BOZEMAN, MT – The Gallatin Association of REALTORS® (GAR) has released its sales statistics for March and the first quarter of 2018, revealing a greater number of condo/townhouse sales and a decrease in housing inventory.
“We are seeing more interest in the available condos and townhomes in Gallatin County,” GAR CEO Steve Candler said. “Potential buyers are interested and are doing their homework when it comes to buying a home. The Gallatin Association of REALTORS® stands ready to serve both buyers and sellers in this competitive market.”
March 2018 vs. March 2017
The number of new single-family home listings in Gallatin County decreased 12.3% from 195 in March 2017 to 171 last month. The total number of units sold dropped from 130 to 113, a 13.1% decrease. The average sale price, however, increased 22.8% between 2017 and 2018, going from $351,101 to $399,000. The inventory of homes for sale dropped nearly 20%, from 438 to 351.
In the condo/townhouse market, the number of new listings dropped by 1, from 92 in March 2017 to 91 this year. The number of closed sales jumped 31.4%, increasing from 51 to 67 between 2017 and 2018. The average sales price remained steady, dropping just 1%, from $370,164 to $366,425. The inventory of available homes for sale increased just 0.5%, from 192 to 193.
First Quarter 2018 vs. First Quarter 2017
The number of new single-family listings in Gallatin County through the first quarter of 2018 decreased 1.6% compared to last year, from 436 to 429. The number of units sold also dropped slightly, from 290 to 281, a 3/1% decrease. The average sale price jumped 11.5%, going from $464,918 to $518,611. The inventory of homes for sale dropped nearly 20%, from 351 last year to 438 during this year’s first quarter.
Condos/townhouses in Gallatin County saw a decrease in new listings in the first quarter of 2018, compared to the previous year, dropping 8.1%, from 223 to 205. The number of units sold, however, increased from 138 to 149, an 8.4% jump. The average condo/townhouse sales price increased only 0.7%, rising from $357,455 to $360,015. Inventory of available units remained steady at 2.9.
- Gallatin County Monthly Indicators
- Gallatin County Quarterly Indicators
- Housing Supply Overview
- Local Market Update