In Bozeman, Big Sky and across the Gallatin Valley we’ve compiled some interesting insights into how the real estate market has performed in Q1. Below you will find our first quarter overview of key real estate market trends for Gallatin County:
- Closed Sales decreased 4.9 percent for Single Family homes, and 8.7 percent for Condo/Townhouse homes.
- Inventory decreased 19.5 percent for Single Family homes and 13.9 percent for Condo/Townhouse homes.
Volatility in the stock market combined with rising interest rates at the end of 2018 led to fewer pending sales, and therefore a dip in closed sales in the first quarter of 2019. An overall lack of new properties coming to the market also led to a decrease in closed sales. The good news is interest rates have dropped back down an bit and the Federal Reserve recently announced that no further interest rate hikes are planned for 2019.
- Median Sales Price increased 3.4 percent to $423,750 for Single Family homes and 13.7 percent to $327,500 for Condo/Townhouse homes.
- Days on Market increased 48.4 percent for Single Family homes but decreased 16.5 percent for Condo/Townhouse homes. Developers have been listing new construction projects much earlier in the build process, leading to the increased DOM for single family homes.
Moving Into May and Q2 of 2019
Median sale prices increased and the inventory of available homes remained tight moving into Q2, according to the Gallatin Association of REALTORS® (GAR).
“While the number of new listings is down in both the single family and condo/townhouse markets, median sale prices continue to rise,” said Steve Candler, CEO of the Gallatin Association of REALTORS®. “When you factor in the decrease in the inventory of available homes, all signs point to a competitive seller’s market as we move into Spring.”
The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. This is welcomed news for buyers who are ready to make a move this spring!
View our dynamic, real-time real estate market stats for Bozeman, Montana