Gallatin County: Seller’s Market is an Understatement

Fresh data from the Gallatin Association of Realtors about the local real estate market show low inventory, higher prices and increased buying activity. No real surprise there.

Montana was a popular destination this summer. It's always busy during tourist seasons but the COVID-19 pandemic certainly didn't put a dent in area home sales.

The following information is from the Gallatin Association of Realtors. They supply data on a monthly basis and they are very helpful in painting a snapshot of local real estate trends.

PLEASE NOTE: These numbers (increases or decreases) are based on August 2020 vs. August 2019. Here's a snapshot of the latest numbers.

• Condo and Townhouse market: Pending sales jumped 109.3%, from 75 to 157
• Condo and Townhouse market: inventory decreased 41.3% from 305 to 179
• Condo and Townhouse market: Sellers received 99.5% of their listing price in August of 2020, which is a 1% increase over percentage received in August 2019
• Condo and Townhouse market:  Median sale prices increased 24.3% (YoY) from $279,950 in August 2019 to $347,900 in August 2020.
• Single Family market: Closed sales increased by 25.7%, from 179 in August 2019 to 225 in August 2020
• Single Family market: The median sales price increased 23.8%, from $465,000 in August 2019 to $575,900 in August 2020
• Single Family market: The inventory of available homes for sale decreased 54.2% compared to last year, from 524 available in August 2019 to 240 available in 2020.
• Single Family market: Interestingly, the length of time on the market actually increased by 13.3%. (45 days on market in 2019 to 51 days on market in August 2020.)
• Single Family market: Sellers received 99.1% of their list price (which is a slight increase over last August.) Still impressive.