Gallatin County Real Estate Market Enjoys Increases in July
The July statistics are out for the Gallatin County real estate market. Provided by GAR (Gallatin Association or Realtors), the county's residential home market saw increases in closings, pending sales, and median sale prices in the month of July. Inventory, however, of available homes and condos experienced decreases from July of 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
- Median sales price increased 5.8%. The median price of a single family home in July of this year was $489,000, compared to $462,250 in July 2019.
- Closed sales increased by 21.4%, going from 192 in July 2019 to 233 in July of this year.
- Pending home sales jumped 73.3%, from 150 to 260.
- The inventory of available homes decreased 40.5% compared to last year. In July of 2019 Gallatin County had 504 homes on the market. This year there was only 300.
- 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% in 2019.
Condo/Townhouse Market – Gallatin County – July 2020
- Closed sales increased 38.1%, from 84 to 116.
- Pending sales jumped 100%, from 81 in 2019 to 162 in 2020.
- Median sale prices in the condo/townhouse market increased 6.8%. In July 2019 the median sale price for a condo/townhome was $323,000. In July of this year it was $345,000.
- The inventory of available homes in the condo/townhouse market decreased 24.6% down to 224 from 297.
- The number of new listings decreased 6.4%, from 110 to 103.
- The average days on market remained almost the same. 44 last year, 46 in 2020.
- Sellers received 98.8% of their listing price in July of 2020, a 0.7% decrease from last year.