BOZEMAN, MT – Gallatin County’s residential real estate market maintained consistent strength through the winter doldrums of February, seeing slight decreases in units sold and median sale prices compared to 2018, according to the Gallatin Association of REALTORS® (GAR).
“The Gallatin area real estate market is hanging tough through the typically slower winter months, and all signs point to a strong Spring and Summer,” said Steve Candler, CEO of the Gallatin Association of REALTORS®.
Single Family Homes – Gallatin County – February 2019
The number of new single-family listings fell from 141 in February 2018 to 131 last month, a 7.1 percent drop, and the number of pending sales dropped 4.7 percent from 129 to 123. Additionally, the median sales price decreased 3.4 percent, from $435,000 last February to $420,000 this February. The months supply of inventory decreased 12.9 percent, from 3.1 to 2.7.
Condo/Townhouse Market – Gallatin County – February 2019
The median sale price in the condo/townhouse market remained nearly static, dropping from $296,513 in February 2018 to $295,000 last month, 0.5 percent decrease. The number of pending sales jumped 23.8 percent, from 63 to 78. New listings increased sharply in February 2019 compared to the same period last year, jumping to 98 from 56, a 75 percent spike. Average days on market also remained nearly static, rising slightly from 79 last February to 80 this February, a 1.3 percent increase. The months supply of inventory dropped 21.2 percent, decreasing from 3.3 to 2.6.
Overall, the median sales price fell 5.3 percent, from $403,000 in February 2018 to $381,450 this February, while the number of new listings and pending sales increased by 14.8 percent and 3 percent, respectively. New listings increased from 203 in February of 2018 to 233 this February, and pending sales rose from 201 in February 2018 to 207 last month. The months supply of inventory also dropped slightly from 3.1 last February to 2.8 this February, 9.7 percent decrease.
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.