Welcome To Our Housing Market Report
This Is A Quarterly Report Of Real Estate Market Activity In Gallatin County.
Bozeman, Belgrade, Manhattan, Three Forks, Livingston, Big Sky and more.
Current as of January 10, 2018. All data from Big Sky Country Multiple Listing Service®.
The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers.
Closed Sales increased 5.7 percent for Single Family homes and 11.7 percent for Condo/Townhouse homes.
Pending Sales increased 8.3 percent for Single Family homes and 13.0 percent for Condo/Townhouse homes. Inventory decreased 11.8 percent for Single Family homes but increased 13.8 percent for Condo/Townhouse homes.
The Median Sales Price increased 11.6 percent to $385,000 for Single Family homes but decreased 10.9 percent to $239,975 for Condo/Townhouse homes.
Days on Market decreased 4.3 percent for Single Family homes and 34.5 percent for Condo/Townhouse homes.
Months Supply of Inventory decreased 9.4 percent for Single Family homes but increased 13.3 percent for Condo/Townhouse homes.
Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always to levels that match home price increases. Yet housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018.
Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax legislation.
For more Gallatin County Market data and graphs, refer to this link below:
For an individual reports and graphs for city of Bozeman, outside city of Bozeman, Belgrade, Manhattan, Livingston, Three Forks, Big Sky and more, refer to this link below:
If you are needing a more detailed market analysis in your
neighborhoodcontact Ed and Karen for a no-obligation consultation