Bozeman Luxury Real Estate Market Update: October 2012
Bozeman and Gallatin Valley have enjoyed a glorious Fall, with vivid foliage and delightful weather. We have also enjoyed an increase in potential Buyers viewing properties compared to a year ago. Sales Are Up!!!
As of November 1, 2012 a total of 12 properties in Areas 1 & 2* have sold or are pending at $1 Million and above. I currently have two pending properties over the $2 Million range, which rank as the highest MLS reported sales of the year, and 2 closed properties over the $1 Million range, with one of those being the highest reported transaction this year. On 3 of these transactions, I have represented both Buyer and Seller, and my clients report extremely high customer satisfaction.
A total of 6 properties over $1Million in Areas 1 & 2 sold in 2011. Sales/Pending today are 100% above last year. Inventory is holding steady: at the end of 2011, a total of 66 homes priced over a million dollars were listed, today there are 67.
Land sales continue to be sluggish. In Areas 1 & 2, in non-development, single family, vacant land, 2 properties sold in 2011 for over $500,000. This year, there are also 2 properties that have sold or are pending over $500,000. Commercial land, and land that can be sub-divided for multi-home use, has accounted for 7 sales this year over $500,000. As in home sales, pricing matters.
Today’s buyer knows they have the upper hand in negotiations. They research the market and internet. They are savvy; they compare prices; they demand real value. Our market is small, resulting in difficulties in obtaining appraisals for financing purposes. Appraisers require comparable sales from the past 12 months, and there just aren’t that many of them. However, this year’s increases are helping to build positive momentum and there are indications that potential Buyers are ready to make an offer once they identify a property that suits their needs.
As always, I am ready-willing-and able to make deals become realities, and to market homes so Sellers reach a favorable outcome and Buyers end up owning the property of their dreams. I predict 2013 will prove even better than 2012.
There’s a Reason to Call Me!