MISSOULA, Mont. — Gallatin County real estate professionals say despite tight inventory and rapid sales, numbers are slowly returning to more typical levels.
Experts say single-family home prices increased 4.6% from last November, while condo and townhouse prices increased 3%.
The number of days homes spent on the market increased for both single-family homes and condos or townhomes.
The Gallatin Association of Realtors released the following information:
While home prices in Gallatin County increased again in November, other numbers continued their trend toward a more typical market.
“Our market saw extremely tight inventory and incredibly quick sales throughout 2021, but those numbers have slowly been returning to more typical levels throughout 2022,” said Joanna Harper, GAR Board President. “Last month, we saw fewer homes sold, homes spending more days on market, and sellers receiving a slightly lower percentage of their list price than in recent months. The increases in inventory and months supply of inventory are additional indicators that our market is returning to a more normal pace as we move into winter, when real estate activity typically slows. While we are still technically in a seller’s market, we are on the verge of moving into a neutral market. We’ll continue to monitor these trends as we move through winter.”
View the most recent updated stats for November here: https://www.gallatinrealtors.com/market-review
Single Family Market – Gallatin County
As of December 19, median sales prices were up 4.6% compared to last November, from $735,000 to $768,713. The number of closed sales fell 50.4%, from 141 to 70. The median number of days homes spent on the market increased 358.3%, from 12 days to 55 days. The average percent of list price received decreased 1.4%, from 98.8% to 97.4%. The median price per square foot of homes sold during November increased 6.6% compared to last November, from $333 to $355. Pending sales fell 37.9%, from 95 to 59. The number of new listings decreased 19.5%, from 82 to 66. The end-of-month inventory jumped 132.4% from 139 to 323. The months supply of inventory, which is an estimation of the time it would take for all homes on the market to be sold, increased 368% from 1.0 to 4.6. A months supply of inventory of less than five months is typically considered a seller’s market.
Condo/Townhouse Market – Gallatin County
Median sales prices increased 3%, from $465,000 to $479,000. The number of closed sales fell 55.9%, from 93 to 41. The median number of days homes spent on the market increased 190.6%, from 16 days to 47 days. The average percent of list price received fell slightly by 3.1%, from 100.4% to 97.3%. The median price per square foot of homes sold increased 2.8%, from $317 to $326. The number of pending sales fell 28.9%, from 45 to 32. There were 33 new listings, which was the same number as last November. The end-of-month inventory increased 164.9%, rising from 57 to 151, while the months supply of inventory jumped 500.8% from 0.6 to 3.7.
Source: NBC Montana, NBC Montana Staff, Sunday, January 1st, 2023