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Gallatin County’s residential real estate market saw increases in pending sales and average sales price in August, while the inventory of available homes decreased in both the single family and condo/townhome markets compared to last year.
“The weather might be cooling down, but The Gallatin County real estate market remains hot,” said Claire Gillam, GAR Board President. “Sales are strong, and inventory is tight, pointing toward a continued seller’s market as we move into Fall.”
Single Family Market – Gallatin County – August 2020
The median sales price increased 23.8%, from $465,000 in August 2019 to $575,900 in August 2020. Closed sales increased by 25.7%, from 179 to 225, and pending sales jumped 50%, from 150 to 225. The inventory of available homes decreased 54.2% compared to last year, from 524 to 240, and the months supply of inventory decreased 56.4%, from 3.9 to 1.7. The number of new single-family listings decreased 13.7% compared to August 2019, from 212 to 183. The average days on market increased 13.3%, from 45 to 51. Sellers received 99.1% of their list price last month, up slightly from 98.2% last year.
Condo/Townhouse Market – Gallatin County – August 2020
Closed sales increased 30.4%, from 92 to 120. Pending sales jumped 109.3%, from 75 to 157. Median sale prices in the condo/townhouse market increased 24.3%, from $279,950 to $347,900. The inventory of available homes in the condo/townhouse market decreased 41.3% compared to last August, from 305 to 179, and the months supply of inventory decreased 57.8%, from 4.5 to 1.9. The number of new listings increased 25.5%, from 98 to 123. The average days on market increased 32.4%, from 34 last year to 45 last month. Sellers received 99.5% of their listing price in August, a 1% increase from last year.