Gallatin Valley Real Estate: 2018 Year in Review
The following is a press release by the Gallatin Association of Realtors:
The Gallatin Association of REALTORS® (GAR) recently released their residential real estate market statistics for December 2018 as well as year-end totals. Not surprising, the stats show an increase in median sale price for homes in the Gallatin Valley, and a tightening inventory of available homes.
“The Gallatin area closed 2018 in strong shape,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “Median sale prices and units sold were both up in 2018, while the inventory of available homes continues to tighten. All in all, the market remains in solid shape as we move into the new year.”
2018 Year in Review
The Big Sky Country MLS (BSCMLS) saw a slight increase in total sales in 2018 compared to 2017, with units sold inching up from 2,448 to 2,486, a 1.6 percent increase. The median sales price rose from $331,150 at the end of 2017 to $374,750 at the end of 2018, a 13.2 percent spike. The inventory of available homes fell from 684 at the end of 2017 to 584 at the end of last year, a 14.6 percent drop. The months supply of inventory fell from 3.4 to 2.9, a 14.7% decrease in 2018. Sellers received 98.4 percent of their listing price in 2018, compared to 98.5 percent in 2017.
Single Family Homes – Gallatin County – December 2018
The number of units sold decreased from 123 in December 2017 to 110 this December, a 10.6 percent drop. The number of new listings decreased 23.2 percent, from 82 last December to 63 this year, while the number of pending sales remained steady, showing a slight increase of 1.3 percent. The average number of days on market was 82, showing a 7.9 percent decrease from last December, and the months supply of inventory decreased 9.1 percent, from 3.3 to 3.0.
Condo/Townhouse Market – Gallatin County – December 2018
The median sale price in the condo/townhouse market jumped 27.3 percent, from $239,400 in December 2017 to $304,750 last month. The number of closed sales decreased 20.3 percent, from 79 to 63. New listings decreased 24.1 percent in December 2018 compared to the same period last year, falling from 54 to 41, while the months supply of inventory fell 33.3 percent, from 3.6 to 2.4.
In 2018, the Gallatin Valley saw increases in average sales prices, median sale prices and the number of units sold compared to 2017. The number of days on market dropped 8.7 percent and the housing affordability index dropped from 90 to 76, a 15.6 percent decrease since 2017. The number of new listings remained steady showing only a 2.5 percent decrease over last year.
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.