bozeman montana real estate: Gallatin County Real Estate Update - Single Family Home April 2016 - 06/08/16 03:03 AM

This month, we will compare single family home sales in the Gallatin Valley through April 2016 to last year’s home sales and help reveal trends in the market. Here are a few stats:
2016 sales are currently projected to drop by 21.62% (1,485 in 2015, 388 through April, projected to 1,164 sales in 2016) Dollar volume is projected to drop by 24.05% ($663,572,593 in 2015, $167,993,026 through April, projected to 503,979,078 in 2016) Currently, homes are moving slightly faster than last year, staying on the market 2.06% shorter than 2015 (97 days on the market in 2015, 95 days on the … (0 comments)

bozeman montana real estate: New Bozeman Neighborhood: The Lakes at Valley West - 10/21/15 04:09 AM
The final plat of Valley West Subdivision’s final phase was approved on October 5th, allowing development to begin on Bozeman’s west side. The Lakes at Valley West, as the final phase is called, has been under formal review for the past year. Now with approval, it will bring approximately 60 homes and 2 lakes to the already thriving subdivision.
Valley West has been one of the fastest growing and most active subdivisions in Bozeman. The final phase will help provide amenities to the current neighborhood while also increasing home inventory in the Bozeman area.
Bozeman, like the United States overall, has dealt with … (0 comments)

bozeman montana real estate: YMCA Community Center Progressing in Bozeman - 10/20/15 08:31 AM
With initial plans being submitted to the City Planning office for a new YMCA community center, it appears the project only needs to secure funding in order to move forward with plans.
The building, designed to be 20,000 square feet, will be approximately a 6 million dollar project, slightly up from March projections of 5.5 Million dollars. In March, the Gallatin Valley YMCA had raised 2.5 million for the project. Now, they have secured $300,000 in additional donations and are 1.2 million short of the 4 million needed to move forward on the project. The 4 million dollars would be used to … (0 comments)

bozeman montana real estate: Bozeman and Gallatin County Work Towards New Law and Justice Center - 10/19/15 04:46 AM
At the end of September, Bozeman and County Commissioners agreed to hire an architect to design the new law and justice center for the local area. The effort would be a shared joint effort between county and city governments, necessitated from the overall costs of such a project. Hiring an architect shows each government’s resolve to get the project approved and underway in Bozeman.
Both commissions approved unanimously to hire ThinkOne architects to submit building designs by the end of June 2016. Hiring an architect is just the first stage however, as the multi-million dollar construction bond that funds the project will … (0 comments)

bozeman montana real estate: Average Home Requires 22 Subcontractors to Build - 09/17/15 04:39 AM
When faced with putting down 200k plus for a new single family home, some buyers may wonder if their builder is walking away with huge profits. Although the builder may very well be making a good profit on the home, many buyers forget the organization and costs required to subcontract out the work needed to build the best home possible—tasks best done by experts in a specific industry. Buyers want to know that their home has been wired, plumbed and floored with the best of them, but having that guarantee does come with a higher price tag.
Builder’s use of subcontractors is … (2 comments)

bozeman montana real estate: Commercial Permits in Bozeman Up as Businesses Shift West - 09/09/15 04:53 AM
The City of Bozeman approved 447 new commercial construction projects—200 more permits than the previous year—highlighting Bozeman’s recent growth on the west end.
City officials confirmed that the west side of town has been the fastest growing and seen the highest rate change in population growth. Bozeman gave out 639 single family home permits in the last two years, with many focused on the west side of town. Businesses have seen the same trends and their shift towards the west end is a smart attempt to attract a less touched market.
As Bozeman’s downtown has become increasingly attractive to both residents and businesses, … (0 comments)

bozeman montana real estate: Developing Story Mill Community Park Receives 75K Grant - 09/04/15 09:28 AM

Story Mill Park is one step closer to becoming one of Bozeman’s biggest, best public parks after receiving a $75,000 grant from Wells Fargo Bank. Crews began work on the 55 acre park late last year and have been working on clearing buildings and opening the space need to transform the area into parkland. The grant will go towards development of the park and restoration of the segment of the East Gallatin River that flows through it.
The developers, the Trust for Public Land, will still need to collect additional funds but the donation helps them towards creating a park with a … (1 comments)

bozeman montana real estate: Creative Ideas Address Home Affordability In Montana - 09/03/15 07:55 AM
I read a great article in the Bozeman Daily Chronicle about how Whitehall, Montana has attacked their affordable housing situation and how Bozeman might be able to use some of these strategies locally. Whitehall is a small town about an hour away from Bozeman and a little outside of Butte. Whitehall has worked hard on creating a new affordable subdivision in town with homes that can be built for under $120,000.
These homes will be built in the new Mountain Horizon Subdivision in Whitehall. Habitat for Humanity is helping to develop the new subdivision. They along with builders and city officials have … (1 comments)

bozeman montana real estate: Housing Market Performs Well by Freddie Mac’s Recent Standards - 09/02/15 09:05 AM
According to some new figures released by Freddie Mac, the United States Housing market now may be the strongest it has been in years. Judging by their Multi-Indicator Market Index, it’s hard to disagree. The MiMi, as its called, suggests that our housing market has improved by 35% in comparison to October of 2010. With other recent index’s showing improvement as well, home buyers and seller alike should be heartened.
The index measures the stability of the US’s housing market through a variety of figures: on-time mortgage payments, employment, debt-to-income ratios and home purchase applications. Currently, the housing market is considered to … (0 comments)

bozeman montana real estate: All Cash Transactions Down as Home Values Rise - 08/31/15 02:38 AM
Transactions consisting of only cash have now hit their lowest share since 2009. In June 2015, all cash sales accounted for 22% of all existing home sale transactions. In June of 2014, all cash sales were at 32 percent. Existing home sales continue to rise so many buyers have turned to financing their home because their overall confidence in the housing market has improved.
In March, all cash transactions fell by 33% in comparison to March 2014 numbers, suggesting that cash sales have been going down pretty consistently for the past year. According to CoreLogic, all cash sales peaked in 2011 at … (1 comments)

bozeman montana real estate: US Home Prices Reach All-Time High, Inventory Low - 08/13/15 04:24 AM
Home Prices in the United States have reached an all time high according to the National Association of Realtors. The median sale price in June for all real estate housing types reached $236,400, up 6.5% from June 2014. Not only that, that figure hit above the 2006 record of $230,400 and is an all time high.
Limited inventory and high demand have been leading to the higher prices. Home sales increased by 3.2% in June to the highest level of sale activity seen since February 2007. Steady job growth and an improving economy have been pegged as the leading cause for the … (1 comments)

bozeman montana real estate: Bozeman Deaconess Hospital Expanding and Improving Services - 08/12/15 09:23 AM
Amidst a growing Gallatin Valley, Bozeman Deaconess Hospital will be expanding from its Bozeman location to better serve the greater area. The hospital has plans to expand to new campuses in Belgrade and Big Sky, while also adding to its Bozeman location. In addition to real estate based expansions, the hospital will also be expanding and improving its rural response to heart based medical issues thanks to a recent grant from the American Heart Association.
The hospital has 3 expansion projects currently across the Gallatin Valley.
Bozeman Deaconess moved forward with their plans to better address the growing West end of Bozeman and … (0 comments)

bozeman montana real estate: June Home Sales Beating Prerecession Numbers - 08/11/15 07:09 AM
Existing home sales in June passed the highs for all of 2006 and hit the highest level it has been at since February of 2007. Home sales increased in June by 3.2% to a seasonally adjusted rate of 5.49 million units sold. Existing home sales made notable increases in February and March as well. Having these sales numbers outshining prerecession totals adds more evidence to the narrative that the housing market has returned to form.
The United States Housing market is moving quickly and at high volume. Forty seven percent of the homes sold in June had been on the market for … (0 comments)

bozeman montana real estate: Bozeman School Board to Set Budget - 08/10/15 04:57 AM
Tonight, the Bozeman School Board will vote on whether to raise local property taxes to approve the $72 million in spending budgeted for this school year in Bozeman. Approving $72 million in spending would be up 3.4% from last year.
Enrollment for the Bozeman School District is expected to increase by 170 students, or 2.7 percent. The expected total will be 6,464 students—a new record for Bozeman school enrollment numbers. The new budget would add 10 new elementary teachers and 1 high school teacher to better address the growing student population. The school board will also increase their reserves to better tackle … (0 comments)

bozeman montana real estate: Gallatin County Market Update - August 2015 - 08/05/15 04:05 AM
This month, we will compare single-family residence sales in all of Gallatin County for 2013, 2014 and 2015 through the second quarter. Here are a few stats for Gallatin County single-family residences:
Total Quarter 1 and 2 sales increased by 9.39% from 2013 to 2014 (554 sold in 2013, 606 sold in 2014) Total Quarter 1 and 2 sales increased by 10.09% from 2014 to 2015 (606 sold in 2014, 667 sold in 2015) Quarter 1 and 2 dollar volume increased by 23.12% from 2013 to 2014 ($198,018,584 in 2013, 243,809,312 in 2014) Quarter 1 and 2 dollar volume increased by … (0 comments)

bozeman montana real estate: How Exempt Well Ruling May Affect Subdivision Growth in Bozeman - 07/08/15 07:46 AM
I read a great article by Troy Carter of the Bozeman Chronicle, detailing the effects of the exempt well ruling on Gallatin County growth. In mid-October of last year, a county judge ruled that subdivisions pumping over 10 acre feet of water per year would need to apply for a water rights permit. Before the ruling, subdivisions could pump up to 1,000 acre-feet of water without a permit, while farmers and ranchers using the same amount needed a permit.
The article details how the well ruling has affected development in Gallatin County since its inception. Many people have been worried it will … (2 comments)

bozeman montana real estate: Bozeman Won't Cut Parks, May Trim Lots for Affordability - 06/22/15 09:44 AM
Bozeman City Commissioners rejected the proposal by Bozeman area builders to lighten parkland requirements to make homes more affordable. They city remained open to the idea of lowering lot size requirements to increase inventory and lower prices of homes in Bozeman.
Bozeman builders were asked by City Commissioners to come up with several proposals in mid March to lower the prices of homes in the area. Despite high permit requests, new construction has not alleviated rising home values. Builders pushed for less mandated parkland in new subdivisions—a request, they believed would help lower prices while keeping their jobs affordable and feasible. City … (0 comments)

bozeman montana real estate: Bozeman Growth and City Streets - 05/29/15 08:08 AM
Bozeman has been growing and the local city streets may need some time to catch up. Bozeman’s population now sits at 39,860 people, up from 31,545 in 2003. Since 1996, Bozeman has added 12,000 new residents who now call the Gallatin Valley home. As Bozeman’s population has grown, the number of cars using its roads has also increased. Recently, the City of Bozeman has turned its focus towards fixing and maintaining streets in light of its recent growth.
Since 1996, Bozeman’s planning department has issued 9,300 completed building permits. Nearly two-thirds of these permits were residential and commercial construction. When a developer … (0 comments)

bozeman montana real estate: New Construction Too Expensive? - 05/13/15 09:25 AM
According to a new analysis by economist Tom Lawler, new construction homes are far more expensive than they should be. Lawler compared prices for new construction in 2015 compared to new construction costs in 1970. Right now, new construction costs double what they sold for in 1970 and here’s the bad news—inflation is included.
Right now, new construction sells for an average of $343,000. Lawler believes home price growth should have only risen by 23 percent since 1970 to now. According to his line of thinking, current new homes on the market should be selling for around $199,000.
What is causing the rise … (2 comments)

bozeman montana real estate: Potential New Development off Manley Road? - 05/11/15 09:02 AM
Tonight, Bozeman City Commissioners will decide whether re-zoning a piece of land out in the Manley Road area for residential use is feasible and makes sense for the city moving forward. If they decide yes, the owner of the land will move forward developing the area.
The 6.5 acre piece of land in question has had some zoning confusion to say the least—a very boring sounding topic that somehow can end up quite fascinating. Currently, the city has that land designated for future use as parkland. However, the County has the land designated for light industrial use (pretty mutually exclusive from parkland). … (0 comments)