The Gallatin County residential real estate market is seeing strong demand for a tight inventory of available homes as we move into 2020, according to statistics released by the Gallatin Association of REALTORS® (GAR).
“The Gallatin County real estate market remains strong and competitive as we move through winter,” said Claire Gillam, GAR Board President. “Sales are strong, inventory remains tight, and sellers are receiving a high percentage of their asking price. We anticipate that the market will remain competitive as spring approaches.”
Single Family Market – Gallatin County – January 2020
The number of new single-family listings decreased 12.8% compared to January 2019, from 117 to 102. Pending sales increased 9.4%, from 117 to 128, and the number of closed sales jumped from 56 to 103, an 83.9% increase. The median sales price decreased 6.1%, from $479,316 to $450,000, while the average number of days on market until sale dropped 28.8%, from 104 to 74. The inventory of available homes decreased 13.2% compared to last year, from 387 to 336, and the months supply of inventory decreased 16.7%, from 3.0 to 2.5. Sellers received 97.3% of their list price in January, up slightly from 96.9% last year.
Condo/Townhouse Market – Gallatin County – January 2020
Median sale prices in the condo/townhouse market increased 1.4%, from $333,200 last year to $338,000 in January. Sellers received 98.2% of their listing price last month, down slightly from 98.3% last year. The number of new listings increased 28.8%, from 66 to 85. Pending sales increased 69.8% from 53 to 90, while closed sales increased 11.9%, from 42 to 47. The average number of days on market increased 30.5%, from 59 last year to 77 last month. The inventory of available homes in the condo/townhouse sector increased 21% compared to last January, from 195 to 236, while the months supply of inventory increased 14.3% from 2.8 to 3.2