Condo and townhouse home sales and median sale prices increased in October compared to last year, according to statistics released by the Gallatin Association of REALTORS® (GAR).
“The market is seeing its usual seasonal slowdown as we move into winter, which is why the numbers show an increased months supply of available homes.” said Andrew Hurlburt, GAR Board President, “While activity typically decreases during the winter months, we expect the market to remain in strong shape moving into next year.”
Single Family Market – Gallatin County – October 2019
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.
Condo/Townhouse Market – Gallatin County – October 2019
Median sale prices in the condo/townhouse market increased 5.7%, from $307,500 to $325,000. Sellers received 98% of their listing price last month, down slightly from 98.4% last year. The number of new listings decreased 11.9%, from 59 to 52. Pending sales rose by 18.2% from 55 to 65, while closed sales increased 28.8% from 66 to 85. The average number of days on market fell 29.1%, from 79 last year to 56 last month. The inventory of available homes in the condo/townhouse sector increased 45.6% compared to last October, rising from 195 to 284, while the months supply of inventory doubled from 2.8 to 4.2.