The first three quarters of 2013 have been incredible in the world of Bozeman Real Estate. Sales numbers are up, prices are up, and new home construction has rebounded significantly.

For the first time in years new subdivisions and additional phases of existing subdivisions are going in. For a few months this summer it was difficult for buyers and builders to find lots. This should change as infrastructure goes in for more lots in many areas in and around Bozeman.

Building has reached staggering levels unseen in over 5 years. All across town, new homes are going up ranging greatly in size and price range, and they’re selling. The median home value for homes on both less than and greater than 1 acre and including single family homes both inside and outside of Bozeman city limits rose from $275,000 in 2012 to $299,000 in 2013. Sales numbers remain above peak levels; the previous high for Bozeman was 2005, when 644 homes sold in the first three quarters. 2013 just beat that number with 648 homes sold during the same time period.

It will be interesting to see how 2014 fairs. On the one hand, many believe that we saw such a large increase because so many buyers have been sitting on the fence for so long and they finally jumped into the market. Some believe that 2014 could slow down a little in comparison. On the other hand, Bozeman continues to grow, MSU continues to hit record enrollments, and predictions continue to indicate growth in Gallatin County.
As usual, I have included data for the number of homes sold in Bozeman during the first 9 months of 2013. In addition to the 648 homes sold during this time period, another 122 homes are currently pending, or under contract, as of the date of writing this article.

The included data reflects sales of homes on less than and more than 1 acre 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 is a Realtor ® with Vellinga Real Estate in Bozeman Montana. He can be contacted at 406-209-1214