The Wall Street Journal published an article today highlighting the improving market for Vacation homes in a number of resort communities across the country. Several of the trends noted in the article mirror what is happening in Montana's Big Sky Ski Resort. In 2010, Big Sky saw overall sales transactions increase by almost 50% as buyers jumped off the sidelines, often with cash.  The overall dollar volume of sales in Big Sky was also up, but by only 15% as the average price fell 17% between years.  PureWest Christie's Great Estates agents in Big Sky say that buyers who have been watching on the sidelines now believe the bottom is probably behind us and are moving to take advantage of bargain prices still available.  The upward trend in vacation homes defies expectations for home prices nationally where experts are calling for a further decline of 5% - 10% in home prices due to excess inventory, foreclosure pressure and the difficulty in obtaining mortgage finance. ...

   This past year saw an increase in the number of home sales transactions as well as an increase in the overall dollar volume of sales transactions in the Bozeman Area, Montana.  Economists predict that a home shortage, or at least in certain markets, may materialize in 2011.  While there are still record foreclosures, the number of people need housing continues to rise each year.    While some markets are down to 6 -7 months of inventory, Bozeman still has ample unsold homes.  At the beginning of January, there were $343 million listings as compared to $178 in total sales during 2010.  As in many markets, the sub-$500K priced homes are moving well but over $1.0 million is slow.  See Bozeman Market Statistics for 2010.    Repost from Forbes.com Economist: Housing shortage coming in 2011 He says that if new houses aren't built soon in the U.S., there won't be enough next year. By Alexandra Zendrian of Forbes ...

Bozeman, MT - Key home sales indicators begin to improve in 2010. The total number of sales, the total dollar volume of sales and the average home price all trended up in 2010. The year 2009 was the lowest sales year from both a dollar volume and transaction number standpoint since 2005. That year was also characterized by marked slowdown in the sales of higher priced homes. As a percentage of sales, sales of homes priced under $500K climbed to 78% of sales from an average of close to 60% in the previous three years.    Bozeman Area Single Family Home Sales - $ Millions By Sales Level       2010 2009 2008 2007 2006 2005 ...

At January 1, 2011, condos and townhomes comprised about 30% of all properties on the Bozeman market and single family homes made up the remaining 70%.   Condo Townhome Single Family All Listings Number of Listings 148 40 456 643   Percent 23% 6% 71% 100%         ...

  Bozeman Montana Area Real Estate Listings by Price Category at January 1, 2011 The following summarizes the real estate listings for the Bozeman Area* at January 1, 2010.  Listings totaled $343.8** million at the beginning of the year, of which 88% are single family residential. Homes defined as luxury, $750K and above comprised a total of $174.0 million in listings in the ultra-luxury category defined as homes priced over $1.5 million comprised $121 million in total listings (or roughly one third of the total dollar listing volume). Condos and Townhomes comprise only 12 % of the listing volume at year end and none are priced above $1.5 million.  The following shows the breakdown of residential real estate listings in the Bozeman area at January 1, 2011 in dollar millions.           Single Single Family ...

 As part of the 2010-11Remodeling Cost vs. Value Report, REALTORS® recently rated exterior replacement projects among the most cost-effective home improvement projects, demonstrating that curb appeal remains one of the most important aspects of a home at resale time. “This year’s Remodeling Cost vs. Value Report highlights the importance of exterior projects, which not only provide the most value, but also are among the least expensive improvements for a home,” said National Association of REALTORS® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Since resale value can vary by region, it’s smart for home owners to work with a REALTOR® through the remodeling and improvement process; they can provide insight into projects in their neighborhoods that will recoup the most when the owners are ready to sell.” Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. The steel entry door replacement remaine ...