Overall home sales are continuing their nice rise upwards since 2009 with a 10% increase in 2015. Sales of more expensive homes over $500,000 had their biggest increase in 6 years rising by 78% with 250 sales compared to only 140 sales in 2014. So these numbers show that the real estate market in Bozeman is in great shape and we think that will continue into 2016
In the downtown area, there was a whopping 600% increase in sales and that just shows that people want to be close to where the action is with great restaurants, shops, and services. People love it when they can walk or bike to these places instead of always jumping into the car and then having to try and find a parking spot. They can also enjoy all the parks and walking paths that are in or near the downtown area. However, even though it is a popular area, that doesn’t mean there are no homes available. This is due to all the new construction that is now coming onto the market. Builders and developers know where people want to live, so they build to fill the market’s needs. Whether that means new developments or tearing down old properties, there will always be homes coming on the market. Always remember that if you are buying an older home you should make sure you get a home inspection so that you don’t get any nasty surprises after you move in.
In the Southside neighborhood, inventory was down by 56% so that certainly means that this part of town is very popular with buyers and it might take a while to find something you like here. It was much the same story in the Northside neighborhood where there was a 52% decrease in inventory and sales were up by 17%.
As far as land sales go, they also had a good year with 55 pieces of land of more than 5 acres selling. The price per acre is rising with properties in Southside, getting $24,770 per acre. In Bridger Canyon there were 425 acres sold for an average of $14,000 per acre. Some of these land parcels are literally just 10 minutes from downtown Bozeman and another 10 minutes from world class powder skiing at local ski areas.
Here are more details about the state of the real estate market in Bozeman for 2015 and what we think will happen in 2016