BOZEMAN, MT -- [June 28, 2018] -- The Gallatin Association of REALTORS® (GAR) recently released its residential real estate market statistics for May 2018, revealing increases in units sold and sales prices and an increasingly tight inventory of available homes.
Single-family sales jumped 9.3 percent in May 2018 compared to May 2017, going from 140 to 153, and the average sales price in the single-family market increased 19.6 percent. Condo/townhouse sales increased 15.3 percent, rising from 72 to 83, while the average sale price in the condo/townhouse market increased 32.3 percent.
“The Gallatin area continues to see a competitive seller’s market as we move into summer,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Total sales and average sales are up, while the inventory of available homes remains tight. All signs point to a competitive market through the summer of 2018.”
Single Family Homes – Gallatin County – May 2018
The number of new single-family listings increased from 222 to 228 in May 2018 compared to May 2017, a 2.7 percent jump. The number of pending sales remained unchanged at 155, while the number of units sold increased 9.3 percent, jumping from 140 to 153. The average number of days on market decreased slightly from 56 last year to 51 this year, an 8.9 percent drop, while the month’s supply of inventory fell 13.9 percent, from 3.6 to 3.1.
Condo/Townhouse Market – Gallatin County – May 2018
The number of new listings in the Gallatin County condo/townhouse market decreased 18.9 percent in May 2018 compared to the same period last year, falling from 106 to 86. Pending sales jumped 14.9 percent, from 74 to 85 and the number of units sold increased 15.3 percent, from 72 to 83. The average sale price saw a 32.3 percent spike, jumping from $276,795 in May 2017 to $366,178 last month, and the month’s supply of inventory fell 20.6 percent, from 3.4 to 2.7.
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. For more information, visit http://www.GallatinRealtors.com.