BOZEMAN, MT (February 15, 2019) – Median single-family home prices and pending sales jumped in an increasingly competitive sellers’ market in January, according to the Gallatin Association of REALTORS® (GAR).
“Sale prices were up in January, while the inventory of available homes remains tight,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “The Gallatin area real estate market kicked off 2019 in strong shape, and we expect that trend to continue into Spring.”
Single Family Homes – Gallatin County – January 2019
The number of new single-family listings fell from 123 in January 2018 to 113 last month, while the number of pending sales increased 15.1 percent from 106 to 122. Additionally, the median sales price also jumped 21.4 percent, from $392,500 last January to $476,500 this January. The month’s supply of inventory decreased 15.2 percent, from 3.3 to 2.8.
Condo/Townhouse Market – Gallatin County – January 2019
The median sale price in the condo/townhouse market jumped 19.1 percent, from $279,750 in January 2018 to $333,200 last month. The number of pending sales decreased 17.2 percent, from 64 to 53. New listings were down 3.3 percent in January 2019 compared to the same period last year, falling slightly from 60 to 58, while average days on market dropped 10.4 percent, decreasing from 67 last January to 60 last month. The month’s supply of inventory dropped 28.6 percent, decreasing from 3.5 to 2.5.
The Gallatin Association of REALTORS® (GAR) and the Big Sky Country MLS are the local association level of the largest trade association in the nation, presently serving its members, which are comprised of REALTORS®, Appraisers and Affiliate Members. Chartered in 1959 by the National Association of REALTORS® (NAR), GAR represents the interests of its members in southwestern Montana.