GAR's Monthly Update
For more details on this month's report, select Gallatin County on the left.
For historical data for the entire Big Sky Country MLS service area, select Southwest Montana.
RELEASE DATE: July 16, 2021
Gallatin County again sees higher real estate prices, tight inventory in June
Sellers receiving more than asking price
Gallatin County’s residential real estate market continues to see higher prices and lower inventory compared to last year. June marked the fourth consecutive month in which sellers received more than 100% of their list price in both the single family and condo/townhome markets.
“The market has been hot, just like our weather,” said Lacy Browne, GAR Board President. “Median sale prices continue to climb, and inventory is hitting record lows. We expect these trends to continue as long as interest rates remain low, and the housing supply remains short nationally.”
Single Family Market – Gallatin County
The number of new listings increased 2.6% in June compared to last year, from 235 to 241. Pending sales were down 27.8%, from 227 to 164. The number of closed sales decreased 3.5% from 170 to 164. The average days on market decreased 57.1%, from 56 to 24. The median sales price increased 53.8%, from $456,325 to $702,000. Sellers received 102.4% of their list price, up from 98.4% last June. The inventory of available homes decreased 42.1%, from 373 to 216, while the months’ supply of inventory dropped 48.3%, from 2.9 to 1.5.
Condo/Townhouse Market – Gallatin County
New listings decreased 16.3% compared to last June, from 147 to 123. Pending sales decreased 32.9% from 158 to 106. The number of closed sales increased 28.3%, from 99 to 127. The average number of days on market increased 21.4% from 42 to 51. Median sales prices increased 47.4%, from $285,000 to $420,000. Sellers received 102.7% of their list price compared to 98.6% last June. The inventory of available homes dropped 75.3%, from 340 to 84, and the months’ supply of inventory fell 81%, from 4.2 to 0.8.
The Gallatin Association of REALTORS® (GAR) and the Big Sky Country MLS are the local association level of the largest trade association in the nation, presently serving its members, which are comprised of REALTORS®, Appraisers and Affiliate Members. Chartered in 1959 by the National Association of REALTORS® (NAR), GAR represents the interests of its members in southwestern Montana.
Press Contact: Lacy Browne, GAR Board President