BOZEMAN, MT – Today the Gallatin Association of REALTORS® released its real estate statistics for February 2017.
“The Gallatin area real estate market continued a pattern of steady growth through February,” said Steve Candler, CEO of the Gallatin Association of REALTORS® and the Big Sky Country MLS. “We are seeing a sellers’ market with a strong demand and buyer activity continuing to outpace seller activity. This is resulting in relatively quick sales and a low supply of available homes.”
Single Family Homes – Gallatin County
While the number of new single-family listings dropped from 151 in February 2016 to 124 last month, a 17.9% decrease, the number of closed sales only decreased slightly from 70 to 65, a 7.1% drop. The average number of days on market until sale was 161, down from 163 in February 2016, a 1.2% drop. The inventory of homes for sale dropped 16.1%, from 591 in February 2016 to 496 last month, while the average sales price rose from $441,770 to $494,543, an 11.9% increase. The months’ supply of inventory dropped from 4.8 to 3.8, a 20.8% decrease.
Condo/Townhouse Market – Gallatin County
The number of new listings in the condo/townhouse market jumped to 64 in February, up from 54 during the same period in 2016, an 18.5% increase. The number of closed sales dropped from 46 to 44, a 4.3% decrease. The average sales price jumped from $242,423 in February 2016 to $342,645 last month, a 41.3% spike. The average number of days on market until sale rose from 177 in February 2016 to 206 last month, a 16.4% increase, while the months’ supply of inventory dropped from 4.8 to 3.2, a 33.3% decrease.
The Gallatin 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.