Gallatin County’s residential real estate market demonstrated continued strength during January with increasing prices and shrinking inventory.
“Sometimes these reports sound like a broken record, but our market has demonstrated remarkable consistency month over month,” said Lacy Browne, GAR Board President. “Last year’s trends continued in January, with strong demand, higher prices, and a tight inventory of available properties. Homes are spending significantly less time on the market, and sellers are receiving nearly 100% of their asking price. We expect the market to maintain this momentum in the coming months.”
Single Family Market – Gallatin County
The number of new listings decreased 4.8% in January compared to last year, from 105 to 100. Pending sales were down 10%, going from 120 to 108. The number of closed sales decreased 23.8%, from 101 to 77. The average days on market decreased 62.7%, from 75 to 28. Median sales price increased 24.4% from $450,000 to $560,000. Sellers received 99.7% of their list price, up from 97.5% last January. The inventory of available homes dropped 66.8%, from 364 to 121, while, the months’ supply of inventory fell 70.4%, from 2.7 to 0.8.
Condo/Townhouse Market – Gallatin County
New listings decreased 32% in January 2020 compared to last year, going from 100 to 68. Pending sales decreased 5.9% from 85 to 80. Closed sales increased 36.2 %, from 47 to 64. The average number of days homes spent on the market decreased 29.9%, from 77 to 54. Median sales prices increased 9%, from $338,000 to $368,500. Sellers received 99.9% of their list price, a 1.7% increase over last year’s 98.2%. The inventory of available homes dropped 71.9%, from 278 to 78, and the months’ supply of inventory fell 81.6%, from 3.8 to 0.7.