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Bozeman Montana Real Estate Market – Spring 2012

March 28th, 2022

In 2007 the Bozeman real estate market hit its peak, and by 2008 the market began to readjust. Prices promptly took a plunge. Starting in February 2012 the market began stabilizing. Home prices have steadily increased, and what seemed to be a “Buyers Market” is now fair game for buyers and sellers. Buyers must reevaluate the offers they present to Sellers. Multiple counteroffers are popping up everywhere, our inventory is down dramatically, and it appears the winds have changed, or at least for now.

Bozeman, Montana is a college town, a resort town, and a community built upon telecommuting. People move here for the lifestyle and the proximity to all things wonderful. Unlike other areas of the country, our real estate market suffered a far shallower recession, causing the game of short sales and foreclosures to be played VERY differently. The continuous arrival of new residents in Bozeman through the years has brought about steady growth in our community. The college kids come here and their parents buy homes. Big city dwellers come for a week and decide to stay for life. Most short sales and foreclosures cannot be purchased for pennies on the dollar. Many distressed homes sell a mere 5%-10% below market value, and much of that is due to the demand never leaving.

When purchasing a home in Bozeman, Montana you have to be realistic. Our average purchase price for 2012 is $238,250, slightly ahead of the 2011 average sales prices. Prices are still far below the peak in 2007, but there is very little single family inventory in Bozeman below $190,000. Condo prices start at $90,000. Homes being sold between $200,000-$300,000 sell close to the asking price in the Spring and Summer markets. New construction is selling for its asking price up to $450,000. Properties above $500,000 generally have some room for negotiations.

When making an offer in Bozeman, Montana, asking about the home’s roof should be a number one priority. A massive hailstorm in 2010 precipitated the replacement of many roofs on a majority of Bozeman homes. It is a common practice to deduct the cost of the roof repair if the roof has not been replaced.

Reviewing and possibly contesting your taxes after the purchase of your new home is another priority task. The current tax values were established during the peak of our real estate market in 2007-2008.