Inventory of available homes drops sharply
Gallatin County’s residential real estate market saw increases in closed sales and average sales price last month, while the inventory of available homes tightened significantly in November compared to last year.
“Our market has yet to slow down this holiday season, showing impressive increases in homes sold and sale prices,” said Claire Gillam, GAR Board President. “While prices and sales are up, the inventory of available homes dropped sharply in November, and sellers are receiving a high percentage of their asking price. All indicators point to a continued seller’s market as we move into the New Year.”
Single Family Market – Gallatin County – November 2020
Median sales prices increased 46.4%, from $420,000 in November 2019 to $615,000 in November 2020. Closed sales increased 39.1%, from 110 to 153, and pending sales jumped 19.1%, from 89 to 106. The number of new single-family listings increased 21.3% compared to November 2019, from 75 to 91. The average days on market increased 14.6%, from 41 to 47. Sellers received 99.2% of their list price last month, up slightly from 97.9% last year. The inventory of homes for sale decreased 66.6%, from 467 to 156. The months supply of inventory decreased 71.4%, from 3.5 to 1.0 compared to last year.
Condo/Townhouse Market – Gallatin County – November 2020
The number of closed sales increased 39.1%, from 69 to 96. Pending sales jumped 10.8%, from 65 to 72. Median sale prices in the condo/townhouse market increased 4.5%, from $330,000 to $344,975. The number of new listings increased 67.4%, from 43 to 72. The average days on market decreased 10%, from 60 last year to 54 last month. Sellers received 99.3% of their listing price in November, a 1% increase from last year. The inventory of homes for sale decreased 62.6%, from 281 to 105. The months supply of inventory decreased 75.6%, from 4.1 to 1.0 compared to last year.