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BOZEMAN, MT – Gallatin County’s residential real estate market closed out 2020 in strong shape, with increased sales, higher prices, and tighter inventory compared to 2019.

“Last year was full of unknowns, but our market remained strong in the face of 2020’s challenges,” said Lacy Browne, GAR Board President. “Median sale prices are at their highest levels in more a decade, the months’ supply of inventory has continued to hit record lows, and sellers are receiving more than 99% of their asking price. We expect the market’s momentum to continue into 2021.”

December 2020

Single Family Market – Gallatin County

The number of new listings decreased 8.5% in December compared to last year, from 71 to 65. Pending sales were down 7.7%, going from 91 to 84. The number of closed sales jumped 39.2%, from 97 to 135. The average days on market decreased 7.5%, from 67 to 62. Median sales price jumped 60.7% from $435,000 to $699,000. Sellers received 99.2% of their list price, up from 98.2% last December. The inventory of available homes dropped 67.3%, from 404 to 132, while, the months’ supply of inventory fell 70%, from 3.0 to 0.9.  

Condo/Townhouse Market – Gallatin County

New listings increased 37% in December 2020 compared to last year, going from 54 to 74. Pending sales more than doubled, jumping from 43 to 92, a 114% increase. Closed sales increased 19.4%, from 67 to 80. The average number of days homes spent on the market increased 34.2%, from 38 to 51. Median sales prices jumped 43.1%, from $288,000 to $412,200. Sellers received 99.7% of their list price, a 1.1% increase over 98.6%. The inventory of available homes dropped 67.3%, from 266 to 87, and the months’ supply of inventory fell 78.9%, from 3.8 to 0.8.

2020 Year-End Numbers

Single Family Market – Gallatin County

Gallatin County’s single family market saw increases in sales and prices in 2020, while new listings were down compared to 2019. The number of pending sales increased 15.5%, from 1,604 to 1,852. Closed sales increased 16.7%, from 1,572 to 1,835. The average days on market decreased 3.3%, from 60 to 58. Median sales price increased 19.6%, from $439,000 to $524,900. Sellers received 98.9% of their list price, up slightly by 0.5%, from 2019 at 98.4%. New listings decreased from 1,992 to 1,881, a 5.6% drop.

 

Condo/Townhouse Market – Gallatin County

Gallatin County’s condo/townhouse market saw increases across the board in 2020. The number of new listings increased 13.7% compared to 2019, rising from 1,079 to 1,227. The number of pending sales increased 50.8%, from 838 to 1,264, while closed sales increased 32% from 838 to 1,106. The average number of days on market increased 21.2%, from 52 to 63. Median sales prices increased 5%, from $319,000 to $335,000, and sellers received 99.2% of their listed prices compared to 98.6% in 2019. 

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. For more information, visit http://www.GallatinRealtors.com

 

Infographic Single Family and Condos  Infographic EOY Highlights