Gallatin County’s residential real estate market saw increased median sale prices and a tight inventory of available homes in February, according to statistics released by the Gallatin Association of REALTORS® (GAR).
“The weather may still be cold, but the Gallatin County real estate market remained hot through February as homes continue to sell quickly and sellers are receiving a high percentage of their asking price,” said Claire Gillam, GAR Board President.
Single Family Market – Gallatin County – February 2020
The median sales price increased 6.7%, from $420,000 in February 2019 to $447,950 in February 2020, while the average number of days on market until sale dropped 23.5%, from 98 to 75. The inventory of available homes decreased 11.5% compared to last year, from 381 to 337, and the months supply of inventory decreased 13.8%, from 2.9 to 2.5. Sellers received 98.7% of their list price in February, up slightly from 97.7% last year. The number of new single-family listings decreased 9% compared to February 2019, from 144 to 131. Pending sales decreased 4.8%, from 124 to 118, and the number of closed sales went from 90 to 80, a 11.1% decrease.
Condo/Townhouse Market – Gallatin County – February 2020
Sellers received 98.9% of their listing price in February, a 1.3% increase from last year. Median sale prices in the condo/townhouse market held steady at $295,000, the same as February 2019.The number of new listings increased 11%, from 100 to 111. Pending sales increased 36% from 75 to 102, while closed sales increased 57.1%, from 35 to 55. The average number of days on market increased 18.7%, from 91 last year to 108 last month. The inventory of available homes in the condo/townhouse sector increased 15.2% compared to last February, from 211 to 243, while the month supply of inventory increased 6.7% from 3 to 3.2.