Gallatin County’s residential real estate market demonstrated strength in March despite the Coronavirus crisis, with single-family prices increasing and the number of homes sold similar to last year’s totals.
“Despite the effects of COVID-19, the Gallatin County real estate market is held relatively stable in March,” said Claire Gillam, GAR Board President. “Single-family prices are up, sellers are receiving a high percentage of their asking price, and the number of homes sold held steady.”
Single Family Market – Gallatin County – March 2020
The median sales price increased 14.7%, from $423,000 in March 2019 to $485,000 in March 2020. The average number of days on market until sale dropped 8.7%, from 92 to 84. The inventory of available homes increased 15.8% compared to last year, from 341 to 395, and the months supply of inventory increased 11.1%, from 2.7 to 3.0. Sellers received 99.1% of their list price in March, up slightly from 98.6% last year. The number of new single-family listings increased 27.8% compared to March 2019, from 133 to 170. Pending sales decreased 23.3%, from 139 to 108, and the number of closed sales dropped 4.8%, from 125 to 119.
Condo/Townhouse Market – Gallatin County – March 2020
Sellers received 98.7% of their listing price in March, a 0.4% increase from last year. Median sale prices in the condo/townhouse market decreased slightly from $317,000 to $305,000. The number of new listings increased 44.6%, from 74 to 107. Pending sales increased 11.3% from 71 to 79, while closed sales increased 9.2%, from 65 to 71. The average number of days on market increased 9.5%, from 63 last year to 69 last month. The inventory of available homes in the condo/townhouse sector increased 27.6% compared to last March, from 210 to 268, while the month supply of inventory increased 16.1% from 3.1 to 3.6.