Syndicated by: Montana News
BOZEMAN, MT – Median sale prices rose and the inventory of single-family homes tightened in July, according to statistics released today by the Gallatin Association of REALTORS® (GAR).
“The Gallatin area real estate market has remained strong through summer,” said GAR CEO Steve Candler, “The demand for single family homes is high, inventory is tight, and prices are nearly double what they were seven years ago. All signs point to continued market strength as fall approaches.”
Single Family Market – Gallatin County – July 2019
The number of new single-family listings increased compared to July of 2018, rising from 198 to 206, a 4% increase. Pending sales increased 6.9%, going from 145 to 155, while the number of closed sales spiked from 135 to 192, a 42.2% increase.
The median sales price increased 10.1%, from $420,000 to $462,350. The average number of days a home spends on the market decreased 8.2%, from 49 to 45. The inventory of available homes decreased 15% compared to last year, dropping from 560 to 476, while the months supply of inventory decreased 18.6%, from 4.3 to 3.5. Sellers received 98.7% of their list price in July, a slight increase from 98.5% last year.
Condo/Townhouse Market – Gallatin County – July 2019
Median sale prices in the condo/townhouse market increased 8.1%, moving from $298,700 to $323,000. Sellers received 99.5% of their listing price last month, up from 98.8% last year. The number of new listings increased 19.5%, going from 87 to 104.
The number of pending sales rose to 84, up from 67, a 25.4% increase, while closed sales decreased slightly from 87 to 84, a 3.4% drop. The average number of days on market in the condo/townhouse decreased 27.9%, from 61 last July to 44 last month. The inventory of available homes in the condo/townhouse market increased 22.1% compared to last July, rising from 213 to 260, while the months supply of inventory also jumped 21.9%, from 3.2 to 3.9.