229,450. Median Bozeman house size purchased is at 1555sf and 19% of Bozeman real estate prices have dropped.
In early May 2015 we had a 75% increase in the number of Bozeman, MT building permits issued as compared to May 2014.
Sales of Bozeman houses, town homes, and condos have outstripped supply. The regional SW Montana real estate market remains active.
Given current conditions, a persistent drop of the Market Action Index into the Buyer’s zone will be a leading indicator of the price strength subsiding.
Bozeman’s construction industry is very busy: over 250 Single-Family housing starts to May 2015. Over 60% of Montana’s total building permits in 2015 have been issued in Gallatin County.
PREVIOUS YEAR’S BOZEMAN HOME SALES HISTORY 2008 – 2014
Though inventory in late 2014 was lower than earlier in 2014, continued sales demand and fewer Bozeman, Montana homes listed for sale contributed to a relatively long run of price increases until late Summer 2014, after which prices began stabilizing.
The inventory of Bozeman homes declined into October 2014, and supply and demand levels then showed signs of price stabilization for Bozeman luxury homes, residential dwellings, condos, and townhouses.
Prices for Bozeman homes for sale hit another all time high in August 2014.
Late 2013: The Bozeman, MT market had been cooling off a bit in late 2013 as more Bozeman homes were available and demand declined. We saw prices move lower as a result. This trend was expected to continue into 2014, especially if the index fell into the Buyer’s zone. Recommendation was to watch for a persistent up-turn in Market Action to signal prices rising again.
In 2012, Bozeman home sales were booming, with the highest home prices in the Montana. The region was once again attracting investors, and those with a few extra dollars to spend on Bozeman Montana real estate from Montana’s oil business.
The artsy counter-culture community of Bozeman was a draw to many out of state people searching for a second home. Bozeman home values were forecast to inflate the most for any area of the state, averaging a 2.9% increase by years end.
In 2011, Housing Predictor’s Montana rankings had four cities’ home values trending upward: Great Falls at a 2.9% increase, followed by Missoula, poised to rise 2.4%, Bozeman home values rising 2.0%, and Billings at a 1.6% increase in home prices.
Pertaining to Montana real estate prices for 2010, this housing forecaster had Montana real estate prices dropping from 2.5% to 3.6% across the four, aforementioned Montana cities.
Based on US housing data received during 2009, Housing Predictor published a top 25 US Housing Market ranking. Five Montana cities placed in the top 25 for 2009: Bozeman 14th, Billings 18th, Livingston 20th, Great Falls 22nd, and Missoula 25th.
In 2008, Housing Predictor Montana Rankings had five Montana cities in the US top 25 and two within the top 10 (you may recall that in January 2009, Billings ranked 3rd and Bozeman ranked 9th, placing both cities in the top 10 for US home values appreciation in 2009).
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