BOZEMAN, MT [July 18, 2019] – Median home sale prices increased in June compared to last year, while the inventory of available single-family homes remains tight, according to statistics released today by the Gallatin Association of REALTORS® (GAR).
“The Gallatin area real estate market remains in strong shape as we move through summer,” said GAR CEO Steve Candler, “Sale prices are up, and sellers are receiving a high percentage of their listing price. All in all, the market is demonstrating continued strength and consistency, and we expect that trend to continue for the foreseeable future.”
Single Family Market – Gallatin County – June 2019
The number of new single-family listings last month was nearly identical to June of 2018, rising from 260 to 261, a 0.4% increase. Pending sales increased by 25.5%, jumping from 141 to 177, while the number of closed sales decreased slightly from 181 to 170, a 6.1%, drop. The median sales price increased by 12.7%, going from $379,950 to $428,350. The number of days a home spends on the market rose by one from 55 to 56, a 1.8% increase. The inventory of homes for sale dropped 17.9% from last year, going from 537 to 441, and the months supply of inventory decreased 19.5%, from 4.1 to 3.3. Sellers received 99.1% of their list price in June, up from 98.9% last year.
Condo/Townhouse Market – Gallatin County – June 2019
Median sale prices in the condo/townhouse market increased 22%, jumping from $275,000 to $335,500. Sellers received 99.1% of their listing price last month, up from 98.6% last year. The number of new listings increased 30.4%, moving from 92 to 120. Pending sales rose slightly from 87 to 90, a 3.4% increase, while closed sales decreased 1.3% from 77 to 76. The average number of days on market in the condo/townhouse market saw a 33.3% spike, jumping from 45 last June to 60 last month. The inventory of available homes in the condo/townhouse market increased 23.2% compared to last June, rising from 198 to 244, while the months supply of inventory jumped 23.3%, from 3.0 to 3.7.