BOZEMAN, MT – The Gallatin Association of REALTORS® (GAR) recently released its residential real estate market statistics for October 2018, revealing increases in closed sales and sale prices and a tightening inventory of available homes.
“The Gallatin area continued to see an active, competitive seller’s market through October,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Sale prices are up once again, while the inventory of available homes remains tight. The market remains in solid shape as we move into Winter.
Single Family Homes – Gallatin County – October 2018
The number of new single-family listings increased slightly from 133 in October 2017 to 135 this October, a 1.5 percent increase. The number of units sold increased 14.9 percent, from 148 last October to 170 this year, while the median sale price saw a 20.9 percent spike, jumping from $372,361 to $450,000. The average number of days on market was 62, a 26.5 percent increase from 49 last year, and the months supply of inventory decreased 7.7 percent, from 3.9 to 3.6.
Condo/Townhouse Market – Gallatin County – October 2018
The median sale price in the condo/townhouse market jumped 20.2 percent, from $248,700 in October 2017 to $299,000 last month. The number of closed sales decreased 23.6 percent, from 72 to 55. New listings decreased 12.7 percent in October 2018 compared to the same period last year, falling from 63 to 55, while the months supply of inventory fell 22.9 percent, from 3.5 to 2.7.
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.