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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) recently released its residential real estate market statistics for August 2017, revealing an upward swing in median sale prices and a drop in existing inventory compared to last year.

Single-family sales increased 1.6 percent this August compared to last year, rising from 184 to 187. Condo/townhouse sales increased by 2.7 percent, rising from 73 to 75, while the average sale price in the condo/townhouse market rose 26.1 percent.

“As it has done all summer, the Gallatin area residential real estate market demonstrated steady, consistent strength through August,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Average sales prices continue to rise, while inventory of available homes and the months’ supply of inventory continue to decrease. The strong demand and limited supply of homes points to a highly competitive sellers’ market in which our professional and trained REALTORS® can help both buyers and sellers achieve success.”

Single Family Homes – Gallatin County – August 2017
The number of new single-family listings in Gallatin County in August 2017 increased 1.6 percent from August of 2016, going from 184 to 187. The number of pending sales decreased from 154 to 144, a 7.1 percent drop, and the number of units sold decreased 4.9 percent, from 162 last August to 154 this year. The average sale price jumped from $425,725 to $511,247, a 20.1 percent spike. The average number of days on market held steady at 50, while the months’ supply of inventory decreased 14.3 percent, from 4.9 to 4.2.

Condo/Townhouse Market – Gallatin County – August 2017
The number of new listings in the Gallatin County condo/townhouse market rose 2.7 percent in August compared to the same period last year, going from 73 to 75. Pending sales held steady at 74, while the number of closed sales decreased 13.8 percent, from 87 to 75. The average sale price jumped 26.1 percent, from $245,148 in 2016 to $309,223 this year and the months’ supply of inventory fell 25.7 percent, from 3.5 to 2.6.

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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.