It doesn’t get much more scenic than Bozeman, Montana., a picturesque college town nestled between four mountain ranges and located just 90 minutes from Yellowstone National Park. A paradise for outdoor enthusiasts, Bozeman boasts easy access to world-class skiing, fishing, hiking, rafting, and more.
It also offers a charming downtown area and a surprisingly vibrant cultural scene, thanks to the presence of Montana State University and a number of art and music events like the annual Sweet Pea Festival.
The economy is expected to keep expanding; Moody’s Analytics predicts 11.4% job growth over the next five years.
Bozeman Real Estate News:
Pricing for Bozeman condos & townhomes has now climbed well above previous peak levels. For the first quarter of 2018, 98 condos & townhomes have sold at a median sold price of $290,513. This is compared to 87 units sold during the first quarter of last year at a median sold price of $275,000, a 5.6% increase in price. Looking back to the first quarter of 2016, 94 units had sold at a median sold price of $224,450. In addition to the closed sales, another 119 units are currently under contract or pending, this compares to 115 pending sales at this same point last year.
First quarter sales are always interesting to look at but viewing a 12-month period gives a larger sample. Comparing all of 2017 sales to previous years, we see that 543 units sold at a median sold price of $260,000 last year. In 2016, 509 units sold at a median sold price of $235,000. This is compared to 495 units sold in 2015 at a median sold price of $209,000. The previous peak year was 2006, when 442 units sold a median sold price of $205,450.
An interesting note on the 543 units sold last year; This is more than an 150% increase in the number of units sold compared to 2010, the lowest year of the recession for sales volume when 212 units sold at a median sold price of $160,000. 2011 was the worst year for pricing, when 272 units sold at a median sold price of $150,000. As usual, I have included data for the number of single family homes sold during the first 3 months of 2018. In addition to the 183 single family homes sold during this time period, another 202 homes are currently pending, or under contract, as of the date of writing this article. That is almost identical to the 201 homes that were pending at this same point last year.