Gallatin Association of REALTORS® releases ‘16 real estate statistics

The Gallatin County and surrounding area real estate market demonstrated consistent strength throughout 2016, according to year-end statistics released by the Gallatin Association of REALTORS®. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets.
“The year-end numbers show that the Gallatin County and surrounding are real estate market finished 2016 in solid shape, and all indicators point to a strong, active market in 2017,” said Steve Candler, CEO of the Gallatin Association of REALTORS®.
The number of units sold increased 7.3 percent for single family homes but decreased 5.2 percent for condo/townhouse homes. Pending sales increased 62.5 percent for single family homes and 11.4 percent for condo/townhouse homes. The median sales price increased 0.1 percent to $335,000 for single family homes and 47.5 percent to $298,000 for condo/townhouse homes.
Available inventory decreased 15.5 percent for single family homes and 36.0 percent for condo/townhouse homes. The months’ supply of inventory decreased 22 percent for single family homes and 41.5 percent for condo/townhouse homes. The average days on market decreased 14.1 percent for single family homes but increased 14.6 percent for condo/townhouse homes.
Based in Bozeman, MT, the Gallatin Association of REALTORS® (GAR) is the local association level of the nation’s largest trade association, the National Association of REALTORS® (NAR). Members are comprised of REALTORS®, Appraisers, and Affiliate Members. GAR was chartered as the Bozeman Board of REALTORS® in 1970 and changed to its present name in 1996. GAR and its members serve Gallatin County and surrounding areas, including Ennis, Big Sky, Big Timber, Livingston, and Three Forks. GAR members’ cover a variety of real estate specialties, including appraisal, commercial development, farm and ranch, property management, residential, recreational land and resort properties.  For more information, visit www.gallatinrealtors.com/. •