Bozeman homes for sale are fast becoming a prized possession for owners and a great attraction for buyers willing to invest in a cornerstone piece of the US real estate. These are surely positive signs for Bozeman real estate.
Bozeman real estate is one of the most sought-after areas for investors looking for lucrative property investment opportunities in Montana. Over 56 Bozeman condo units have been sold in the last 90 days, compared to 206 condos sold last year. With the tourist season to hit in June, the city is expected to record great sales, being a prime holiday destination.
There has been a remarkable reduction in the number of distressed properties, including short sale and bank owned properties, according to reports, which put the total condo units on market at 107, with the highest priced condo being offered at $447,000 and the lowest active condo on market at $95,000.
Comparing this with last year, the lowest price condo unit was sold for $45,000 while the highest priced condo was sold for $1,200,000. This is clearly an indication that land in Bozeman is beginning to catch fire.
Home buying has become even more affordable in Bozeman now, with mortgage rates constantly riding low, thus increasing home buyer affordability. Forbes, CNNMoney, and Outside Magazine, among other popular media companies, have been constantly placing Bozeman on the list of "Top All-American Dream Towns” for several years.
According to Freddie Mac’s weekly mortgage market survey, for the past few weeks, mortgage rates have remain unchanged while 30-year fixed-rate mortgages have been reducing dramatically, reaching an all-time low, and 15-year fixed-rate mortgages have remained steady at the all-time low reached a couple of weeks ago.
No doubt, this has been instrumental in driving home buyer affordability. Comparing previous year’s median sales price to that of 2012, it has increased from $251,000 to 283,400 this year.
The first quarter itself saw housing affordability reaching an all-time high. For a long time, cost of housing in Montana was a big drawback for investment in the Bozeman real estate. However, rising affordability along with falling inventory seem to be driving the Bozeman real estate market today. Montana has become affordable for investors looking for property investment opportunities. In fact, statewide sales in Montana have been the strongest in the first quarter.
Experts believe with at least 110 condos and 570 homes for sale, Bozeman is left with approximately six months of inventory, seeing the number of properties sold during the last month. This is indeed the best time to invest before the inventory decreases in Bozeman. Investors and buyers must take advantage of the best deals of Spring and Summer in Bozeman real estate before somebody else closes in on the deal, especially with the tourist season around the corner in June-August when she anticipates record sales and expects median prices on Bozeman homes for sale to be about $285,000.