Gallatin County’s residential real estate market saw increases in closed sales, pending sales and median sale prices in July, while the inventory of available homes decreased in both the single family and condo/townhome markets compared to last year.
“Our market saw strong sales activity in July, while the inventory of available homes tightened even further,” said Claire Gillam, GAR Board President. “The numbers indicate that we are seeing a strong sellers’ market as we move through summer.”
Single Family Market – Gallatin County – July 2020
The median sales price increased 5.8%, from $462,250 in July 2019 to $489,000 in July 2020. Closed sales increased by 21.4%, from 192 to 233, and pending sales jumped 73.3%, from 150 to 260. The inventory of available homes decreased 40.5% compared to last year, from 504 to 300, and the months supply of inventory decreased 40.5%, from 3.7 to 2.2. The number of new single-family listings increased 2.3% compared to July 2019, from 213 to 218. The average days on market increased 4.4%, from 45 to 47. Sellers received 99.2% of their list price last month, up slightly from 98.9% last year.
Condo/Townhouse Market – Gallatin County – July 2020
Closed sales increased 38.1%, from 84 to 116. Pending sales jumped 100%, from 81 to 162. Median sale prices in the condo/townhouse market increased 6.8%, from $323,000 to $345,000. The inventory of available homes in the condo/townhouse market decreased 24.6% compared to last July, from 297 to 224, and the months supply of inventory decreased 40.9%, from 4.5 to 2.6. The number of new listings decreased 6.4%, from 110 to 103. The average days on market increased 4.5%, from 44 last year to 46 last month. Sellers received 98.8% of their listing price in July, a 0.7% decrease from last year.
The Gallatin Association of REALTORS® (GAR) CEO Search Committee donated $8,550 to the Gallatin REALTORS® Charitable Foundation on July 8. The search committee was responsible for the recruitment, hiring and recent installation of Rob Wigton as GAR’s new CEO. The donation was made in honor of Wigton’s hire and was funded by the net buyer’s side commission from the purchase of his new home in Bozeman’s Woodland Park subdivision.
“The Gallatin REALTORS Charitable Foundation provides real estate professionals with an additional way to give back to the community we serve by supporting local non-profits,” said Lacy Browne, Vice Chair of The Foundation. “We are grateful for this generous gift, which will be directed toward local non-profit organizations working to make a difference in Gallatin County.”
The GAR CEO search committee was chaired by Don Pilotte and included members Ray Atteberry, Mark Dobrenski, Candis Dorsch, Claire Gillam, Sandy Lee and Jim Woodley. Wigton selected his home virtually after touring several homes via FaceTime. Committee member Candis Dorsch brokered the sale, which closed in late May.
The Gallatin REALTORS Charitable Foundation has supported numerous community-based initiatives, including the Thrive CAP Mentor Program, the Bozeman Public Library Foundation’s 2020 Children’s Summer Reading Program, the Gallatin Valley Land Trust Summer Trails Program, the Kiwanis Cakes for Kids Pancake Fundraiser, the Bozeman Police Department Child Safety Prevention Education Program, the Gallatin Valley Farm to School and St. Jude Children’s hospital. For more information or to contribute, visit www.gallatinrealtorsfoundation.com.
Gallatin County’s residential real estate market continues to demonstrate stability through the COVID-19 pandemic.
“The Gallatin area real estate market is holding steady in the face of COVID-19,” said Claire Gillam, GAR Board President. “Single-family prices are up, sellers are receiving a high percentage of their asking prices, and the inventory of available homes remains tight. While COVID-19 has certainly had an impact, our market has demonstrated strength and resilience throughout the pandemic.”
Single Family Market – Gallatin County – May 2020
The median sales price increased 13.3%, from $420,000 in May 2019 to $475,975 in May 2020. The average days on market dropped 20.3%, from 64 to 51. The inventory of available homes decreased 2.8% compared to last year, from 400 to 389, and the months supply of inventory increased 3.3%, from 3.0 to 3.1. Sellers received 98.5% of their list price last month, up slightly from 98.2% last year. The number of new single-family listings decreased 16% compared to May 2019, from 244 to 205. Pending sales increased 7.7%, from 181 to 195, and the number of closed sales dropped 33%, from 176 to 118.
Condo/Townhouse Market – Gallatin County – May 2020
The inventory of available homes in the condo/townhouse sector increased 22% compared to last May, from 250 to 305 and the months supply of inventory increased 10.8%, from 3.7 to 4.1. Sellers received 98.4% of their listing price in May, a 0.4% decrease from last year. Median sale prices in the condo/townhouse market decreased 11.9%, from $342,750 to $301,900. The number of new listings increased 14.4%, from 111 to 127. Pending sales jumped 55.6%, from 72 to 112, while closed sales decreased 23.3%, from 86 to 66. The average days on market increased 25.5%, from 51 last year to 64 last month.
Gallatin County’s residential real estate market held relatively steady in April despite the Coronavirus crisis, with single-family prices increasing compared to last year amid decreases in new listings, pending sales and days on market.
“The Gallatin County real estate market continues to hang tough in spite of the effects of COVID-19,” said Claire Gillam, GAR Board President. “Single-family prices are slightly up, homes are still selling at a good clip and sellers are receiving close to 100% of their asking prices. While we can expect continued impacts from the coronavirus situation, our market remains well-positioned for the future.”
Single Family Market – Gallatin County – April 2020
The median sales price increased 3.5%, from $425,000 in April 2019 to $440,000 in April 2020. The average number of days on market until sale dropped 13.7%, from 73 to 63. The inventory of available homes increased 9.9% compared to last year, from 354 to 389, and the months supply of inventory increased 10.7%, from 2.8 to 3.1. Sellers received 99.8% of their list price last month, up slightly from 98.5% last year. The number of new single-family listings decreased 40.2% compared to April 2019, from 214 to 128. Pending sales decreased 30.9%, from 178 to 123, and the number of closed sales dropped 16.1%, from 118 to 99.
Condo/Townhouse Market – Gallatin County – April 2020
The inventory of available homes in the condo/townhouse sector increased 32.4% compared to last April, from 222 to 294, while the month supply of inventory increased 24.2% from 3.3 to 4.1. Sellers received 99% of their listing price in April, a 0.7% increase from last year. Median sale prices in the condo/townhouse market decreased by 9.7% from $348,450 to $314,500. The number of new listings decreased 15.7%, from 108 to 91. Pending sales decreased 28.1% from 89 to 64, while closed sales slightly decreased 4.3%, from 70 to 67. The average number of days on market decreased 11.1%, from 63 last year to 56 last month.
Today the Gallatin Association of REALTORS® (GAR) announced the hiring of Rob Wigton as its new Chief Executive Officer following a nationwide search. Wigton, who most recently served as CEO of the Williamson County Association of REALTORS® in suburban Nashville, TN, takes the reins on June 1.
“Our association is already in a strong position, and we believe Rob is the right leader to move us forward in a very positive way,” said Claire Gillam, GAR’s Board President. “We are confident that his knowledge of the real estate industry, extensive experience running large organizations and track record of proven leadership will take our association to the next level.”
“Our search committee invested a great deal of time, energy and due diligence in finding the right person to lead our association,” said Don Pilotte, chair of the search committee. “The committee has met weekly since last October and has invested hundreds of hours of research seeking the perfect fit for GAR. We interviewed numerous candidates and are confident that our association will be in strong, capable hands under Rob’s leadership.”
Rob Wigton has a long, nationally recognized career in the real estate industry. He co-owned and operated a 45-agent firm in Minden, NV for 11 years. He served as the President of both the Sierra Nevada Association of REALTORS® and the President of the Nevada Association of REALTORS®. During the peak of the housing recession in 2009 he was hired to lead NVAR as its CEO. He also served the Greater Gateway Association of REALTORS® in Illinois prior to his most recent role in Williamson County.
Wigton was honored as REALTOR® of the Year at both the local and state levels while in Nevada and was inducted into the National Association of REALTORS®’ (NAR) RPAC Hall of Fame in 2009. He is one of fewer than 50 REALTORS® and staff members nationwide to earn third-tier recognition in the Hall of Fame. He holds the REALTOR® Certified Executive (RCE) designation and is a graduate of the University of Chicago’s certificate program in Non-Profit Association Management. Wigton earned a bachelor’s degree in History and Political Science from the University of Jamestown, ND, and did graduate work at North Dakota State University in communications and journalism. He has served on more than 20 NAR Committees during his career and is a member of the NAR President’s Circle, which is comprised of a select group of REALTORS® and staff from across the nation.
"Rob Wigton is a great hire for the Gallatin Association of Realtors,” said Kenny Parcell, a real estate broker in Utah who served as NAR Vice President of Government Affairs in 2018. “With over $75,000 invested in RPAC, he has been a staunch advocate for the real estate industry throughout his entire career. I am excited for Rob and for the Gallatin Association of REALTORS®.”
“I have known Rob Wigton for almost 20 year,” added Steve Francks, CEO of Washington REALTORS®. “His breadth of experience in politics and public policy, his knowledge of and contacts within the REALTORS® organization, and his overall good judgment have made him a trusted friend and colleague. The Gallatin Association of REALTORS® is in good hands with Rob at the helm.”
Wigton will make his home in Bozeman. He has two sons: Kirby, an Electrical Engineer in Boise, Idaho, and Shane, an Industrial Engineer who lives in Pittsburgh with his wife Sarah. In his spare time Wigton plays piano and drums, loves to take long walks and hikes and is a fan of nearly all college and pro sports.