Gallatin County’s residential real estate market continued its recent pattern of strong sales activity in October, with increases in closed sales, pending sales and median sale prices in both the single family and condo/townhome markets.
“The market’s performance has been impressive over the past few months, and that strong activity continued in October.” said Claire Gillam, GAR Board President. “Both closed sales and median sale prices were ahead of last year’s numbers, and we expect the market to remain strong as we move into winter.”
Single Family Market – Gallatin County – October 2020
Median sales prices increased 27.6%, from $458,600 in October 2019 to $585,000 in October 2020. Closed sales increased 59%, from 129 to 205, and pending sales jumped 78.1%, from 105 to 187. The number of new single-family listings increased 14.6% compared to October 2019, from 130 to 149. The average days on market increased 30.8%, from 52 to 68. Sellers received 98.5% of their list price last month, up slightly from 98.2% last year.
Condo/Townhouse Market – Gallatin County – October 2020
The number of closed sales increased 30.8%, from 85 to 105. Pending sales jumped 69.2%, from 65 to 110. Median sale prices in the condo/townhouse market increased 4.5%, from $325,000 to $339,500. The number of new listings increased 51.9%, from 52 to 79. The average days on market increased 5.3%, from 56 last year to 59 last month. Sellers received 100% of their listing price in October, a 2.0% increase from last year.