Gallatin County’s residential real estate market saw an increase in pending sales in June, while days on market, the inventory of available homes and new single-family listings decreased.

“The increase in pending sales is a positive sign, particularly in light of COVID-19,” said Claire Gillam, GAR Board President. “This heightened activity, combined with the tightening inventory of available homes, indicates we are seeing a sellers’ market as we move through summer.”

Single Family Market – Gallatin County – June 2020

The median sales price increased 6.7%, from $427,700 in June 2019 to $456,325 in June 2020. The average days on market decreased 3.5%, from 57 to 55. The inventory of available homes decreased compared to last year, from 472 to 364, and the month’s supply of inventory decreased 20%, from 3.5 to 2.8. Sellers received 98.4% of their list price last month, down slightly from 99% last year. The number of new single-family listings decreased 13.4% compared to June 2019, from 269 to 233. Pending sales jumped 32.9%, from 173 to 230, and the number of closed sales fell slightly by 0.6%, from 171 to 170.

Condo/Townhouse Market – Gallatin County – June 2020

The inventory of available homes in the condo/townhouse sector decreased slightly 1.1% compared to last June, from 275 to 272, and the month’s supply of inventory decreased 17.1%, from 4.1 to 3.4. Sellers received 98.5% of their listing price in June, a 0.6% decrease from last year. Median sale prices in the condo/townhouse market decreased 14.9%, from $335,000 to $285,000. The number of new listings increased 10.2%, from 128 to 141. Pending sales jumped 89.5%, from 86 to 163. Closed sales increased 27.3%, from 77 to 98. The average days on market decreased 27.1%, from 59 last year to 43 last month.

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