The number of new single-family listings decreased compared to October of 2018, falling from 138 to 130, a 5.8% decrease. Pending sales decreased 20.5%, going from 132 to 105, and the number of closed sales fell from 171 to 129, a 24.6% decrease. The median sales price increased slightly by 1.9%, from $450,000 to $458,600. The average number of days a home spent on the market dropped by 16.1%, from 62 to 52. The inventory of available homes increased 2.2% compared to last year, rising from 495 to 506, and the months supply of inventory increased 2.6%, from 3.8 to 3.9. Sellers received 98.2% of their list price in October, a slight increase from 97.1% last year.
June 2019 Local Market Update
New listings same as last year but fewer closed sales. The supply of homes is 18% lower than last year and the price of homes has increased 13%!
That’s an appreciation of 1% per month.
With an average sales price increase of 24%, it’s time to get off the fence and list your home while the market is HOT!
Gallatin County Annual Report 2018 Highlights
Residential Real Estate in Gallatin Valley
Here are a few highlights quoted from the latest report:
While the 2017 housing market was marked by renewed optimism fueled by stock market strength, higher wages and a competitive environment for home sales, 2018 delivered a more seasoned prudence toward residential real estate. Home buyers, now steeped in several years of rising prices and low inventory, became more selective in their purchase choices as housing affordability achieved a ten-year low.
Which Downpayment Strategy is Right for You?
You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20% is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.
But there can actually be financial benefits to putting down a small down payment—as low as 3%—rather than parting with so much cash up front, even if you have the money available.