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.