BOZEMAN, MT – The Gallatin Association of REALTORS® (GAR) recently released its residential real estate market statistics for August 2018, revealing increases in units sold, average sales prices and a tightening inventory of available homes.
Single-family sales increased 14 percent in August 2018 compared to last year, going from 157 to 179 units sold, while the average sales price in the single-family market increased 18 percent. Condo/townhouse sales fell 2.4 percent, decreasing slightly from 83 to 81 units sold, and the average sale price in the condo/townhouse market jumped 2.9 percent.
“The Gallatin area continues to see an active, competitive seller’s market through August,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Average sales prices are up, while the inventory of available homes remains tight. The average number of days on market is 47 days, the quickest market we’ve seen in over two years. If you’ve considered listing a home for sale, now is a great time to do so.”
Single Family Homes – Gallatin County – August 2018
The number of new single-family listings fell slightly from 202 in August 2017 to 189 this August, a 6.4 percent decrease. The number of pending sales increased slightly from 144 to 153, a 6.3 percent jump over last year. The number of units sold spiked 14 percent, from 157 last August to 179 this year. The average number of days on market was 54, a 1.8 percent decrease from 55 last year, and the months supply of inventory decreased 10.9 percent, from 4.6 to 4.1.
Condo/Townhouse Market – Gallatin County – August 2018
The number of new condo/townhouse listings increased 13.2 percent in August 2018 compared to the same period last year, going from 76 to 86. Pending sales jumped 11.8 percent, from 68 to 76, while the number of closed sales decreased 2.4 percent, from 83 to 81. The average sale price increased 2.9 percent, from $322,038 in August 2017 to $331,222 last month, and the month’s supply of inventory fell 11.8 percent, from 3.4 to 3.
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.