Real Estate Stats - December 2016
Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.
Closed Sales increased 7.3 percent for Single Family homes but decreased 5.2 percent for Condo/Townhouse homes. Pending Sales increased 62.5 percent for Single Family homes and 11.4 percent for Condo/Townhouse homes. Inventory decreased 15.5 percent for Single Family homes and 36.0 percent for Condo/Townhouse homes.
The Median Sales Price increased 0.1 percent to $335,000 for Single Family homes and 47.5 percent to $298,000 for Condo/Townhouse homes. Days on Market decreased 14.1 percent for Single Family homes but increased 14.6 percent for Condo/Townhouse homes. Months Supply of Inventory decreased 22.0 percent for Single Family homes and 41.5 percent for Condo/Townhouse homes.
The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for creative and diligent people prepared to put in the necessary amount of work.
Based in Bozeman, MT, the Gallatin Association of REALTORS® (GAR) is the local association level of the largest trade association, the National Association of REALTORS® (NAR), in the nation presently serving its members, which are comprised of REALTORS®, Appraisers and Affiliate Members. GAR was chartered as the Bozeman Board of REALTORS® in 1970 and changed to its present name in 1996. GAR and its members serve Gallatin County and surrounding areas, including Ennis, Big Sky, Big Timber, Livingston and Three Forks. GAR members’ practices cover a variety of real estate specialties, including appraisal, commercial, development, farm and ranch, property management, residential, recreational land and resort properties.
GALLATIN ASSOCIATION OF REALTORS®
The Gallatin Association of REALTORS® is blessed to be located in the burgeoning mountain community of Bozeman, Montana near our nation’s first National Park: Yellowstone. We are proud to hold a membership of nearly 650 real estate professionals who offer residential, commercial, farm and ranch, recreational land and many more property services. As one of Gallatin County’s largest business organizations, we are thrilled to represent so many dedicated professionals in our region. Welcome to Montana. We’re glad you’re here.