Market Conditions - April 7, 2006 by Carla L. Davis
Some states seem to fly under the radar of national media attention when it comes to real estate market conditions. Perhaps they weren't part of the incredible boom that was seen over the last few years -- like the Midwest, which overall only saw the fairly predictable 6 percent rate of appreciation. But as the hot markets of last year cool off, and in some cases begin to fear price depreciation, some of the more moderate markets are heating up. Bozeman, Montana, is one such city. This city has seen an estimated growth in population of 17.8 percent in the last few years -- one of the possible causes of the rapid price appreciation the area is now experiencing. In just the last 6 months -- when prices in many of the "hot" locales were cooling -- Bozeman saw a 12.8 percent increase in average home value. Homes are selling in under 4 months and for an average price near $340,000. So what is drawing in residents to this beautiful wilderness town? Bozeman received a "The All-American City Award" in 2001 -- just one of 10 given out nationwide. Besides this small town feel with large amenties, national forests and recreational areas are only a few miles away. Another location of note in Montana is Lincoln County, located in the northwest corner of the state. This lakefront area has been known as a large boating and recreational community, with homes selling at some of the steepest prices the state sees. The average listing prices range from the mid $400,000's all the way up the $700,000's, but residents and visitors alike are willing to pay the prices to be near such a spectacular setting. Some areas do offer slightly more affordable pricing, such as properties on the Bull River, where sales averaged $230,000. This was 91 percent of the asking price. Homes were on the market an average of 171 days. | 
