Yes, it’s true: 2013 has been a good year for Bozeman, Montana real estate!
Platinum Properties has compiled this report drawn from the MLS figures of 2013 sales and current listings to help Buyers and Sellers understand the existing market. If you are a Homeowner, the following information should be beneficial in your estate and financial planning.
Real estate is “fluid” and driven by many factors. “Location, location, location!” has always been key in determining property value, along with inventory levels and demand. Due to our great University, outdoor activities, lifestyle, increased flights into our expanded airport, and a thriving and generous community, Bozeman continues to attract new residents. Platinum Properties predicts that 2014 will see the market continuing in the upward lines shown on our graphs.
As real estate professionals and Bozeman residents, Platinum Properties closely monitors the market. We began 2013 with optimism and are ending the year with a big “Hurray!” The volume of closed transactions for all of Gallatin County in 2013 was $419,886,244, which is higher than any year since 2006, the year most people label “The Height of the Market.” The sales have been spread over the entire Valley, with 1183 recorded transactions of single family homes between January and November 30, 2013, the highest number since 2005. This is 111 more home units than sold in all of 2006, however, the total dollar volume is less due to the average price paid for a home in 2013 being 81.6% of the average 2006 home sale. In 2013, the average price for all homes sold in Gallatin Valley was $354,933. In 2006, that figure was $434,884. The average price paid for a home in Areas 1 & 2 in the Gallatin Valley for 2013 is $370,315. Average home prices have risen 7% higher than 2012. And, there is a 65% increase in homes closing (in Areas 1 & 2) in 2013 for $1M and above (18 homes) compared to the 2012 numbers (11 homes).
We hope this report helps you better understand the Bozeman Real Estate Market.
Sally Uhlmann and Mike Schlauch comprise Platinum Properties, which is part of PureWest Christie’s International Real Estate in Bozeman, Montana. Our combined backgrounds, unique business & marketing experiences, and focus on service yields proven results. We know: It’s All About You.