BOZEMAN, MT – The Gallatin Association of REALTORS® (GAR) has released its residential real estate market statistics for July 2017, revealing increases in sale prices and a drop in existing inventory compared to last year.
Single-family sales increased 5.3 percent this July compared to last year, rising from 152 to 160. Condo/townhouse sales remained flat, while the average sales price rose 26 percent, GAR reported.
“The Gallatin area residential real market continued its pattern of steady strength through July,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “The average sale price continues to rise while the months’ supply of inventory continues to decrease.
The strong demand and limited supply of homes points to a highly competitive sellers’ market in which both buyers and sellers would be well-served to work with a professional, trained REALTOR®.”
Single Family Homes – Gallatin County – July 2017
The number of new single-family listings in Gallatin County in July 2017 dropped 11.8 percent from July of 2016, going from 229 to 202. The number of pending sales increased slightly from 151 to 152, while the number of units sold increased 5.3 percent, from 152 last July to 160 this year.
The average sale price jumped from $460,394 to $490,271, a 6.5 percent increase. The average number of days on market saw a slight bump from 69 to 70, while the months’ supply of inventory decreased 21.6 percent, from 4 to 5.1.
Condo/Townhouse Market – Gallatin County – July 2017
The number of new listings in the Gallatin County condo/townhouse market rose 9.4 percent in July compared to the same period last year, going from 64 to 70. Pending sales increased 5.8 percent, from 69 to 73, while the number of closed sales held steady at 71.
The average sale price jumped 26.1 percent, from $250,091 in 2016 to $315,343 this year. The months’ supply of inventory fell 28.9 percent, from 3.8 to 2.7.