BOZEMAN, MT – The Gallatin Association of REALTORS® (GAR) recently released its residential real estate market statistics for August 2017, revealing an upward swing in median sale prices and a drop in existing inventory compared to last year.
Single-family sales increased 1.6 percent this August compared to last year, rising from 184 to 187. Condo/townhouse sales increased by 2.7 percent, rising from 73 to 75, while the average sale price in the condo/townhouse market rose 26.1 percent.
“As it has done all summer, the Gallatin area residential real estate market demonstrated steady, consistent strength through August,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Average sales prices continue to rise, while inventory of available homes and the months’ supply of inventory continue to decrease. The strong demand and limited supply of homes points to a highly competitive sellers’ market in which our professional and trained REALTORS® can help both buyers and sellers achieve success.”
Single Family Homes – Gallatin County – August 2017
The number of new single-family listings in Gallatin County in August 2017 increased 1.6 percent from August of 2016, going from 184 to 187. The number of pending sales decreased from 154 to 144, a 7.1 percent drop, and the number of units sold decreased 4.9 percent, from 162 last August to 154 this year. The average sale price jumped from $425,725 to $511,247, a 20.1 percent spike. The average number of days on market held steady at 50, while the months’ supply of inventory decreased 14.3 percent, from 4.9 to 4.2.
Condo/Townhouse Market – Gallatin County – August 2017
The number of new listings in the Gallatin County condo/townhouse market rose 2.7 percent in August compared to the same period last year, going from 73 to 75. Pending sales held steady at 74, while the number of closed sales decreased 13.8 percent, from 87 to 75. The average sale price jumped 26.1 percent, from $245,148 in 2016 to $309,223 this year and the months’ supply of inventory fell 25.7 percent, from 3.5 to 2.6.