Market Conditions in 59718>Question Details

Bridget Lynch, Other/Just Looking in Bozeman, MT

Have the value of the homes in Bozeman declined in the last year?

Asked by Bridget Lynch, Bozeman, MT Wed Oct 3, 2007

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5
Brad Price’s answer
Yes, prices have come down some. It is all about supply and demand. Bozeman has seen phenomenal growth over the past 10 years. Developers and Builders all wanted in on the action, and now that the markets that drive ours have slowed, we have a large supply of homes on the market and fewer buyers, so homes are staying on the market longer and prices are having to come down. It's a great time to be a buyer. Sellers had their turn for along time, now it's the buyers turn, so if your looking to buy, it's a great time.
1 vote Thank Flag Link Mon Apr 21, 2008
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
0 votes Thank Flag Link Mon Jul 27, 2009
Yes, values have come down a solid 20% across the board, more in some local price ranges, say $500-$1million and less in others, from $$150k to $$279k. Nothing like Florida, LasVegas, Phoenix or Southern Cal. Our market is completely different and driven by a completely different set of dynamics than those markets.
0 votes Thank Flag Link Sat Jun 27, 2009
Bridget,

Some values have declined, yes. However, sales have gone up almost 5% in the fist quarter of 08 for Bozeman. Prices are back on the rise, typically in new construction. New construction builders have been in control of the market latley and some have really had to cut profit margins to survive and really compete with the rest of the available inventory. Now that thier product is moving faster with lower and more affordable prices, interest rates are still super low and FHA has come up with some GREAT financing options, Builders are now slowly but steadily increasing thier prices and actually HELPING correct our Bozeman market to where things are starting to appreciate again. I love that you are just looking and starting to educate youself. Good luck! I would love to show you more about how this works anytime!

God Bless,

-Crystal K
0 votes Thank Flag Link Sun Jun 1, 2008
The real answer is thast prices are definitely adjusting. It is certainly easier to see which seller's are motivated, and which are just fishing for out of state buyers. Actually prices are fairly stable in most areas of the market...except lot sales. The fact is that we will definitely are seeing Days on the Market go up.....but what a great time to get in on the good buys at great rates!
0 votes Thank Flag Link Mon Feb 18, 2008
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