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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: April 20, 2022

Gallatin County homes sell quickly in March; Sellers receive more than asking price on average

Pattern of high demand and low inventory continues

Single family homes and condos and townhomes in Gallatin County fetched more than 100% of their asking price on average during March. Homes also sold quickly, averaging around 20 days on the market. While new listings and the inventory of available homes both dropped, the months supply of inventory increased in both the single family and condo/townhouse markets.

“Our market continued to be intense in March, with homes selling quickly and above asking price,” said Joanna Harper, GAR Board President. “If typical increased seasonal demand combines with our tight inventory, then strong seller’s market conditions will persist as we head into summer despite higher mortgage rates.”

GAR recently released its 2022 Gallatin Valley Housing Report, which includes comprehensive data about demographics, rental information, housing sales and prices, housing finance information and more. To read the full report, click here.

Single Family Market – March 2022

New single-family listings decreased 21.3% in March 2022 compared to last year, from 155 to 122. Pending sales dropped 35.6%, from 146 to 94, and closed sales decreased 8.8%, from 102 to 93. The average number of days homes spent on the market dropped 50%, from 40 to 20. Median sales prices increased 12.1%, from $704,750 to $790,000, and sellers received 101.9% of their list price, an increase from 100.4% last March. The inventory of homes for sale fell 15.8%, from 139 to 117. The months supply of inventory increased for the first time since October 2021, rising 11.1% from 0.9 to 1.0.

Condo/Townhouse Market – March 2022

The number of new listings in the condo/townhouse market fell 18.3%, from 126 to 103. Pending sales dropped 29%, from 124 to 88. Closed sales fell 22.7%, from 75 to 58. The average number of days on the market dropped 66.1%, from 56 to 19. Median sales prices rose 26.3%, from $430,000 to $543,000. Sellers received 102.5% of their list price, up from 100.7% last year. The inventory of homes for sale fell slightly by 1.1%, from 95 to 94. The months supply of inventory increased for the first time in more than a year by 22.2%, from 0.9 to 1.1.

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: Joanna Harper, GAR Board President

406-600-5464

Joannaharper@remax.net