BOZEMAN, Mont. - Across Gallatin County the price of houses, are through the roof.
According to the Gallatin Association of Realtors, the real estate market saw less real estate activity in April—but the market is still in high demand.
According to trends, this isn’t the busy season for real estate agents. That’s normally spring and summer.
“The fact that homes are flying off the shelves and selling very close to full asking price tells us that demand isn’t letting up,” Jim Gingery the Gallatin Association of Realtors President said.
According to data the median sales prices in the condo/townhouse market dropped by 20%, from $600,000 to $480,000. The median number of days homes spent on the market increased 137.5%, from 4 to 10.
Homes sell quickly in Gallatin County during April, read more: https://t.co/0z9Fnq5HoD pic.twitter.com/XbBO20zLY5— Gallatin REALTORS® (@REALTORSGAR) May 17, 2023
This is a good indicator for people looking to get the start in the real estate market in Gallatin county, but what about those who are homeless are priced out?
Family Promises is poised to make a huge investment into the community and they’re doing so with the Gallatin County Commissioners.
The executive director of Family Promise, Christel Chivilicek, told commissioners that they’ve seen a 680% increase in families seeking their services, so this additional housing is extremely needed.
Last week, Gallatin County Commissioners passed a resolution of intent to issue tax-exempt industrial development revenue bonds in the amount of $7.5 million on behalf of Family Promise of Gallatin Valley.
The way these bonds work is that the county can issue debt, then at the time of closing the debt is assumed by Family Promise. There is no liability to the county and no cost to the taxpayers.
Family Promise will also have access to a 5.4% interest rate instead of over 8%.
This will help give Family Promise the ability to purchase the current Montana Bible College campus, located at 20 Cornerstone Way in Bozeman.
The campus has three buildings, and will be use for emergency and transitional housing. Family Promises will be able to help put a roof over 43 families.
The final hearing on this will be on Tuesday, June 6 at 9 AM at the commission’s regularly scheduled public meeting.
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