COMBINED Infographic SingleFam and Condos JunePrices up, inventory down, single-family homes selling quickly

Gallatin County’s residential real estate market saw higher prices and lower inventory in May compared to last year. Additionally, sellers received more than 100% of their list price in both the single family and condo/townhome markets.

“Once again, we’re seeing high prices and historically low inventory,” said Lacy Browne, GAR Board President. “The market isn’t showing any signs of cooling down as summer ramps up, and we expect this competitive sellers’ market to continue for some time.”

Single Family Market – Gallatin County

The number of new listings decreased 16% in May compared to last year, from 206 to 173. Pending sales were down 24.7%, from 190 to 143. The number of closed sales increased 9.4% from 117 to 128. The average days on market decreased 46.2%, from 52 to 28. The median sales price increased 39.2%, from $475,000 to $661,000. Sellers received 101.6% of their list price, up from 98.5% last May. The inventory of available homes decreased 60.9%, from 402 to 157, while the months’ supply of inventory dropped 68.8%, from 3.2 to 1.0.  

Condo/Townhouse Market – Gallatin County

New listings decreased 31.3% compared to last May, from 131 to 90. Pending sales decreased 10% from 110 to 99. The number of closed sales increased 33.3%, from 66 to 88. The average number of days on market increased 17.2%, from 64 to 75. Median sales prices increased 42.4%, from $301,900 to $430,000. Sellers received 102.8% of their list price compared to 98.4% last May. The inventory of available homes dropped 83.8%, from 359 to 58, and the months’ supply of inventory fell 89.8%, from 4.9 to 0.5.

May 2021

 

Gallatin County’s residential real estate saw increases in sales, prices and new listings in April, with many homes selling above asking price, while inventory and days on the market decreased compared to last year.

“Sales figures trended strong during April,” said Lacy Browne, GAR Board President. “Prices are up across the board and single-family homes are selling in half the time they did last year. The competitive sellers’ market we’ve been seeing will likely continue into the summer.”

Single Family Market – Gallatin County

The number of new listings increased 21.2% in April compared to last year, from 132 to 160. Pending sales were up 28.8%, going from 118 to 152. The number of closed sales increased 36.4%, from 99 to 135. The average days on market decreased 47.6%, from 63 to 33. The median sales price increased 50% from $440,000 to $660,000. Sellers received 100.7% of their list price, up from 98.8% last April. The inventory of available homes fell 68.1%, from 404 to 129, while the months’ supply of inventory dropped 75.8%, from 3.3 to 0.8.  

Condo/Townhouse Market – Gallatin County

New listings increased 8.5% compared to last April, from 94 to 102. Pending sales jumped 58.7% from 63 to 100. The number of closed sales increased 23.9%, from 67 to 83. The average number of days on market decreased 33.9%, from 56 to 37. Median sales prices increased 22.4%, from $314,500 to $385,000. Sellers received 102.1% of their list price compared to 99% last April. The inventory of available homes dropped 82.9%, from 340 to 58, and the months’ supply of inventory fell 89.6%, from 4.8 to 0.5.

Gallatin County’s residential real estate saw strong sales, increased prices and high demand for homes in March. The average number of days homes spent on the market was half of what it was in March 2020. Median sale prices jumped 45.3%, and on average sellers received more than their asking price for single family homes.

“March was an exceptionally busy month for real estate activity in Gallatin County,” said Lacy Browne, GAR Board President. “Thanks to the usual Spring uptick, relaxing COVID restrictions, a tight inventory of available homes and ongoing high demand, prices are on the increase and homes are selling quickly. We are in a strong sellers’ market that is likely to remain competitive in the coming months.”

Single Family Market – Gallatin County

The number of new listings decreased 10.5% in March compared to last year, from 172 to 154. Pending sales were up 41.1%, going from 107 to 151. The number of closed sales decreased 14.3%, from 119 to 102. The average days on market decreased 52.9%, from 85 to 40. The median sales price increased 45.3% from $485,000 to $704,750. Sellers received 100.4% of their list price, up from 99.1% last March. The inventory of available homes dropped 69.8%, from 414 to 125, while the months’ supply of inventory fell 75%, from 3.2 to 0.8.  

Condo/Townhouse Market – Gallatin County

New listings increased 13.9% compared to last March, from 108 to 123. Pending sales nearly doubled, increasing 97.1% from 68 to 134. The number of closed sales increased 5.6%, from 71 to 75. The average number of days on market decreased 18.8%, from 69 to 56. Median sales prices increased 41%, from $305,000 to $430,000. Sellers received 100.7% of their list price compared to 98.7% last March. The inventory of available homes dropped 82.8%, from 325 to 56, and the months’ supply of inventory fell 88.9%, from 4.5 to 0.5.

April 2021

Gallatin County’s residential real estate market remained robust through February, with increased prices, a limited supply of homes and a short sales cycle in both the single family and condo/townhome markets.

“The demand for homes in Gallatin County remains remarkably strong,” said Lacy Browne, GAR Board President. “Compared to last February, homes are spending less time on the market, inventory is down significantly, and sellers are receiving nearly 100% of their asking price. Given that we typically see an uptick in real estate activity during Spring, we expect these trends to continue.”

Single Family Market – Gallatin County

The number of new listings decreased 15.3% in February compared to last year, from 137 to 116. Pending sales were down 5.7%, going from 105 to 99. The number of closed sales increased 2.5%, from 80 to 82. The average days on market decreased 44%, from 75 to 42. The median sales price increased 34.5% from $447,950 to $602,500. Sellers received 99.1% of their list price, up from 98.7% last February. The inventory of available homes dropped 64.7%, from 374 to 132, while the months’ supply of inventory fell 67.9%, from 2.8 to 0.9.  

Condo/Townhouse Market – Gallatin County

New listings decreased 48.2% compared to last year, going from 112 to 58. Pending sales decreased 16.9% from 83 to 69. The number of closed sales did not differ from February 2020, staying at 56 homes. The average number of days spent on the market decreased 41.3%, from 109 to 64. Median sales price increased 20.7%, from $294,000 to $354,825. Sellers received 99.7% of their list price, a 0.8% increase over last year’s 98.9%. The inventory of available homes dropped 77%, from 305 to 70, and the months’ supply of inventory fell 83.3%, from 4.2 to 0.7.

March 2021 2

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.”

 

February 2021 1

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.

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