BOZEMAN, MT – Today the Gallatin Association of REALTORS® released its real estate statistics for the first quarter of 2017.
“The Gallatin area real estate market finished the first quarter in solid shape,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Single-family residential sales are up, and the average number of days on market for single-family homes fell slightly. We expect the market to remain steady and strong as we move into summer.”
Single Family Homes – Gallatin County
The number of new single-family listings in Gallatin County dropped slightly from 434 in the first quarter of 2016 to 415 in 2017, a 4.4% decrease. The number of closed sales jumped from 252 to 277, a 9.9% increase. The average number of days on market dropped from 94 to 88, a 6.4% decrease. The inventory of homes for sale fell from 510 to 405, a 20.6% decrease, and the months’ supply of inventory dropped from 4.1 to 3.1, a 24.4% decrease. The average sale price rose from $459,031 to $469,972, a 2.4% increase.
Condo/Townhouse Market – Gallatin County
The number of new listings in the Gallatin County condo/townhouse market dropped from 227 in the first quarter of 2016 to 217 in 2017, a 4.4% decrease. The number of closed sales dropped from 140 to 131, a 6.4% decrease. The average number of days on market jumped sharply from 96 to 138, a 43.8% increase. The inventory of condo/townhouse homes available for sale dropped from 273 to 168, a 38.5% drop, and the months’ supply of inventory fell from 4.2 to 2.6, a 38.1% decrease. The average sale price jumped sharply from $254,376 to 362,263, a 42.4% spike.
The number of total new listings dropped from 703 in the first quarter of 2016 to 670 this year, a 4.7% decrease. The number of closed sales increased slightly from 413 to 425, a slight 2.9% increase. The average number of days on market rose slightly from 94 to 103, a 9.6% jump. The total inventory of homes available for sale fell from 830 to 615, a 25.9% drop, and the month’s supply of inventory fell from 4.2 to 3.0, a 28.6% decrease. The average sale price rose from $383,494 to $443,358, a 15.6% increase.
About the Gallatin Association of REALTORS®
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.