On average, single family homes in Gallatin County sold in less than a month during July. Last month also marked the fifth consecutive month in which sellers received more than 100% of their list price in both the single family and condo/townhome markets.
“Our market continues to chart an unprecedented course,” said Lacy Browne, GAR Board President. “As a result of low inventory and high demand, homes are selling fast and at higher prices. Single family homes spent an average of 25 days on the market in July, with an exceptionally low average of just 17 days for homes in the $289,000 to $448,999 price range.”
Single Family Market – Gallatin County
The number of new listings decreased 6.4% in July compared to last year, from 219 to 205. Pending sales decreased 27.2%, from 243 to 177. The number of closed sales decreased 37.7%, from 231 to 144. The average days on market decreased 46.8%, from 47 to 25. The median sales price increased 42.1%, from $489,000 to $695,000. Sellers received 100.9% of their list price, up from 99.2% last July. The inventory of available homes decreased 28.6%, from 318 to 227, while the months’ supply of inventory dropped 30.4%, from 2.3 to 1.6.
Condo/Townhouse Market – Gallatin County
New listings increased 2.9% compared to last July, from 103 to 106. Pending sales decreased 32.1%, from 162 to 110. The number of closed sales in July was 116, the same as last year. The average number of days on market increased 13%, from 46 to 52. Median sales prices increased 34.8%, from $344,300 to $464,250. Sellers received 101.6% of their list price compared to 98.8% last July. The inventory of available homes decreased 69.6%, from 273 to 83, and the months’ supply of inventory decreased 74.2%, from 3.1 to 0.8.