Single-family listings, sales up; available inventory down

BOZEMAN, MT – Today the Gallatin Association of REALTORS® released its real estate statistics for March 2017.

“The Gallatin area real estate market remained strong through March,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “The numbers are strong on all fronts: new single-family listings and closed sales are up, while the inventory of available homes and the months’ supply of available inventory are both down. Buyers and sellers participating in this type of active market would be smart to engage a professional REALTOR® to help them through the process.”

Single Family Homes – Gallatin County

The number of new single-family listings in Gallatin County rose from 176 in March 2016 to 185 last month, a 5.1% increase. The number of closed sales jumped from 106 to 118, an 11.3% increase, while pending sales decreased slightly from 157 to 155, a 1.3% drop. The average number of days on market dropped slightly from 88 to 87, a 1.1% decrease. The inventory of homes for sale fell from 510 to 405, a 20.6% decrease, and the months’ supply of inventory dropped from 4.1 to 3.1, a 24.4% decrease. The average sale price dropped from $457,918 to $443,539, a 3.1% drop.

Condo/Townhouse Market – Gallatin County

The number of new listings in the Gallatin County condo/townhouse market dropped from 106 in March 2016 to 87 in March 2017, a 17.9% decrease. The number of closed sales dropped from 54 to 47, a 13.0% decrease, while the number of pending sales decreased from 96 to 77, a 19.8% drop. The inventory of condo/townhouse homes available for sale dropped from 273 to 168, a 38.5% drop, and the months’ supply of inventory fell from 4.2 to 2.6, a 38.1% decrease. The average sale price jumped sharply from $265,331 to $381,476, a 43.8% spike.

The Gallatin 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.

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