BOZEMAN, MT – The Gallatin Association of REALTORS® (GAR) recently released its residential real estate market statistics for April 2018, revealing increases in units sold and sales prices and a tightening inventory of available homes.
Single-family sales jumped 46.7 percent in April 2018 compared to last year, going from 92 to 135, and the average sales price in the single-family market increased 22.4 percent. Condo/townhouse sales increased 45.3 percent, rising from 53 to 77, and the average sale price in the condo/townhouse market increased 12.7 percent.“The Gallatin area residential real estate market continues to be extremely competitive,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Total units sold and average sales prices are up, while the inventory of available homes is down. This points to a seller’s market as we move into Summer.”
Single Family Homes – Gallatin County – April 2018
The number of new single-family listings in April 2018 decreased slightly from 181 to 167 compared to April 2017, a 7.7 percent drop. The number of pending sales fell only 1.2 percent, from 172 to 170. The number of units sold increased 46.7 percent, from 92 last April to 135 this year. The average number of days on market was 75, the same as last year, while the month’s supply of inventory decreased 21.2 percent, from 3.3 to 2.6.
Condo/Townhouse Market – Gallatin County – April 2018
The number of new listings in the Gallatin County condo/townhouse market decreased 15.9 percent in April 2018 compared to the same period last year, going from 88 to 74. Pending sales fell 2.5 percent, from 81 to 79, while the number of closed sales increased 45.3 percent, from 53 to 77. The average sale price increased 12.7 percent, from $340,078 in April 2017 to $383,302 last month, and the month’s supply of inventory fell slightly, from 3.0 to 2.7.