BOZEMAN, MT [June 24, 2019] – The Gallatin area real estate market is in strong shape, according to the latest statistics from the Gallatin Association of REALTORS® (GAR). Median sale prices were up in May 2019 compared to the same period last year, and sellers received over 98% of their list price in both the single family and condo/townhouse markets.
“The Gallatin market is showing signs of growth and momentum,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Average sale prices, pending sales and new listings increased, which indicates a competitive sellers’ market during our peak transaction season.”
Single Family Homes – Gallatin County – May 2019
The median sales price increased 3.1%, rising from $407,250 in May 2018 to $420,000 last month. The number of units sold increased from 154 in May 2018 to 176 this May, a 14.3% increase, and pending sales are up 26 percent, rising from 146 last May to 184 this year. The average number of days on market was 64, up from 51 last May, and the months supply of inventory decreased 20%, from 3.5 to 2.8. Sellers received 98.3% of their list price in May 2019, down from 99% in 2018.
Condo/Townhouse Market – Gallatin County – May 2019
The median sales price increased 18.4 percent, rising from $289,450 in May 2018 to $342,750 last month. The number of pending sales decreased 11.3 percent, from 80 to 71, while new listings increased 20.9 percent in May 2019 compared to the same period last year. The months supply of inventory increased 16.7 percent, from 3.0 to 3.5. Sellers received 99% of their list price in May 2019, up from 98.8% last year.