BOZEMAN, MT [May 24, 2019] – The Gallatin area real estate market is heating up as Summer approaches, according to statistics from the Gallatin Association of REALTORS® (GAR). Median sale prices were up in April 2019 compared to the same period last year, while the months supply of inventory and the inventory of available homes both dropped.
“The Gallatin market is in strong shape as we approach the end of Spring,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Median sale prices and pending sales both increased, while the inventory of available homes remains tight. All indicators point to a competitive sellers’ market as we move into Summer.”
Single Family Homes – Gallatin County – April 2019
The median sales price increased 5.6 percent, rising from $402,500 in April 2018 to $425,000 last month. The number of units sold decreased from 138 in April 2018 to 118 this April, a 14.5 percent drop. New listings increased 15.6 percent, from 179 last April to 207 this year, and the number of pending sales increased 5.9 percent. The average number of days on market was 73, showing a 2.7 percent decrease from last April, and the months supply of inventory decreased 10.3 percent, from 2.9 to 2.6.
Condo/Townhouse Market – Gallatin County – April 2019
The median sales price increased 10.9 percent, rising from $297,450 in April 2018 to $329,700 last month. The number of closed sales decreased 15.4 percent, from 78 to 66, while new listings increased 23.2 percent in April 2019 compared to the same period last year. The months supply of inventory fell 3.3 percent, from 3.0 to 2.9.
The Gallatin Association of REALTORS® (GAR) and the Big Sky Country MLS (BSCMLS) 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. For more information, visit http://www.GallatinRealtors.com.