BOZEMAN, MT -- July 24, 2018 -- The Gallatin Association of REALTORS® (GAR) recently released its residential real estate market statistics for the second quarter of 2018, revealing an increase in sales volume and a tightening inventory of available homes.
Single-family sales jumped 10.1 percent in the second quarter of 2018 compared to last year, going from 425 to 468 units sold, while the average sales price in the single-family market increased 13.1 percent. Condo/townhouse sales increased 15.4 percent, rising from 208 to 240 units sold, and the average sale price in the condo/townhouse market jumped 21.1 percent.
“The Gallatin area residential real estate market continues to demonstrate strength as we move into summer,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Sales volume and average sales prices are up, while the inventory of available homes remains tight. All signs point to a competitive seller’s market in the heart of our busiest season.”
Single Family Homes – Gallatin County – June 2018
The number of new single-family listings in June 2018 increased slightly from 242 to 247 compared to June 2017, a 2.1 percent jump. The number of pending sales also increased slightly from 140 to 142, a 1.4 percent change over last year. The number of units sold decreased 7.8 percent, from 193 last June to 178 this year. The average number of days on market was 54, a 15.6 percent decrease from 64 last year, and the months supply of inventory decreased 7.3 percent, from 4.1 to 3.8.
Condo/Townhouse Market – Gallatin County – June 2018
The number of new listings in the Gallatin County condo/townhouse market decreased 27.2 percent in June 2018 compared to the same period last year, going from 125 to 91. Pending sales decreased 4.2 percent, from 95 to 91, and the number of closed sales decreased 8.4 percent, from 83 to 76. The average sale price increased 18.3 percent, from $317,084 in June 2017 to $375,124 last month, and the months supply of inventory fell 22.9 percent, from 3.5 to 2.7.