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September Bozeman Real Estate Report
Tim Ford | Friday Sep. 2nd, 2016
This has been a hot summer in Bozeman, both in terms of temperature and Real Estate activity. As summer starts to wind down, MSU students will replace the summer tourists as the Montana State University campus roars to life.
While the many niche industries and boutique businesses throughout the valley add to Bozeman’s appeal, there is no doubt that MSU’s contribution to the local economy is huge. According to MSU’s website, fall enrollment in 2015 was 15,688 students. Of these students, approximately 8600 students were from Montana, 6300 were from other states across the U.S., and just shy of 700 were from countries outside of the U.S.
In addition to the students, in 2015, Montana State University employed 3,087 permanent faculty and staff and another 682 graduate teaching and research assistants. Of permanent faculty and staff; 1,222 are faculty members and 1,865 are classified, professional and service staff members.
With the combination of faculty, staff, & students, MSU brings in nearly 20,000 people to our community, and naturally, these people need housing. Parents of MSU students have been buying up condos, townhouses, and even single family homes for their children to live in while attending MSU. And of course, the professors, janitors, and plumbers need homes too. Many Bozemanites are aware that the rental market has been extremely strong lately, no doubt fueled in part by MSU’s increasing enrollment. This strong rental market has even attracted investors from outside the state as is demonstrated by the construction of many large scale rental properties around town.
2016 sales to date, including those fueled by MSU and those that are not, have again been extremely strong. More homes have sold in the first 7 months of 2016 than in the first 7 months of any other previous year. The median sold price of $375,000 is up roughly 5% over the same time period last year when it was $358,000.
As usual, I have included data for the number of single family homes sold during the first seven months of 2016. In addition to the 618 homes sold during this time period, another 226 homes are currently pending, or under contract, as of the date of writing this article. This is compared to 179 homes that were pending at this same time period last year, a 26% increase in pending sales.
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.