Home prices jump by 20 percent in Gallatin County 2018
Bozeman Montana Real Estate Market & Forecast News Report
“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, we 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.
by Larisa Casillas
The Bozeman Housing market in Gallatin County is a “seller’s market.” That’s according to the Gallatin Realtor’s Association which released new stats which show that prices have gone up by almost twenty percent from this time last year. This includes both single-family homes and condos. It’s based on a study looking at a 12-month period from last October to this October. This year the Gallatin Realtor’s Association took the median home price instead of the average.
Steve Candler, CEO of the Gallatin Realtor’s Association says that across the country there’s less inventory and it’s no different in Gallatin County.
“I don’t think that the construction industry is keeping up as much with the demand as maybe pre-recession times,” said Candler.
“Also you may have some folks that may want to sell their house because they may have to buy another house maybe at a price they’re not willing to or can’t afford, and then you also have low inventory because you have a lot of folks that have discovered Bozeman and Gallatin Valley and they’re buying up that inventory that may have been available before,” he added.
For single family homes in October 2018 in Gallatin County the median sale price saw a 20.9 percent spike.
Jumping from $372,361 to $450,000.
For townhomes and condos the median sale price jumped 20.2 percent from $248,700 in October 2017 to $299,000 last month.
Five Emerging Markets For Luxury Real Estate In North America
Forbes: Anthony Hill
Bozeman, Montana: Bozeman has been long renowned among outdoor enthusiasts for its fishing, hiking, skiing and cycling. Perhaps one of the first hubs of “Silicon Prairie,” Bozeman has become home to quite a few tech startups. As more jobs pour into the area, people are not only coming to Bozeman but staying there thanks to the outdoor amenities and work-life balance it affords — and the real estate market is reflecting this.
Bozeman Montana is one of the fastest-growing non-metropolitan areas in the country. As the number of single-family homes in Montana has grown exponentially over the past 25 years, Gallatin county continues to lead that growth.