Market Conditions in Bozeman>Question Details

Ben, Home Buyer in Bozeman, MT

Has the market in Bozeman slowed as signficantly as elsewhere?

Asked by Ben, Bozeman, MT Sat Sep 22, 2007

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6
Hard to say (not sure what you're comparing against) - it's definitely slowed down from the last couple of years here and I've heard realtors saying we've currently got about nine months of inventory on the market. Some folks have dropped prices, but they're still high compared to the rest of Montana.
1 vote Thank Flag Link Tue Oct 2, 2007
Ben,

It is really wise of you to ask about Bozeman specifically, as we know all real estate markets are local. 2009 was the worst year our market had seen since the 80's and since then our market has been rebuilding. Remember, Bozeman's "worst market" is still significantly better than the troubles other markets experienced thanks to our quality of life and strong community.

Believe it or not, Bozeman's market is becoming a "Seller's market" in some market segments. (A "seller's market" is defined by a market with less than three months of inventory.) If you are looking to buy for $250,000 or less in today's market, you best move quickly. Currently that demographic has less than two months worth of inventory on the market. If you want to sell in that price point, this is a great time to bring your home to the market! In fact, you have a nearly 60% chance of selling your home in 30 days or less in this if it is offered correctly in the market at or below $250,000.

Between $251,000-$300,000 we have a three month supply of inventory defining this again, as a "Seller's market". $301,000-$450,000 we have less than 5 months worth of inventory, defining this segment as a Buyer's market. If you are looking to buy over $500,000 you can breath a bit easier as the market has not yet tipped to be anywhere near as competitive. As a Buyer you still stand the chance of picking up a great deal.

Hopefully this helps you understand our current market conditions a bit better. If you are ready to make a move, I would love the opportunity to help you.

Cheers,

Erin Mandeville, REALTOR®
Prudential Montana Real Estate
*Market statistics are current to Wednesday, November 7, 2012
0 votes Thank Flag Link Wed Nov 7, 2012
The Bozeman real estate market like many regions of the country has adjusted the last year or two. Although the short sale and foreclosure properties are still relatively plentiful, properties in prime and desired locations and in the current fair market price range are in demand. Larger ranch properties also seemed to have bottomed out and the buyers are more plentiful than a year ago. Generally speaking, many familiar with the real estate markets in Southwest Montana feel the market has bottomed out and now is the time to buy. As a recent personal example, my daughter recently relocated to MSU, Bozeman and we purchased a condo and in both properties we made offers on we were in multiple offer situations.
0 votes Thank Flag Link Tue Jan 18, 2011
The market in Bozeman has seen prices at a gradual decline of about a percent a month. This com paired to other cities and states is much less of a slip in value. Montana, especially Bozeman is not losing its appeal and beauty. Bozeman will always be a very desireable place to live no matter what the economy determines for us. with a real estate investment in Bozeman, you can enjoy the pure beauty of what we have to offer in Bozeman while you live in a great priced investment in the Gallatin Valley while the economy does what it will, with assurance that all markets recover and though we are in a down economy it is all part of the business cycle. For any further information please call me or check out our website! http://www.patrickresop.com

Ryan Resop
Bozeman Broker Group
Direct: 406.556.4544
Cell: 406.579.4348
0 votes Thank Flag Link Mon Jul 27, 2009
I have experienced a slowing down of buyers making up their minds on what to buy. They are hearing about other areas of the country that are experiencing huge declines in the market values of homes. We not seen huge cuts in prices, just longer days on the market. There are some great deals out there today. I see some builders giving exciting incentives to buyers, like closing costs, an electric car, vacations, HOA dues paid for 5 years, etc...anything to make the deal close. Since the begining of the year, I truly have sensed a renewed energy in the market. For those out there with good credit and/or some money down this is the time to buy in Bozeman.
0 votes Thank Flag Link Sun Mar 2, 2008
Slowed is a good word. Days on the Market are definitely increasing, and prices are adjusting. It is easier to see motivation on the seller' faces right now. I have looked at several other larger markets like Phoenix, AZ and Bozeman is not nearly as bad as that. It is a great time to be a buyer, and about time in Bozeman. Take advantage of the great interest rates. For the most part it just depends on what you are looking for.
0 votes Thank Flag Link Mon Feb 18, 2008
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