In looking at the real estate statistics for August in Bozeman I thought it was a good time for a brief Bozeman Montana Real Estate update. Bozeman, Montana is a hot real estate market so I thought I would visit some of the statistics for the home market in August 2018. What is interesting is new listings were exactly the same as 2017 at 71 properties. The interesting thing is that the Median Sales price jumped from @ $395,000 to $452,500 which is a 14.7% increase in one year. The average sales price in the Bozeman real estate market changed from $435,643 to $512,213 which is a 17.6% increase.
Obviously, we are in a sellers market with those kinds of increases. Bozeman has seen these double digit increases for several years. The question arises can this continue. Inventory on market has risen a bit but not enough to change the 3.2 months of inventory.
What it boils down to is continued job growth and a strong economy. An alarming % of people are employed by the construction industry in Bozeman so if the market downturns it is likely that things can go south quickly. The music would stop and several people might not have seats.
So is this a repeat of 2008 where we are just going through another boom and bust cycle? It is a real possibility and will be determined by the national economy. Right now we are strong with +4% GDP growth. As long as we stay above 2.5% growth the Bozeman real estate market should stay strong.
If you want more info visit Gallatin MLS
Interesting that we are very similar to when we were last time where the market in Big Sky and Bozeman was crazy. There has been a great deal of investment in both areas since then and much notoriety and it will be interesting to see if this insulates this little market. Big Sky has two new high end hotels and Bozeman has added quite a few since the last downturn. MSU is the fastest growing University in the state and we have seen several businesses move in to Bozeman.