BOZEMAN, MT – The Gallatin Association of REALTORS® (GAR) recently released its residential real estate market statistics for July 2018, revealing increases in pending sales, average sales prices and a tightening inventory of available homes.
Single-family sales fell 17.8 percent in July 2018 compared to last year, going from 163 to 134 units sold, while the average sales price in the single-family market increased 10.6 percent. Condo/townhouse sales increased 17.6 percent, rising from 74 to 87 units sold, and the average sale price in the condo/townhouse market jumped 9.2 percent.
“The Gallatin area continues to see a competitive seller’s market,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Average sales prices are up, while the inventory of available homes continues to tighten. If you’ve considered putting your home on the market, now is the time to call one of the Gallatin area REALTORS.”
Single Family Homes – Gallatin County – July 2018
The number of new single-family listings fell slightly from 209 in July 2017 to 192 this July, an 8.1 percent decrease. The number of pending sales increased slightly from 147 to 155, a 5.4 percent jump over last year. The number of units sold decreased 17.8 percent, from 163 last July to 134 this year. The average number of days on market was 48, a 30.4 percent decrease from 69 last year, and the month’s supply of inventory decreased 7 percent, from 4.3 to 4.0.
Condo/Townhouse Market – Gallatin County – July 2018
The number of new listings in the Gallatin County condo/townhouse market increased 14.7 percent in July 2018 compared to the same period last year, going from 75 to 86. Pending sales decreased 2.8 percent, from 72 to 70, and the number of closed sales increased 17.6 percent, from 74 to 87. The average sale price increased 9.2 percent, from $313,213 in July 2017 to $342,169 last month, and the month’s supply of inventory fell 14.3 percent, from 3.5 to 3.
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.