GAR's Monthly Update

While Gallatin County’s residential real estate market saw less real estate activity in April compared to last year, homes continued to sell quickly, an indication that demand remains strong.

“The fact that homes are flying off the shelves and selling very close to full asking price tells us that demand isn’t letting up,” said Jim Gingery, 2023 GAR Board President. “Spring and summer are usually the more active seasons for real estate transactions, so we expect to see this pattern continue as things warm up.”

Single Family Market – April 2023

According to the statistics report published on May 15, median sales prices in the single-family market fell 5.7% in April, compared to last year, from $823,750 to $777,000. Closed sales decreased 14.4%, from 90 to 77. The median number of days homes spent on the market increased 200%, from 4 to 12, but is still under two weeks. The average percent of list price received by sellers decreased 2.8%, from 101% to 98.1%. The median price per square foot sold dropped 7.8%, from $392 to $361. Pending sales decreased 13.3% from 120 to 104. The number of new listings decreased 29.4% from 180 to 127. End-of-month inventory increased by 23.7%, from 177 to 219. The months supply of inventory, which is an estimate of the time it would take to sell off the existing inventory, increased 44.6%, from 2 to 2.8 months. In general, a balanced market is between five and six months. Less than five is considered a sellers’ market.

Condo/Townhouse Market – April 2023

Median Sales prices in the condo/townhouse market dropped by 20%, from $600,000 to $480,000. The number of closed sales fell 24.6%, from 61 to 46. The median number of days homes spent on the market increased 137.5%, from 4 to 10. The average percent of list price received fell 2.1%, from 101.6% to 99.4%. The median price per square foot sold decreased 4%, from $360 to $346. The number of pending listings rose slightly by 4.3% from 69 to 72. The number of new listings dropped 17.9%, from 84 to 69. End-of-month inventory jumped 69.4%, from 85 to 144. The months supply of inventory increased 124.6% from 1.4 to 3.1 months.

Press Contact: Jim Gingery, GAR Board President
(406) 640-0910
anteloperealtymt@gmail.com