Syndicated by: Montana News
BOZEMAN, MT – New listings are down, pending sales are up and the number of days on market is down, according to statistics released by the Gallatin Association of REALTORS® (GAR).
“The market is maintaining strength as we move into winter,” said Andrew Hurlburt, GAR Board President, “Homes are selling at a good clip, sellers are receiving around 98% of their asking price, and median sale prices are up in the condo market and holding steady in the single family market. While we will see the typical seasonal slowdown, our market should be in good shape moving into 2020.”
Single Family Market – Gallatin County – November 2019
The number of new single-family listings decreased 15.7% compared to November of 2018, falling from 83 to 70. Pending sales increased 40.9%, going from 66 to 93, and the number of closed sales fell slightly from 111 to 109, a 1.8% decrease. The median sales price decreased 1.2%, from $425,163 to $420,000, while the average number of days on market until sale dropped 36.9%, from 65 to 41.
The inventory of available homes decreased 3.4% compared to last year, falling from 466 to 450, and the months supply of inventory decreased 5.6%, from 3.6 to 3.4. Sellers received 97.8% of their list price in November, down slightly from 97.9% last year.
Condo/Townhouse Market – Gallatin County – November 2019
Median sale prices in the condo/townhouse market increased 10%, from $300,000 to $330,000. Sellers received 98.3% of their listing price last month, down slightly from 98.6% last year.
The number of new listings decreased 33.3%, from 63 to 42. Pending sales rose by 23.2% from 52 to 64, while closed sales increased 9.5% from 63 to 69. The average number of days on market fell 15.5%, from 71 last year to 60 last month. The inventory of available homes in the condo/townhouse sector increased 37.8% compared to last November, increasing from 193 to 266, while the months supply of inventory jumped 39.3% from 2.8 to 3.9.