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.
Gallatin Valley - Michelle Wolfe