Syndicated by: Montana News
BOZEMAN, MT – The Gallatin Association of REALTORS® has released its residential real estate statistics for January 2018.
“The Gallatin area residential real estate market remains strong through the winter months,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “The inventory of single-family homes for sale is down slightly from last year, while the average number of days on market is down sharply in both the single-family and condo/townhouse markets. These numbers point to a competitive sellers’ market through early 2018.”
Single Family Homes
The number of new single-family listings rose from 108 in January 2017 to 120 last month, an 11.1 percent increase, while the number of closed sales dropped from 95 to 69, a 27.4 percent decrease.
The average number of days on market until sale dropped sharply from 85 to 61, a 28.2 percent decrease. The inventory of homes for sale decreased 7.2 percent, from 401 in January 2017 to 372 last month, while the average sale price decreased from $485,141 to $447,170, a 7.8 percent drop. The months’ supply of inventory dropped remained virtually static, dropping slightly from 3.0 to 2.9, a 3.3 percent decrease.
The number of new listings in the condo/townhouse market dropped from 66 in January 2017 to 56 last month, a 15.2 percent decrease. The number of closed sales rose from 39 to 46, a 17.9 percent jump. The average sale price fell $366,366 in January 2017 to $352,562 last month, a 3.8 percent drop. The average number of days on market until sale plummeted from 197 in January 2017 to 67 last month, a 66 percent decrease, while the months’ supply of inventory rose slightly from 2.6 to 3.2, a 23.1% increase.