Market Overview – Bozeman, Big Sky

This story overviews recent trends in real estate for Bozeman (and surrounding communities) & the Big Sky market.

Bozeman has been interesting to follow for the Spring/early summer market.  If you have a home priced right under $300,000.00, it has not taken long to find a buyer.  The number of distressed properties  (bank owned and short sale properties) has also decreased with most going under contract quickly.   

Here are a few positive trends in Bozeman:

• Median sales price has increased to 283,400 in 2012 from $251,000 in 2011
• Total units & total volume also increased
• For condos & townhomes, total sales volume up with days on market shrinking drastically from 152 in 2011 to 90 in 2012
• Land in Bozeman is starting to catch fire.  Between pending and sold data for 2012, if all close as scheduled, total volume for 2012 has almost matched the full year stats for 2011! For 2012, 91 units($6.92 M volume) have sold and 92 are pending ($7 M volume) as compared to 190 units sold ($16.7M volume for all of 2012)
• Sub-division land has become hot as builders are building ‘semi-custom’ pre-sold spec homes where buyers can pick finishes and do minor floor plan modifications.  With the distressed properties slowing, the builders are coming out of the ground more frequently and price increases are anticipated.

For Big Sky (including Gallatin Canyon & West Yellowstone):

• Overall, the market is still seeing opportunistic buyers looking for excellent value.
• As a whole, total volume for the region is trending about the same as 2011 but the optimism of Big Sky agents is on the rise with increased showing & contract activity.

Summary - Bozeman is really starting to fire on all cylinders, Big Sky is still ‘revving’ up.  For a complete overview of statistics for Bozeman, Big Sky and the Gallatin Valley, e-mail us @ tim@athomeinbozeman.com