Bozeman Real Estate Market Forecast 2019, Bozeman Home Sales History, Home Mortgage Rate Discussion
With the recent announcement–March 21, 2019–by the Fed that it may not raise interest rates at all in 2019, average 30-year mortgage rates dropped to a low of 4.06% in early March, 2019, the lowest rate in 14 months. The highest 30-year interest rate in that 14-month period was in November 2018, when the rate was at 4.94%. Today, 30-year mortgage interest rates have risen a bit since March 2019 to 4.17%.
The United States housing market outlook, 2019: According to Yahoo Finance, in early 2019, loan requests were at the highest level since early Q2 2010. The 30-year, fixed-rate mortgage interest rate averaged 4.74%, the lowest since April 2018. The Mortgage Bankers Association’s (MBA) chief economist, Mike Fratantoni, said, “The spring home-buying season is almost upon us, and if rates stay lower, inventory continues to grow, and the job market maintains its strength, we do expect to see a solid spring market.” In Bozeman’s vibrant real estate market, this prediction, if it comes true, means additional heat on an already hot market.
In Bozeman in 2018: Median Bozeman home prices increased from 8.5 to 11% and average sales prices increased approximately 25%. The supply of Bozeman real estate decreased by approximately 20-25%. “Percent of List Price Received” was around 98%.
In Bozeman for 2019: Median and Average home prices will continue increasing but, perhaps, not at the rate of previous years. Supply will remain low compared to present demand and percent of list price sellers receive will remain high.
2018 Bozeman Real Estate Market – Check Out Bozeman Price Trends
The Bozeman real estate market prediction was for continued growth and Bozeman new home construction was to continue upward at a strong rate. Bozeman home prices continued rising through year’s-end 2018. The housing prediction was for Bozeman home prices to flatten to around 2017 Q4 prices, but this did not happen; by December 2018, prices continued upward for all housing. See “Median Sales Price – By Year Built,” specifically green line in chart below.
The 2017 US National Home Sales and Housing Market
Based upon the positive US housing forecast for 2017, the Bozeman real estate forecast followed the trend, especially because Bozeman is one of the United States’ fastest growing micropolitan cities.
In early 2015, Lawrence Yun, chief economist with the National Association of Realtors (NAR) stated, “Over 80% of millennial and Gen X buyers consider their home purchase a good financial investment, and the desire to own a home of their own was the top reason given by Millennials for their purchase.”
Bozeman Montana realty forecast, home sales, trends are available with Taunya Fagan, 406.579.9683 – Southwest Bozeman dream homes or unique Bozeman real estate.
Previous Years’ Bozeman Housing Market History
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2017 Bozeman Real Estate Trends
Nationwide, 2017 predictions were that homes sales would be robust, according to the the Mortgage Bankers’ Association (MBA), National Association of REALTORS® (NAR), Freddie Mac, Fannie Mae, and others.
After being elected November 2017, Donald Trump was considering a bill to forgive student loan debt after 15 years. Many Millennials and younger adults still have difficulty paying both for high student loan debt and home mortgages.
On the other hand, Gen Y buyers should keep home and condominium sales strong into 2020.
In 2017, in some major markets, top forecasters indicated home sale appreciation at around 10%. Some aspects affecting the US economy were the possibility of further interest rate increases, US Government deregulation, and labor shortages.
2016 Bozeman Real Estate Trends
NAR predicted 2016 US home sales would be about 5.8 Million, and in 2017 NAR predicted housing sales would increase to about 6 million. MBA was banking on 6.5 million home sales.
In 2016, Freddie Mac and Fannie Mae were predicting 6.2 million. Housing starts were predicted to increase 1.5 million/year into 2040, and 160,000 homes would be constructed/year up to 2040.
2015 Single Family Home Price History
Statewide in 2015, Billings home prices rose 4.7%, prices in Great Falls increased slightly–by 0.9%–(2016 has its residential housing prices increasing 4.6%), Missoula’s home prices grew by 3.6%, Bozeman home prices appreciated 4%.
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.
The inventory of Bozeman homes declined into October 2014, and at that time supply and demand levels 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.
2013 Bozeman Realty Prices
In late 2013, the market cooled off as supply caught up with demand. Bozeman home prices fell somewhat, but overall 2013 was the best real estate sales year in southwest Montana since 2006.
2012 Bozeman Property Prices
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 community of Bozeman was a draw to many out-of-state people searching for second homes. Bozeman home values were forecast to inflate the most for any area of Montana, averaging a 2.9% increase by years end.
2011 Bozeman Homes and Property Prices
In 2011, Housing Predictor’s Montana rankings had four Montana cities‘ home values trending upward: Great Falls at a 2.9% increase, followed by Missoula, which was poised to rise 2.4%, Bozeman home values predicted to rise 2.0% , and indications pointed to Billings having a 1.6% increase in its residential housing prices.
2010 Bozeman MT Home Prices
Pertaining to Montana real estate prices for 2010, Housing Forecaster had Montana real estate prices dropping an average of 2.5% across Montana, with its top four cities all posting declines: Billings down 4.2%, Great Falls declining 3.6%, Missoula dropping 3.1%, and Bozeman down 2.3%.
2009 Bozeman Montana Home Prices
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, MT 20th, Great Falls 22nd, and Missoula 25th.
2008 Bozeman Real Estate Trends
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).
According to the National Association of Realtors in 2016, 89% percent of Millennials, 87% of Gen Xers, and 85% of Younger Boomers purchased their home through a real estate agent.
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