BOZEMAN, MT – The Gallatin Association of REALTORS® has released its residential real estate statistics for December 2017 as well as the year’s fourth quarter, revealing a competitive market with higher sales prices and more sales than the previous year.
“The Gallatin area residential real estate market has maintained a strong growth with higher sales prices and lower inventory as we close out 2017,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “We’re looking forward to an even stronger market in 2018, as average sales prices continue to climb, and the inventory of homes on the market continues to shrink.”
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 single-family listings increased 9.3 percent from 246 in the fourth quarter of 2016 to 269 in the final three months of 2017. Closed sales jumped 5.7 percent, from 368 to 389. The average number of days on market until sale was down 4.3 percent, dropping from 70 to 67. The inventory of homes for sale decreased 11.8 percent, going from 424 to 374, while the months supply of inventory dropped 9.4 percent, from 3.2 to 2.9. The average sales price increased 18 percent between the fourth quarter of 2016 and that of 2017, going from $444,874 to $524,995.
The number of new listings in the condo/townhouse market saw a marked increase between December 2016 and December 2017, rising 68.6 percent, from 32 to 54. The number of closed sales also increased significantly over the year, jumping 39.3 percent from 56 to 78. The average sales price fell from $366,160 in December 2016 to $292,135 last month, a 20.2 percent drop. The average number of days on market until sale dropped sharply from 84 in December 2016 to just 55 last month, a 34.5 percent decrease, while the months’ supply of inventory increased from 3 to 3.4.
In the fourth quarter of 2017, the number of new listings in the condo/townhouse market jumped 20.4 percent compared to the previous year’s numbers, going from 142 to 171. Closed sales increased 13 percent, from 123 to 139. The average sales price dropped 10.9 percent, going from $326,990 in the fourth quarter of 2016 to $292,391 in 2017. The average number of days on market until sale dropped from 84 in 2016 to 55 in 2017, a 34.5 percent decrease.
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.