BOZEMAN, MT (Dec. 20, 2018) – Median single-family home prices spiked in an increasingly competitive sellers’ market in November, according to the Gallatin Association of REALTORS® (GAR).
“The Gallatin area continued to see an active, competitive seller’s market through November,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Average sales prices are up once again, while the inventory of available homes remains tight. The market remains in solid shape as we close out the year.
Single Family Homes – Gallatin County – November 2018
The number of new single-family listings jumped from 68 in November 2017 to 82 this November, a 20.6 percent increase. The number of units sold decreased 5.9 percent, from 119 last November to 112 this year, while the median sale price saw a 14 percent spike, jumping from $376,900 to $429,582. The average number of days on market was 65, showing no change from last November, and the months supply of inventory decreased 2.9 percent, from 3.5 to 3.4.
Condo/Townhouse Market – Gallatin County – November 2018
The median sale price in the condo/townhouse market jumped 28.5 percent, from $229,500 in November 2017 to $295,000 last month. The number of closed sales decreased 18.6 percent, from 70 to 57. New listings decreased 8.6 percent in November 2018 compared to the same period last year, falling from 58 to 53, while the months supply of inventory fell 25.7 percent, from 3.5 to 2.6.
The Gallatin Association of REALTORS® (GAR) and the Big Sky Country MLS are the local association level of the largest trade association in the nation, presently serving its members, which are comprised of REALTORS®, Appraisers and Affiliate Members. Chartered in 1959 by the National Association of REALTORS® (NAR), GAR represents the interests of its members in southwestern Montana. For more information, visit http://www.GallatinRealtors.com.