Gallatin County’s residential real estate market continues to demonstrate stability through the COVID-19 pandemic.
“The Gallatin area real estate market is holding steady in the face of COVID-19,” said Claire Gillam, GAR Board President. “Single-family prices are up, sellers are receiving a high percentage of their asking prices, and the inventory of available homes remains tight. While COVID-19 has certainly had an impact, our market has demonstrated strength and resilience throughout the pandemic.”
Single Family Market – Gallatin County – May 2020
The median sales price increased 13.3%, from $420,000 in May 2019 to $475,975 in May 2020. The average days on market dropped 20.3%, from 64 to 51. The inventory of available homes decreased 2.8% compared to last year, from 400 to 389, and the months supply of inventory increased 3.3%, from 3.0 to 3.1. Sellers received 98.5% of their list price last month, up slightly from 98.2% last year. The number of new single-family listings decreased 16% compared to May 2019, from 244 to 205. Pending sales increased 7.7%, from 181 to 195, and the number of closed sales dropped 33%, from 176 to 118.
Condo/Townhouse Market – Gallatin County – May 2020
The inventory of available homes in the condo/townhouse sector increased 22% compared to last May, from 250 to 305 and the months supply of inventory increased 10.8%, from 3.7 to 4.1. Sellers received 98.4% of their listing price in May, a 0.4% decrease from last year. Median sale prices in the condo/townhouse market decreased 11.9%, from $342,750 to $301,900. The number of new listings increased 14.4%, from 111 to 127. Pending sales jumped 55.6%, from 72 to 112, while closed sales decreased 23.3%, from 86 to 66. The average days on market increased 25.5%, from 51 last year to 64 last month.