BOZEMAN, MT – The Gallatin Association of REALTORS® has released its residential real estate statistics for November 2017, revealing a consistent and healthy housing market.
“The Gallatin area residential real estate market is demonstrating steady, consistent strength as we close out 2017,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “The average sale price for single-family homes is up compared to last year, while the inventory of homes available and the average length of time homes spend on the market prior to sale are both down. This points to a highly competitive sellers’ market as we move into 2018.”
Single Family Homes
The number of new single-family listings dropped from 91 in November 2016 to 65 last month, a 28.6 percent decrease, while the number of closed sales was nearly identical to last year, increasing slightly from 115 to 116. The average number of days on market until sale was 66, down 7 percent from 71 in November 2016. The inventory of homes for sale decreased 18 percent, from 500 in November 2016 to 410 during the same period this year, while the average sale price increased 1.3 percent compared to last year, from $475,857 to $482,109. The months’ supply of inventory dropped from 3.8 to 3.2, a 16.3 percent decrease.
The number of new listings in the condo/townhouse market last month was nearly identical to last year, increasing slightly from 53 in November of 2016 to 54 this year. The number of closed sales also increased by 1, from 66 to 67. The average sale price fell from $303,862 in November 2016 to $278,245 last month, an 8.4 percent drop. The average number of days on market until sale dropped sharply from 97 in November 2016 to just 59 last month, a 39.3 percent decrease, while the months’ supply of inventory remained at 3.2.
The Gallatin Association of REALTORS® (GAR) and the Big Sky Country MLS (BSCMLS) 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.