BOZEMAN, MT –The Gallatin Association of REALTORS® has released its real estate statistics for May 2017, revealing increases in home sales prices and a drop in the amount of time homes spend on the market.
“The Gallatin area residential real estate market demonstrated continued strength through May,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “The average sale price continues to rise in both the single-family and condo markets, while the number of days on market until sale and the months’ supply of inventory continue to decrease. The Gallatin area real estate market continues to be consistent and competitive, underscoring the value of professional advice from a qualified, trained REALTOR.”
Single Family Homes – Gallatin County
The number of new single-family listings in Gallatin County in May 2017 dropped 9 percent from May of 2016, going from 233 to 212. The number of pending sales also decreased, going from 171 to 155, a 9.4 percent drop, while the number of units sold decreased slightly from 140 last May to 133 this year, a 5 percent drop. The average sale price jumped from $367,000 to $372,000, a 1.5 percent increase. The average number of days on market went from 71 to 59, a 16.9 percent drop, while the months’ supply of inventory dropped 23.3 percent, from 4.3 to 3.3.
Condo/Townhouse Market – Gallatin County
The number of new listings in the Gallatin County condo/townhouse market decreased slightly in May compared to the same period last year, going from 91 to 87, a 4.4 percent drop. Pending sales also decreased, dropping 6.1 percent from 82 to 77, while closed sales fell slightly, from 72 to 70, a 2.8 percent drop. The average sale price increased 6.5 percent, jumping from $259,097 to $275,932. The average number of days on market dropped sharply from 80 to 47, a 41 percent decrease, and the months’ supply of inventory fell from 3.8 to 2.8, a 26.3 percent drop.