BOZEMAN, MT – Today the Gallatin Association of REALTORS® released its real estate statistics for October 2017.
“The Gallatin area residential real estate market remains competitive as we move into winter,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “The number of available homes and the months’ supply of inventory continue to decrease, while the average sale price in the single-family market continues to increase, indicating that we remain in a highly competitive sellers’ market. Both buyers and sellers would be well-served to engage a professional, trained REALTOR® to help them navigate this market.”
Single Family Homes
The number of new single-family listings increased from 99 in October 2016 to 125 last month, a 26.3 percent increase, while the number of closed sales rose from 135 to 146, an 8.1 percent jump. The average number of days on market until sale was 49, down from 65 in October 2016, a 24.6 percent drop. The inventory of homes for sale dropped 16.4 percent, from 554 in October 2016 to 463 last month, while the average sale price rose from $444,012 to $460,896, a 3.8 percent increase. The months’ supply of inventory dropped from 4.3 to 3.6, a 16.3 percent decrease.
The number of new listings in the condo/townhouse market fell slightly from 57 in October 2016 to 52 last month, an 8.8 percent drop. The number of closed sales decreased from 73 to 70, a 4.1 percent decline. The average sale price fell from $319,659 in October 2016 to $310,206 last month, a 3 percent drop. The average number of days on market until sale fell sharply from 74 in October 2016 to 53 last month, a 28.4 percent decrease, while the months’ supply of inventory remained nearly static, dropping 3.1 percent from 3.2 to 3.1.
The Gallatin 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. For more information, visit http://www.GallatinRealtors.com.