This month, we will compare single family home sales in the Gallatin Valley through April 2016 to last year’s home sales and help reveal trends in the market. Here are a few stats:
- 2016 sales are currently projected to drop by 21.62% (1,485 in 2015, 388 through April, projected to 1,164 sales in 2016)
- Dollar volume is projected to drop by 24.05% ($663,572,593 in 2015, $167,993,026 through April, projected to 503,979,078 in 2016)
- Currently, homes are moving slightly faster than last year, staying on the market 2.06% shorter than 2015 (97 days on the market in 2015, 95 days on the market in 2016)
Summary: The 2016 housing market has moved slower than in 2015, at least through the first 4 months. Home buyers and sellers alike should keep in mind that the most active time periods, those over the summer and fall, tend to see the highest activity. So although simple projections suggest the market might be slowing, a fast summer could easily reverse this trend. The market remains very healthy—growth continues—and small home inventory has kept the market fast paced.
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