The Real Estate market in and around Bozeman continues to heat up, with activity levels at or above record highs.

Prices are rising, but still remain below their peak levels.   2007 was the peak year for prices in Bozeman, but 2005 was one of the busiest years in terms of number of sales.   If the numbers this year continue, Bozeman sales are on pace to beat 2005.   From the first of the year through May 1, 197 homes have sold thus far in Bozeman.

This does not include condos or townhouses, which are also selling quite well.   78 condos and townhouses have sold in Bozeman as of May 1st, 2013, with an average sold price of $167,575 and a median sold price of $159,900.

It will be interesting to see if these increased activity levels continue in the years to come.   One theory is that many buyers that were sitting on the fence for the past 3 to 4 years have finally decided that the time to buy is now.   We may have some pent up demand that is left over from the past few years.   Or, it could just be the continued growth that we’re seeing across the valley.   A study by the Montana Department of Commerce and reported on by the Bozeman Daily Chronicle indicated that Gallatin County continues to be one of the fastest growing counties in the state and predicted a 36% increase in population between 2010 and 2040.

The rental market is also very strong and has been for the past couple of years.   Bozeman is seeing record low vacancies and rapidly rising rent prices.

As usual, I have included data for the number of homes sold during the first four month of 2013.   In addition to the 197 homes sold during this time period, another 174 homes are currently pending, or under contract, as of the date of writing this article.

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, Condominiums, or Townhouses.

Tim Ford – REALTOR ©