BOZEMAN, MT [September 19, 2019] – Median sale prices increased, and the inventory of single-family homes tightened in August, according to statistics released today by the Gallatin Association of REALTORS® (GAR).
“The median sales price continues to rise on single family homes,” said GAR CEO Steve Candler. “Days on market for both single family homes and condos/townhouses have decreased, indicating demand is high. As summer winds down, the market continues to be strong.”
Single Family Market – Gallatin County – August 2019
The number of new single-family listings increased slightly compared to August of 2018, rising from 201 to 203, a 1% increase. Pending sales increased 7.6%, going from 145 to 156, and the number of closed sales also rose from 180 to 181, a 0.6% increase. The median sales price increased 7.9%, from $431,250 to $465,500. The average number of days a home spent on the market decreased 16.7%, from 54 to 45. The inventory of available homes decreased 13.9% compared to last year, dropping from 575 to 495, and the months supply of inventory fell 15.9%, from 4.4 to 3.7. Sellers received 98.2% of their list price in August, a slight increase from 98.0% last year.
Condo/Townhouse Market – Gallatin County – August 2019
Median sale prices in the condo/townhouse market decreased 4.4%, from $292,900 to $279.950. Sellers received 98.5% of their listing price last month, the same as last year. The number of new listings increased 11.5%, from 87 to 97. Pending sales fell 8.8% from 80 to 73, while closed sales increased 5.7% from 87 to 92. The average number of days on market was down 17.1%, from 41 last year to 34 last month. The inventory of available homes in the condo/townhouse sector increased 37.1% compared to last August, rising from 205 to 281, while the months supply of inventory rose 38.7%, from 3.1 to 4.3.