Well, 2013 was certainly an exciting year in the world of Bozeman Real Estate. Not only did sales numbers increase, prices also rose dramatically.

839 single family homes sold in Bozeman in 2013, including areas inside and outside of the city limits. This beats all previous years on record, including the previous high which was 2005, during which 816 single family homes sold.

In 2012, the median sales price for all single family homes both inside and outside the city limits was $278,750. This rose to $300,000 in 2013, indicating a 7.6% increase in median value. Restricting the data to just homes inside the city limits, the median sold price for all single family homes rose from $255,000 in 2012 to $277,710 in 2013, indicating an 8.9% increase.

Condos and Townhomes, which took a bigger hit in the down turn than single family homes, also enjoyed an increase. The median sold price rose from $150,000 in 2012 to $174,000 in 2013, an almost 16% increase.

With the increase in prices, we also saw a decrease in the number of distressed sales in and around Bozeman. The combination of short sales and bank owned homes made up nearly 20% of all sales in 2011. That number dropped to approximately 13% in 2012, and fell even further in 2013 to 5% of total sales.

All indicators point to continued growth in Bozeman. While many wish that Bozeman could remain a sleepy town with a skiing problem, it looks like growth is on the horizon. Our airport set a new state record this year and became the busiest airport in Montana. MSU continues to grow and set enrollment records, our hospital has made a significant addition, and our school district continues to grow. 2014 looks to be a promising year for Real Estate in and around Bozeman.

The included data reflects sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and Bozeman city limits. The data includes home sales reported through the local Southwest Montana MLS, and does not include private party sales. The information provided by the Gallatin Association of REALTORS Corporation / Southwest Montana MLS is compiled from miscellaneous sources and neither the association, nor the listing broker, nor its agents or subagents are responsible for the accuracy of the information.

Tim Ford is a Realtor® with Vellinga Real Estate in Bozeman Montana. He can be contacted at 406-209-1214.