Distinctly Montana Magazine

d i s t i n c t ly m o n ta n a • s p r i n g 2 0 1 4 48 If we combine Bozeman city limits, Bozeman outskirts, Belgrade, Manhat- tan/ Three Forks, Gallatin Canyon/ Big Sky, and Park County (areas 1-6 of our multiple listing service), there were 1,456 single family home sales reported in 2013 versus 1,250 in 2012. Sales of single family homes in just the Bozeman city limits increased from 434 to 490 with an average price jump from $293,786 to $309,986 and median price gain from $255,000 to $277,605. Condos/ townhomes also increased from 553 to 627 sales in 2013, the average price rose to $233,638 from $187,395, and the median price grew to $174,000 in 2013 from $147,500 in 2012. This certainly signifies a market correction that we have been anticipating. Big Sky saw a fabulous "come back" year with strong freestanding residential sales up 19%, condos up 60%, and vacant land sales up 75%. Unprec- edented new construc- tion is scheduled for the Yellowstone Club in 2014. And, clearly the second homebuyers are back in the market with purchases, instead of just looking. Gallatin County population is 94,700. Billings, our largest market (pop. 154,200), displayed nice gains in the number of single- family sales for 2013 at 2,248, increasing from 2,038 the previous year. The median sales price increased to $209,625 from $195,000 in 2012 with an aver- age of $229,318, up from $215,091 the year prior. The days on market decreased from 72 to 63 days. A quick glance at condos/townhomes shows a dip from 244 units in 2012 to 224 last year but with increases in both the median ($159,300) and average ($165,942) prices. The strong oil and gas play in east- ern Montana continues to push growth in Billings, a s we reflect back on 2013, it was a fine year for business traction and growth across our state, including non-farm earnings up 2.3%, lower unemployment at 5.2%, increased tourism spend- ing over $11 million, and a very strong comeback for real estate in every market with over 13% statewide sales gains. The most recent estimated population figures show 1,015,165 Montanans with a 1% increase over 2012. The revised county population numbers confirm that the fastest growing counties include Gallatin at 2.3%, Flathead at 1.6%, and Yellowstone at 1.5%. It is quite amazing how quickly the real estate world changed from a lackluster situation with distressed sales and an over-supply of housing inventory to a robust, active market filled with buyer demand and price appreciation. Let's take a trip around the state to have a closer look at the major markets. The following real estate sales data is provided by local Realtor® boards from each market. By roByN ErLENBuSH, CrB, CrS, grI Clearly the second homebuyers are back in the market with purchases, instead of just looking.

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