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.
Erin Mandeville, REALTORÂ®
Prudential Montana Real Estate
*Market statistics are current to Wednesday, November 7, 2012
Bozeman Broker Group