Gallatin County’s residential real estate market demonstrated continued strength during January with increasing prices and shrinking inventory. 

“Sometimes these reports sound like a broken record, but our market has demonstrated remarkable consistency month over month,” said Lacy Browne, GAR Board President. “Last year’s trends continued in January, with strong demand, higher prices, and a tight inventory of available properties. Homes are spending significantly less time on the market, and sellers are receiving nearly 100% of their asking price. We expect the market to maintain this momentum in the coming months.”

 

February 2021 1

Single Family Market – Gallatin County

The number of new listings decreased 4.8% in January compared to last year, from 105 to 100. Pending sales were down 10%, going from 120 to 108. The number of closed sales decreased 23.8%, from 101 to 77. The average days on market decreased 62.7%, from 75 to 28. Median sales price increased 24.4% from $450,000 to $560,000. Sellers received 99.7% of their list price, up from 97.5% last January. The inventory of available homes dropped 66.8%, from 364 to 121, while, the months’ supply of inventory fell 70.4%, from 2.7 to 0.8.  

Condo/Townhouse Market – Gallatin County

New listings decreased 32% in January 2020 compared to last year, going from 100 to 68. Pending sales decreased 5.9% from 85 to 80. Closed sales increased 36.2 %, from 47 to 64. The average number of days homes spent on the market decreased 29.9%, from 77 to 54. Median sales prices increased 9%, from $338,000 to $368,500. Sellers received 99.9% of their list price, a 1.7% increase over last year’s 98.2%. The inventory of available homes dropped 71.9%, from 278 to 78, and the months’ supply of inventory fell 81.6%, from 3.8 to 0.7.

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$7,500 to Thrive’s CAP Mentor Program, $1,000 to Reach Inc.

The Gallatin REALTORS® Charitable foundation recently donated funds to two local charitable organizations: one that provides resources and tools to local Gallatin Valley Families and another that provides residential, vocational and transportation services to adults with developmental disabilities.  The Foundation donated $7,500 to Thrive’s Child Advancement Project (CAP) Mentor Program and $1,000 to Reach Inc’s Snow Sculpture Competition.

“Nonprofit organizations like Thrive and Reach provide important services that have a real impact on people in our community,” said Stephanie Hartman, Board Chair of the Gallatin REALTORS® Charitable Foundation, “We are proud to support their efforts to improve the lives of Gallatin Valley residents.”

Thrive provides mentoring, education and support for children and families to help ensure that they have the tools they need to be successful. Thrive’s programs have been developed using evidence-based practices, adapted to meet local community needs, and rigorously evaluated to ensure program efficacy.

Reach Inc. is a local, private, non-profit organization that supports people 18 years or older who have been diagnosed with a developmental disability by providing residential, vocational, and transportation services. The Snow Sculpture Competition is an all-inclusive event is designed to get people outdoors, have fun and raise funds.

 

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

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Gallatin County’s residential real estate market saw increases in closed sales and average sales price last month, while the inventory of available homes tightened significantly in November compared to last year.

“Our market has yet to slow down this holiday season, showing impressive increases in homes sold and sale prices,” said Claire Gillam, GAR Board President. “While prices and sales are up, the inventory of available homes dropped sharply in November, and sellers are receiving a high percentage of their asking price. All indicators point to a continued seller’s market as we move into the New Year.”

Single Family Market – Gallatin County – November 2020

Median sales prices increased 46.4%, from $420,000 in November 2019 to $615,000 in November 2020. Closed sales increased 39.1%, from 110 to 153, and pending sales jumped 19.1%, from 89 to 106. The number of new single-family listings increased 21.3% compared to November 2019, from 75 to 91. The average days on market increased 14.6%, from 41 to 47. Sellers received 99.2% of their list price last month, up slightly from 97.9% last year. The inventory of homes for sale decreased 66.6%, from 467 to 156. The months supply of inventory decreased 71.4%, from 3.5 to 1.0 compared to last year.

Condo/Townhouse Market – Gallatin County – November 2020

The number of closed sales increased 39.1%, from 69 to 96. Pending sales jumped 10.8%, from 65 to 72. Median sale prices in the condo/townhouse market increased 4.5%, from $330,000 to $344,975. The number of new listings increased 67.4%, from 43 to 72. The average days on market decreased 10%, from 60 last year to 54 last month. Sellers received 99.3% of their listing price in November, a 1% increase from last year. The inventory of homes for sale decreased 62.6%, from 281 to 105. The months supply of inventory decreased 75.6%, from 4.1 to 1.0 compared to last year.

 

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Inventory of available homes drops sharply

Gallatin County’s residential real estate market saw increases in closed sales and average sales price last month, while the inventory of available homes tightened significantly in November compared to last year.

“Our market has yet to slow down this holiday season, showing impressive increases in homes sold and sale prices,” said Claire Gillam, GAR Board President. “While prices and sales are up, the inventory of available homes dropped sharply in November, and sellers are receiving a high percentage of their asking price. All indicators point to a continued seller’s market as we move into the New Year.”

Single Family Market – Gallatin County – November 2020

Median sales prices increased 46.4%, from $420,000 in November 2019 to $615,000 in November 2020. Closed sales increased 39.1%, from 110 to 153, and pending sales jumped 19.1%, from 89 to 106. The number of new single-family listings increased 21.3% compared to November 2019, from 75 to 91. The average days on market increased 14.6%, from 41 to 47. Sellers received 99.2% of their list price last month, up slightly from 97.9% last year. The inventory of homes for sale decreased 66.6%, from 467 to 156. The months supply of inventory decreased 71.4%, from 3.5 to 1.0 compared to last year.

Condo/Townhouse Market – Gallatin County – November 2020

The number of closed sales increased 39.1%, from 69 to 96. Pending sales jumped 10.8%, from 65 to 72. Median sale prices in the condo/townhouse market increased 4.5%, from $330,000 to $344,975. The number of new listings increased 67.4%, from 43 to 72. The average days on market decreased 10%, from 60 last year to 54 last month. Sellers received 99.3% of their listing price in November, a 1% increase from last year. The inventory of homes for sale decreased 62.6%, from 281 to 105. The months supply of inventory decreased 75.6%, from 4.1 to 1.0 compared to last year.

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