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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.

 

2020 Infographic Single FamilyGallatin 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.

2020 Infographic CondosCondo/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.

Gallatin County’s residential real estate market saw an increase in pending sales in June, while days on market, the inventory of available homes and new single-family listings decreased.

“The increase in pending sales is a positive sign, particularly in light of COVID-19,” said Claire Gillam, GAR Board President. “This heightened activity, combined with the tightening inventory of available homes, indicates we are seeing a sellers’ market as we move through summer.”

Single Family Market – Gallatin County – June 2020

The median sales price increased 6.7%, from $427,700 in June 2019 to $456,325 in June 2020. The average days on market decreased 3.5%, from 57 to 55. The inventory of available homes decreased compared to last year, from 472 to 364, and the month’s supply of inventory decreased 20%, from 3.5 to 2.8. Sellers received 98.4% of their list price last month, down slightly from 99% last year. The number of new single-family listings decreased 13.4% compared to June 2019, from 269 to 233. Pending sales jumped 32.9%, from 173 to 230, and the number of closed sales fell slightly by 0.6%, from 171 to 170.

Condo/Townhouse Market – Gallatin County – June 2020

The inventory of available homes in the condo/townhouse sector decreased slightly 1.1% compared to last June, from 275 to 272, and the month’s supply of inventory decreased 17.1%, from 4.1 to 3.4. Sellers received 98.5% of their listing price in June, a 0.6% decrease from last year. Median sale prices in the condo/townhouse market decreased 14.9%, from $335,000 to $285,000. The number of new listings increased 10.2%, from 128 to 141. Pending sales jumped 89.5%, from 86 to 163. Closed sales increased 27.3%, from 77 to 98. The average days on market decreased 27.1%, from 59 last year to 43 last month.

IMG 5280 1The Gallatin Association of REALTORS® (GAR) CEO Search Committee donated $8,550 to the Gallatin REALTORS® Charitable Foundation on July 8. The search committee was responsible for the recruitment, hiring and recent installation of Rob Wigton as GAR’s new CEO. The donation was made in honor of Wigton’s hire and was funded by the net buyer’s side commission from the purchase of his new home in Bozeman’s Woodland Park subdivision.

“The Gallatin REALTORS Charitable Foundation provides real estate professionals with an additional way to give back to the community we serve by supporting local non-profits,” said Lacy Browne, Vice Chair of The Foundation. “We are grateful for this generous gift, which will be directed toward local non-profit organizations working to make a difference in Gallatin County.”  

The GAR CEO search committee was chaired by Don Pilotte and included members Ray Atteberry, Mark Dobrenski, Candis Dorsch, Claire Gillam, Sandy Lee and Jim Woodley. Wigton selected his home virtually after touring several homes via FaceTime.  Committee member Candis Dorsch brokered the sale, which closed in late May.

The Gallatin REALTORS Charitable Foundation has supported numerous community-based initiatives, including the Thrive CAP Mentor Program, the Bozeman Public Library Foundation’s 2020 Children’s Summer Reading Program, the Gallatin Valley Land Trust Summer Trails Program, the Kiwanis Cakes for Kids Pancake Fundraiser, the Bozeman Police Department Child Safety Prevention Education Program, the Gallatin Valley Farm to School and St. Jude Children’s hospital. For more information or to contribute, visit www.gallatinrealtorsfoundation.com.

2020 InfographicGallatin County’s residential real estate market continues to demonstrate stability through the COVID-19 pandemic.

“The Gallatin area real estate market is holding steady in the face of COVID-19,” said Claire Gillam, GAR Board President. “Single-family prices are up, sellers are receiving a high percentage of their asking prices, and the inventory of available homes remains tight. While COVID-19 has certainly had an impact, our market has demonstrated strength and resilience throughout the pandemic.”

Single Family Market – Gallatin County – May 2020

The median sales price increased 13.3%, from $420,000 in May 2019 to $475,975 in May 2020. The average days on market dropped 20.3%, from 64 to 51. The inventory of available homes decreased 2.8% compared to last year, from 400 to 389, and the months supply of inventory increased 3.3%, from 3.0 to 3.1. Sellers received 98.5% of their list price last month, up slightly from 98.2% last year. The number of new single-family listings decreased 16% compared to May 2019, from 244 to 205. Pending sales increased 7.7%, from 181 to 195, and the number of closed sales dropped 33%, from 176 to 118.

Condo/Townhouse Market – Gallatin County – May 2020

The inventory of available homes in the condo/townhouse sector increased 22% compared to last May, from 250 to 305 and the months supply of inventory increased 10.8%, from 3.7 to 4.1. Sellers received 98.4% of their listing price in May, a 0.4% decrease from last year. Median sale prices in the condo/townhouse market decreased 11.9%, from $342,750 to $301,900. The number of new listings increased 14.4%, from 111 to 127. Pending sales jumped 55.6%, from 72 to 112, while closed sales decreased 23.3%, from 86 to 66. The average days on market increased 25.5%, from 51 last year to 64 last month.

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