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Gallatin County Market Watch for October 2017

 

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For residential real estate in 2017, the news has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1 percent for October 2017, which means that joblessness has not been this low in the U.S. since December 2000. Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has been around 6.0 percent. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales.
  
Although inventory levels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to maintain a positive attitude about the prospects of buying or selling a home. Low affordability has started to become a recent topic of conversation and is worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to continue to see strong prices for their homes.

BOZEMAN, MT – The Gallatin Association of REALTORS® (GAR) has released its residential real estate market statistics for July 2017, revealing increases in sale prices and a drop in existing inventory compared to last year.Single-family sales increased 5.3 percent this July compared to last year, rising from 152 to 160. Condo/townhouse sales remained flat, while the average sales price rose 26 percent, GAR reported.

“The Gallatin area residential real market continued its pattern of steady strength through July,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “The average sale price continues to rise while the months’ supply of inventory continues to decrease. The strong demand and limited supply of homes points to a highly competitive sellers’ market in which both buyers and sellers would be well-served to work with a professional, trained REALTOR®.”'

Single Family Homes – Gallatin County – July 2017
The number of new single-family listings in Gallatin County in July 2017 dropped 11.8 percent from July of 2016, going from 229 to 202. The number of pending sales increased slightly from 151 to 152, while the number of units sold increased 5.3 percent, from 152 last July to 160 this year. The average sale price jumped from $460,394 to $490,271, a 6.5 percent increase. The average number of days on market saw a slight bump from 69 to 70, while the months’ supply of inventory decreased 21.6 percent, from 4 to 5.1.

Condo/Townhouse Market – Gallatin County – July 2017
The number of new listings in the Gallatin County condo/townhouse market rose 9.4 percent in July compared to the same period last year, going from 64 to 70. Pending sales increased 5.8 percent, from 69 to 73, while the number of closed sales held steady at 71. The average sale price jumped 26.1 percent, from $250,091 in 2016 to $315,343 this year. The months’ supply of inventory fell 28.9 percent, from 3.8 to 2.7.

ADDITIONAL INFORMATION:

Who We Are

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GAR has over 1000 members from all across the Southwest Montana region. Our members have a variety of real estate specialties, including appraisal, commercial development, farm and ranch, residential, recreational land, and resort properties. We also offer affiliate membership to a variety of related industries like banking institutions, title and escrow, home inspection, photography, construction, restoration, insurance, and communications. REALTORS® represent the best of the real estate industry and abide by a Code of Ethics and Standards of Practice enforced by the National Association of REALTORS®. As one of Gallatin County’s largest business organizations, the Gallatin Association of REALTORS® is proud to serve as the voice of this organization of exceptional professionals.