BOZEMAN, MT –The Gallatin Association of REALTORS® (GAR) has released its real estate statistics for June 2017 and the year’s second quarter, revealing an increase in prices and a drop in existing inventory.
Although the number of homes sold decreased slightly between June 2016 and 2017, with job creation growing and mortgage rates remaining low, the market continues to be healthy and poised for growth, GAR officials say.
“The Gallatin area residential real estate market remains healthy,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “With available inventory decreasing and average sale prices increasing, we are seeing a competitive sellers’ market.”
Single Family Homes – Gallatin County – June 2017
The number of new single-family listings in Gallatin County in June 2017 dropped 2.9 percent from June of 2016, going from 238 to 231. The number of pending sales decreased slightly, from 158 to 150, a 5.1 percent drop, while the number of units sold dropped 9.5 percent, from 200 last June to 181 this year. The average sale price jumped from $472,645 to $488,200, a 3.3 percent increase. The average number of days on market dropped 14.9 percent, going from 74 to 63, while the months’ supply of inventory decreased 19.1 percent, from 4.7 to 3.8.
Single Family Homes – Gallatin County – Second Quarter 2017
Second-quarter statistics reveal a similar trend, with the number of new listings dropping 11.8 percent in the second quarter of 2017 compared to the same period in 2016, decreasing from 706 to 623. The number of sales dropped 12.5 percent, from 471 to 412, while the months’ supply of inventory went from 4.7 to 3.8 percent, a 19.1 percent drop. The average sales prices increased 9.8 percent, from $434,356 to $476,839.
Condo/Townhouse Market – Gallatin County – June 2017
The number of new listings in the Gallatin County condo/townhouse market dropped 14.8 percent in June compared to the same period last year, going from 108 to 92. Pending sales jumped 25 percent, from 80 to 100, while the number of closed sales fell 14.1 percent, from 92 to 79. The average sale price increased 14.7 percent, from $272,967 in 2016 to $313,171 this year. The months’ supply of inventory fell 32.5 percent, from 4 to 2.7.
Condo/Townhouse Market – Gallatin County – Second Quarter 2017
During the second quarter of 2017, the number of new condo/townhouse listings increased slightly compared to 2016, from 276 to 284, a 2.9 percent jump. The number of pending sales also rose between 2016 and 2017, going from 244 to 262, a 7.4 percent increase. The number of closed sales dropped, however, from 233 to 202, a 13.3 percent decrease. The average sales prices increased 16.6 percent, from $263,339 to $307,126. The months’ supply of inventory dropped 32.5 percent, decreasing from 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.
- Gallatin County Monthly Indicators
- Gallatin County Quarterly Indicators
- Housing Supply Overview
- Local Market Update.