BOZEMAN Home PRICE Trends UPDATE, Week 1, August 2014:
In this part of Southwest Montana, the Bozeman homes inventory is up and average days on market is down.
Advantage is slightly on the Seller’s side. Bozeman home prices are peaking.
Recently, this region of the SW Montana Real Estate market has seen the Market Action Index (MAI) trending down. While days-on-market status indicates a declining trend, overall conditions are weakening.
Bozeman home prices have been hovering around the market’s high point. Look for a persistent down-shift in the MAI before we see prices deviate from current levels.
While the Market Action Index shows some strengthening in the last few weeks, Bozeman MT home prices appear not to have moved from their plateau. Should the upward sales trend relative to housing inventory continue, expect home prices to resume an upward climb in concert with Bozeman’s Market Action Index.
PREVIOUS YEAR’S BOZEMAN HOME SALES HISTORY
Late 2013: Bozeman Montana Homes’ Supply and Demand: The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. 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 have four cities’ home values trending upward: Great Falls at a 2.9% increase, followed by Missoula, poised to rise 2.4%, Bozeman home values to rise 2.0% , and Billings at 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 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).