Gallatin County’s residential real estate market saw large increases in pending sales, closed sales and average sales prices in October, while the inventory of available homes decreased significantly in both the single family and condo/townhome markets compared to 2019.
“The weather may be cooling off, but Gallatin County’s real estate sales are still hot,” said Claire Gillam, GAR Board President. “In September we saw big jumps in closed sales and pending sales, and median sale prices are also up. In addition, the months supply of available inventory is as low as I’ve seen it. Our market is in strong shape as we move into winter.”
Single Family Market – Gallatin County – September 2020
The median sales price increased 18.9%, from $462,000 in September 2019 to $550,000 in September 2020. Closed sales increased 46.9%, from 130 to 191, and pending sales jumped 56.6%, from 113 to 177. The inventory of available homes decreased 60.1% compared to last year, from 537 to 214, and the months supply of inventory dropped 65%, from 4.0 to 1.4. The number of new single-family listings decreased 3% compared to September 2019, from 167 to 162. The average days on market increased 56.8%, from 37 to 58. Sellers received 99.1% of their list price last month, up slightly from 98.4% last year.
Condo/Townhouse Market – Gallatin County – September 2020
The number of closed sales increased 137.1%, from 62 to 147. Pending sales jumped 79.7%, from 64 to 115. Median sale prices in the condo/townhouse market increased 1.5%, from $321,250 to $326,000. The inventory of available homes in the condo/townhouse market decreased 61.5% compared to last September, from 335 to 129, and the months supply of inventory decreased 74%, from 5.0 to 1.3. The number of new listings decreased 28.2%, from 103 to 74. The average days on market increased 75%, from 36 last year to 63 last month. Sellers received 100.2% of their listing price in September, a 1.4% increase from last year.