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Montana Real Estate Market Still Sky Rocketing

BOZEMAN, Mont. —  The Gallatin County residential real estate market saw continued strong demand in June, with homes selling quickly and sellers receiving nearly all of their asking price. Median sales prices increased slightly in the single-family market and decreased in the condo/townhome market, while the months supply of inventory in both markets is still in seller’s market territory.

 “Over the past two months, we’ve seen homes selling faster than at any point in the past year,” said Jim. “While the inventory of available homes has trended upward in recent months, it is still well within seller’s market territory.”

Single Family Market – Gallatin County 
According to statistics published on July 13, median sales prices in the single-family market increased slightly by 2% in June compared to last year, from $752,500 to $767,500. Closed sales fell 1.4%, from 138 to 136. The median number of days homes spent on the market remained unchanged at 8 days. The average percent of list price received by sellers decreased 1.1%, from 100.5% to 99.3%. The median price per square foot sold dropped 4.7%, from $380 to $362. Pending sales increased 33.7%, from 92 to 123. The number of new listings decreased 10.1%, from 238 to 214. End-of-month inventory decreased 10.7%, from 366 to 327. The months supply of inventory, which is an estimate of the time it would take to sell off the existing inventory, decreased 9.3%, from 2.65 to 2.4 months.

Condo/Townhouse Market – Gallatin County 
Median Sales prices in the condo/townhouse market dropped 15.1%, from $595,000 to $505,000. The number of closed sales fell 3.2%, from 63 to 61. The median number of days homes spent on the market increased 78.6%, from 7 to 13. The average percent of list price received dropped 2.1%, from 100.6% to 98.5%. The median price per square foot sold decreased 0.9%, from $351 to $348. The number of pending listings rose 12.7% from 55 to 62. The number of new listings dropped 30.6%, from 121 to 84. End-of-month inventory rose 4.8%, from 165 to 173. The months supply of inventory increased 8.3%, from 2.62 to 2.84 months. 

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