Community News

August Greetings from Sharon and Brian,

Hope all is well with all of you and that you’re enjoying our beautiful Bozeman summer.

QUICK FACTS ABOUT OUR MARKET

Available Inventory - Single-Family Homes
Bozeman City - down 21% from last July and -37% from 2010
Bozeman Area - down 16% from last July and -20% from 2010
Belgrade City and Area - down 16% from last July
July Number of Closed Sales - Single Family Homes:
Bozeman City - 225 sales in last 12 months, up 11% from July 2011
Bozeman Area - 167 sales, up 31% from July 2011
Belgrade City and Area - 110 sales, up 4% from July 2011
July Median Sale Prices for Single-Family Homes:
Bozeman City - up 10% from last 2 years to $262,000
Bozeman Area (including Bridger Canyon, Four Corners, and Gallatin Gateway)
No significant change from last 2 years - $308,000
Belgrade City and Area - No significant change ( 1%) $173, 075
Vacant Land Sales - in Bozeman City # of sales is up 119% from last year, and in Bozeman Area sales are up 119%.

WHAT DOES IT ALL MEAN?

As appears to be the case throughout the country, our inventory of homes for sale is steadily decreasing. This is true, particularly in Bozeman, where construction activity decreased so much in the last few years. That construction industry is starting to heat up, as you’ve probably noticed, with lots of new homes being built. But it will take a while to build the inventory back up because many new homes are sold even before finishing. All of that bodes well for the market.
 
We’re continuing to see healthy sales numbers, especially compared to the last 2 years. Buyers are thinking that low interest rates can’t last forever and they want to take advantage of these historically low rates. Many people have home loans that are in the 6-7% range, so are feeling that now is the time to refinance, or to sell and buy a more suitable home.  We’re talking with clients from all around the U.S., and they’re so excited to move to Bozeman for its weather and all our amenities. Sometimes, selling their home in slow markets is the only thing holding them back. 
 
For Sellers, the lower inventory numbers give them a “leg up” when they list their property. We’ve had fairly quick sales (less than 30 days) on some of our listings that have been desirable and have come on the market priced well.  Three of our listings (one at Bridger Creek Golf Course and two in Bridger Canyon) sold within 7-29 days of going on MLS. 
 
All in all, we’re projecting final sales figures for 2012 will be much better than the last 2-3 years! We hope that your lives and businesses are promising the same!