Gallatin County’s residential real estate market held relatively steady in April despite the Coronavirus crisis, with single-family prices increasing compared to last year amid decreases in new listings, pending sales and days on market.
“The Gallatin County real estate market continues to hang tough in spite of the effects of COVID-19,” said Claire Gillam, GAR Board President. “Single-family prices are slightly up, homes are still selling at a good clip and sellers are receiving close to 100% of their asking prices. While we can expect continued impacts from the coronavirus situation, our market remains well-positioned for the future.”
Single Family Market – Gallatin County – April 2020
The median sales price increased 3.5%, from $425,000 in April 2019 to $440,000 in April 2020. The average number of days on market until sale dropped 13.7%, from 73 to 63. The inventory of available homes increased 9.9% compared to last year, from 354 to 389, and the months supply of inventory increased 10.7%, from 2.8 to 3.1. Sellers received 99.8% of their list price last month, up slightly from 98.5% last year. The number of new single-family listings decreased 40.2% compared to April 2019, from 214 to 128. Pending sales decreased 30.9%, from 178 to 123, and the number of closed sales dropped 16.1%, from 118 to 99.
Condo/Townhouse Market – Gallatin County – April 2020
The inventory of available homes in the condo/townhouse sector increased 32.4% compared to last April, from 222 to 294, while the month supply of inventory increased 24.2% from 3.3 to 4.1. Sellers received 99% of their listing price in April, a 0.7% increase from last year. Median sale prices in the condo/townhouse market decreased by 9.7% from $348,450 to $314,500. The number of new listings decreased 15.7%, from 108 to 91. Pending sales decreased 28.1% from 89 to 64, while closed sales slightly decreased 4.3%, from 70 to 67. The average number of days on market decreased 11.1%, from 63 last year to 56 last month.