BOZEMAN, MT (April 16, 2019) – Median sale prices increased and the inventory of available homes remained tight in March, according to the Gallatin Association of REALTORS® (GAR).
“While the number of new listings is down in both the single family and condo/townhouse markets, median sale prices continue to rise,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “When you factor in the decrease in the inventory of available homes, all signs point to a competitive seller’s market as we move into Spring.”
Single Family Homes – Gallatin County – March 2019
The number of new single-family listings fell from 176 in March 2018 to 130 last month, a 26.1% drop, and the number of pending sales dropped 12.9%, decreasing from 155 to 135. The number of units sold rose from 114 in March 2018 to 124 last month, an 8.8% increase, while the median sales price jumped 6.5%, from $399,000 last March to $425,000 this March. The months supply of inventory decreased 19.4%, from 3.1 to 2.5 Sellers received 98.7% of their list price in March, down slightly from 99.2% last year.
Condo/Townhouse Market – Gallatin County – March 2019
The median sale price in the condo/townhouse market increased 10.1%, rising from $288,000 in March 2018 to $317,000 last month. The number of pending sales fell 21.3%, decreasing from 89 to 70, while the number of units sold inched down from 67 to 63, a 6% drop. New listings were down 21.3% in March 2019 compared to the same period last year, falling from 94 from 70. The months supply of inventory dropped 12.9%t, decreasing from 3.1 to 2.7. Sellers received 98.3% of their listing price, down slightly from 99.4% last March.
The Gallatin Association 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. For more information, visit http://www.GallatinRealtors.com.