Pending Home Sales See Spike in Gallatin County
The news remains good in regards to real estate around the Bozeman area. In the latest real estate statistics shared by the Gallatin Association of Realtors, residential real estate saw an increase in pending sales; while the days a property was on the market, the inventory of available homes, and new single-family home listings all 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.”
Here are some number for the Single Family Home Market & Condo/Townhouse Market in June 2020.
Single Family Market – Gallatin County – June 2020
Median Sales: Prices increased from $427,700 in June 2019 to $456,325 in June 2020.
Avg. Days on Market: Decreased 3.5% from 57 to 55
Inventory: Available homes decreased from 472 in June 2019 to 364 in June 2020. Supply of Inventory also decreased 20% from 3.5 to 2.8
Single Family Listings: Decreased from 269 in June 2019 to 233 in June 2020. That's a decrease of 13.4%.
List Price: Sellers received 98.4% of their list price last month, down slightly from 99% last year.
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
Median Sales: Median sale prices in the condo/townhouse market decreased 14.9%, from $335,000 to $285,000.
Avg. Days on Market: Down 27.1%, from 59 last year to 43 last month.
Inventory: 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. The number of new listings increased 10.2%, from 128 to 141.
List Price: Sellers received 98.5% of their listing price in June, a 0.6% decrease from last year.
Pending sales: Pending sales jumped 89.5%, from 86 to 163. Closed sales increased 27.3%, from 77 to 98.